The central banks of the Philippines and Singapore recently signed an agreement to strengthen cross-border digital payments in the Association of Southeast Asian Nations (Asean) region.

In a statement, digitization advocacy group Digital Pilipinas said the Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS) signed the Expanded Cooperation Agreement on the Fintech Innovation Function during of the recent World Fintech Festival Philippines 2021-Singapore Fintech Festival.

The agreement was signed by BSP Governor Benjamin Diokno and MAS Director General Ravi Menon.

Among the main features of the agreement is the link between the two countries’ QR and real-time payment systems, which aim to provide financial inclusion to Filipino Overseas Workers (OFW) and micro, small and medium enterprises. companies (MSME).

“The BSP is taking the first step in linking the Philippine payment system with those of our ASEAN neighbors, starting with Singapore,” Diokno said in a statement.

He said the deal will improve safe and efficient cross-border payments through smoother and smoother international money transfers.

Amor Maclang, host of Digital Pilipinas, hailed the BSP-MAS cooperation agreement as a “whole-of-society approach to solving the technological needs of today and tomorrow”.

The BSP-MAS extended cooperation agreement is expected to trigger more collaborations in the Asean region. (with RP)

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