What will ASEAN payment integration achieve?

Theasianbankersg19 Mar, 2021Finance

The goal of achieving greater payment integration and connectivity among the ten ASEAN member countries by 2025 took a significant step forward when the Working Committee on Payment and Settlement Systems (WC-PSS) completed the implementing policy guidelines (IPG) of the ASEAN payments policy framework for cross-border real-time retail payments and the draft guidelines for updating the annex on use cases of the IPG. The increasing digitalization of ASEAN’s financial sectors will catalyze and accelerate the convergence and integration of disparate systems in the region. Includes introducing digital and open application programming interface (API)-based banking frameworks in a growing list of countries and exploration into the use of distributed ledger technology (DLT) to create new, faster, more efficient, and convenient payment infrastructures.