ASEAN and member countries flags. (Image via ABS CBN News)

ASEAN Working Towards Regional Payments System

Kinanty Nadia Putri
Politics & Economic
Economic
Jul 31, 2019
2896
Following the trend of the digital economy, the Association of Southeast Asian Nation (ASEAN) is planning to develop its regional payment system.

Secretary-General of ASEAN Lim Jock Hoi said on Monday (7/29) that the finance ministers of the 10 members bloc and central bank are working toward such a system for regional trade, were believed the system will be the next key driver for economic growth.

Lim stated about the plan at the sidelines of the 3rd ASEAN Media Forum in Bangkok, which was attended by more than 20 media professionals from all the member countries. The forum was intended to discuss ASEAN’s response to the current China-US trade war as well as digital transformation and economic integration in the region.

He added that despite the spat, the growth in ASEAN is still positive although going a bit slow, but the foreign direct investment is still coming.

With the development of the digital economy, Lim believes it will help to drive economic growth. However, there are also challenges that appear when it comes to regional system integration. For instance, each country in ASEAN have their own system and regulations, to make the integration happens the officials need to work on developing similar regulations that can be accepted and benefit the member countries.

Earlier in June, ASEAN finance ministers and central bank governors have also issued a joint statement in Chiang Rai, Thailand to develop a regional framework to integrate real-time retail payments and encourage local currencies to use cross-border transactions

Source: https://www.channelnewsasia.com/news/asia/asean-working-towards-regional-payments-system-11764396

ASEAN , Asia , Economic , Payment , Regional , Politics , Government