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The Philippines to create cross-border payment pact with ASEAN countries

Friday 12 November 2021 14:39 CET | News

The Philippine central bank has announced it is looking to make it easier for Filipinos to transact with businesses and individuals across the ASEAN region through a region-wide payment network.

The Bangko Sentral ng Pilipinas signed a deal with the Monetary Authority of Singapore to start discussions on how to regulate and facilitate cross-border payments between Singaporeans and Filipinos. 

The BSP noted Singapore is a key trading partner and major source of remittances and that pursuing seamless e-payments is seen to benefit overseas Filipinos and local export, import and tourism businesses. 

BSP Director Raymond Estioko said there is nothing formal yet but the discussions should lead to a concrete agreement on how the two countries can facilitate, as well as regulate, cross-border payment solutions so that individuals in either country can take advantage of digital payment solutions with minimum cost and maximum convenience. Estioko said a lot of work still needs to be done with Singapore, but the BSP is also already in talks with other ASEAN nations to push for the creation of an ASEAN Payment Network.

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Keywords: Monetary Authority of Singapore (MAS), cross-border payments, instant payments
Categories: Banking & Fintech
Companies:
Countries: Philippines
This article is part of category

Banking & Fintech

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