Deputy Governor Pham Thanh Ha of the State Bank of Vietnam signs the MoU on Cooperation in Regional Payment Connectivity (MOU RPC) initiated by the central banks of Indonesia, Malaysia, Philippines, Singapore, and Thailand. (Photo: Huu Chien/ VNA)

The recent development is an expansion of the Memorandum of Understanding on Cooperation in Regional Payment Connectivity (MOU RPC) initiated by the central banks of Indonesia, Malaysia, Philippines, Singapore, and Thailand on the sidelines of the G20 Leaders’ Summit in Bali last November.

Vietnam's central bank signed the Supplemental Pages of the MoU on the sidelines of the 10th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting on Thursday in Jakarta.

According to the MoU, member central banks agreed to promote cross-border payment connectivity based on the application of such payment methods as QR Code, instant payment, and other payment models, as well as cooperation in monitoring and building a sound risk management mechanism in line with the legal framework of member countries.