SBV joins Singapore’s central bank and other ASEAN countries in RPC initiative

It will boost collaboration on payment connectivity.

State Bank of Vietnam (SBV) signed the Memorandum of Understanding on Cooperation in Regional Payment Connectivity (MOU RPC) to improve the connectivity of cross-border payments.

Included in the RPC initiative are central banks of Indonesia, Malaysia, Philippines, Singapore, and Thailand.

SBV signed the Supplemental Pages of the MOU RPC. Also, there are RPC participants, namely Bank Indonesia, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore, and Bank of Thailand.

“The expansion of the RPC to include other ASEAN members is a mandate from the 9th AFMGM. Further, it is a priority of the ASEAN 2023 Indonesia Chairmanship,” read the joint media release.

The initiative will ensure faster, more affordable, more transparent, and more inclusive cross-border payments. 

This cooperation includes several modalities, including QR-code and fast-payment-based cross-border payments. 

“The goal of the RPC is to make inter-country payments more seamless, convenient, and affordable, allowing individuals and businesses to conduct transactions across the ASEAN region with ease,” read the statement.