More ASEAN Countries Joined Regional Payment Connectivity
Brunei Darussalam and Laos have become the latest countries participating in the Regional Payment Connectivity (RPC) mechanism on February 29 and April 3 respectively, bringing the total number of countries bound to integration to eight. The RPC was introduced in November 2022 by together with Malaysia, the Philippines, Singapore, and Thailand, with Vietnam joining in August 2023.
The RPC facilitates trade, investment, and business expansion in the region, while promoting local currency settlement. This integrated payment system can maintain stability in the countries’ exchange rates and reduce dependence on the US dollar. Leveraging technologies such as quick response (QR) codes and fast payment modalities, the RPC facilitates affordable, efficient, transparent, and inclusive cross-border transactions. Additionally, this payment innovation marks a significant step towards ASEAN’s transition to a digital society.