Regional Payment Connectivity Expansion to Include State Bank of Vietnam

The Monetary Authority of Singapore (MAS) has published a press statement to inform that the State Bank of Vietnam (SBV), as the central bank of Vietnam, has officially become part of the Regional Payment Connectivity (RPC) initiative by signing an addendum to the Memorandum of Understanding on Cooperation in Regional Payment Connectivity which was initially drawn up by the central banks of Indonesia, Malaysia, Philippines, Singapore, and Thailand during the G20 Leaders’ Summit on November 14, 2022 in Bali.
The RPC initiative was established with the aim of strengthening collaboration on payment connectivity to facilitate faster, more cost-effective, transparent, and inclusive cross-border payments. This collaboration encompasses various payment modalities, including QR-code and fast-payment-based cross-border transactions. The overarching goal of the RPC initiative is to enhance the seamlessness, convenience, and affordability of cross-country payments, enabling individuals and businesses to engage in transactions more easily across the ASEAN region and thus promoting the local economies.
The inclusion of SBV has expanded the RPC group from five to six ASEAN central banks with the potential for more central banks of neighboring states and beyond the ASEAN region to join in the future.