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Vietnam's central bank joins regional payment connectivity initiative

The State Bank of Vietnam (SBV) has joined the Regional Payment Connectivity (RPC) initiative, aimed at enhancing collaboration on payment connectivity in Southeast Asia. The SBV signed the supplemental Memorandum of Understanding on Cooperation in RPC (MOU RPC) at the 10th ASEAN Finance Ministers' and Central Bank Governors' Meeting in Jakarta. This initiative, which includes QR-code and fast-payment based cross-border payments, will support post-pandemic economic activities, benefit SMEs, increase trade and remittances, and widen financial inclusion in the region. The MOU shows Vietnam's solidarity and marks a good starting point for cooperation to strengthen regional economic integration and advance payment connectivity, said SBV Deputy Governor Pham Thanh Ha. Analysts believe this will boost tourism, consumer spending, and remittance flows in the region, while reducing ASEAN's reliance on external currencies like the U.S. dollar.


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