QR Payment Network Expanding Across ASEAN with Vietnam, Philippines, and Brunei Joining
Vietnam, the Philippines, and Brunei are preparing to join a QR payment system that aims to facilitate cross-border transactions using local currencies within the Association of Southeast Asian Nations (ASEAN) group.
The initiative utilizes QR codes to simplify cross-border payment settlements using national currencies, aiming to decrease reliance on the U.S. dollar within the bloc. Warjiyo revealed that Vietnam is in discussions for a national QR system and will likely join this year, the Philippines is working on regional connectivity, and Brunei is initiating internal payment industry regulations. The system has been operational between Indonesia and Malaysia since May, streamlining cross-border transactions.
The ultimate goal is to interconnect countries like Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. This initiative aligns with ASEAN’s commitment to using local currencies for financial transactions to deepen regional financial integration, and it reflects the priority of moving away from the U.S. dollar in settlements. Indonesian President Joko Widodo also emphasized the importance of using national currencies to avoid potential geopolitical consequences.
Clever Robot News Desk 30th August 2023
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