Brunei and Laos Join Regional Payment Connectivity
Jakarta. Brunei and Laos have become the latest countries to join the regional payment connectivity (RPC) across Southeast Asia, initiated by Indonesia, bringing the total number of countries bound to the integration to eight.
Bank Indonesia recently signed the RPC agreement with Brunei Darussalam Central Bank (BDCB) and the Bank of Laos, covering the payment system using quick response (QR) codes.
“Indonesia initiated the RPC together with Malaysia, the Philippines, Singapore, and Thailand in November 2022. Vietnam joined the initiative in August 2023,” Bank Indonesia’s deputy governor Erwin Haryono said in a statement on Wednesday.
The RPC allows Indonesia’s digital payment method the quick response Indonesian standard (QRIS) to be used in transactions in seven other countries in the region.
The regional cooperation facilitates business expansion by small and medium enterprises in member countries with simple and efficient cross-border transactions and remittances. The integrated payment system is also expected to boost tourist arrivals among member countries.
“This agreement facilitates trade, investment, and business cooperation in the region while also strengthening collaboration among central banks,” said BDCB Managing Director Hajah Rokiah.
Bank of Laos Governor Bounleua Xinxayvoravong echoed the sentiment, saying the RPC will help bolster his country’s economic growth with a faster and cheaper payment system with neighboring countries.
Laos hosted the meeting of central bank governors and finance ministers from ASEAN on Wednesday.
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