State Bank of Vietnam Joins Regional Payment Connectivity Initiative

The State Bank of Vietnam (SBV) has officially joined the Regional Payment Connectivity (RPC) initiative, expanding the memorandum of understanding signed by central banks of Indonesia, Malaysia, Philippines, Singapore, and Thailand.

Key Takeaways

• The State Bank of Vietnam has joined the Regional Payment Connectivity initiative, expanding collaboration on faster, cheaper, and more inclusive cross-border payments in the ASEAN region.
• The RPC aims to promote post-pandemic economic activities, including tourism and service industries, and benefit small and medium-sized enterprises in the ASEAN economic community.
• The expansion of the RPC brings the region closer to the global economy and opens the possibility for future expansion to neighboring economies and countries beyond ASEAN.

The RPC aims to enhance cross-border payments, making them faster, cheaper, and more inclusive. The inclusion of SBV brings the number of ASEAN central banks in the RPC to six. This partnership will support post-pandemic economic activities, including tourism and service industries, as well as benefit small and medium-sized enterprises.

The expansion of the RPC will also bring the ASEAN region closer to the global economy and may extend to neighboring economies in the future. The SBV expressed its commitment to promoting faster, cheaper, and more transparent cross-border payments and strengthening regional economic integration.

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