The central banks have agreed in principle to promote cross-border payment using methods including QR codes – a fast payment, among others. To date, there are nine bilateral QR code payment links in operation among ASEAN countries, with 10 more links in development. In this capacity, the SBV has been working together with the Thai central bank to promote cross-border payment connectivity within the region. Cross-border payment is to play an important role in promoting commercial and tourism activities in the future, according to economists and industry experts. A cross-border payment system will also allow countries to reduce their reliance on foreign currencies, especially for local businesses.

Source: Viet Nam News September 16, 2023 08:28 UTC