GTDW FDI Trade & Supply Chain Digitalisation News
Jul 20, 20221 min
By November, the five largest economies of Southeast Asia: the Philippines, Malaysia, Indonesia, Singapore and Thailand, will sign an agreement on the integration of their mobile payment systems. This will make cross-border transfers much more efficient without using the USD Bank Indonesia Governor Perry Warjiyo said in a panel on the sidelines of the Group of 20 finance ministers and central bank governors meeting in Bali.
Payments made through the system will use local-currency settlements between the countries, meaning payments transacted in Thailand using an Indonesian app would be directly exchanged between rupiah and baht, bypassing the need for US dollar as intermediary.