Vietnam will join ASEAN members Indonesia, Malaysia, Thailand, the Philippines and Singapore to establish a cross-border payment

Vietnam will join ASEAN members Indonesia, Malaysia, Thailand, the Philippines and Singapore to establish a cross-border payments mechanisms between through the Regional Payment Connectivity (RPC) initiative. Indonesia, Malaysia and Thailand have agreed to later facilitate cross-border transactions for financial assets like equities and government bonds in local currencies. These countries have a mandate to include other ASEAN 🇧🇳 🇰🇭 🇮🇩 🇱🇦🇲🇾 🇲🇲 🇵🇭 🇸🇬 🇹🇭 🇻🇳 members in the RPC initiative. Vietnam’s financial authority in charge of domestic payment systems is currently in talks with the local industry to agree on a national QR system for ’instant’ retail payments. Last month, Russia 🇷🇺, (meeting with ASEAN) called for starting consultations on the use of national currencies in mutual payments with ASEAN countries to bypass USD denominated transactions. ASEAN member Indonesia plan to use local currencies in bilateral trade with India 🇮🇳. In May, South Korea 🇰🇷 and Indonesia 🇮🇩 signed a MoU to cooperate on promoting the use of their currencies for bilateral transactions. The Bank of Indonesia is working on its own domestic card payment system as part of a strategy to reduce dependency on foreign systems and protect transactions from geopolitical fallout. Last November, an official meeting of all ASEAN nations’ Finance Ministers & Central Bank Governors was held to discuss reduced dependence on the US Dollar, Euro, Yen, and British Pound from financial transactions and move to settlements in local currencies. Источник: The Paradigm Shift Channel ⏳