ASEAN, UK central banks cooperate in developing payment system

Bank Indonesia (BI) is collaborating with the Bank of England (BOE) in holding the ASEAN Central Banks Workshop on Enhancing Real-Time Gross Settlement (RTGS), Integrating Cross-Border Payment Systems, and Exploring Central-Bank Digital Currencies from March 8-10 in Jakarta.

Held within the framework of Indonesia's 2023 ASEAN Chairmanship Year, the workshop attracts the participation of many central banks of ASEAN member states, including Bank Negara Malaysia (BNM), the Bangko Sentral ng Pilipinas (BSP), the Monetary Authority of Singapore (MAS) and the Bank of Thailand (BOT).

It is the manifestation of central banks’ synergy as a continuation of the G20 priority agenda, namely the Financial Sector and Payment System in the Digital Era, which has been adopted as a Priority Economic Deliverable (PED) of Indonesia's ASEAN Chairmanship in 2023.

The workshop is also part of the BI-BoE Structured Bilateral Cooperation (SBC) programme, which has been running since 2019 with the support of the Foreign, Commonwealth and Development Office, of the Government of the UK.

During this three-day event, central banks share their experiences in developing payment connectivity and digital finance to support inclusive economic growth./.

VNA