Southeast Asian central banks are targeting to link their payment systems within the year that will let people buy goods and services throughout the region by scanning QR codes. The linkages aren’t complete yet. Malaysia, Indonesia and Thailand are connected, while Singapore is linked to Thailand and is seeking to add more countries, according to Bloomberg.
By November, five of the region’s biggest economies, including the Philippines, are set to sign a deal to integrate their network. Payments made through the system will use local-currency settlements between the countries, meaning payments transacted in Thailand using an Indonesian app would be directly exchanged between rupiah and baht, bypassing the need for US dollar as intermediary.
Next, the central banks will seek to link this network with other regional clusters around the world, and bring the same structure to real-time bank transfers and even central bank digital currencies eventually.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
