Indonesia, Malaysia launch cross-border payment linkage
Bank Negara Malaysia (BNM) and Bank Indonesia (BI) on May 8 announced the commercial launch of the Indonesia-Malaysia cross-border quick response (QR) code payment linkage.
Bank Negara Malaysia (BNM) and Bank Indonesia (BI) have announced the commercial launch of the Indonesia-Malaysia cross-border quick response code payment linkage.(Photo: thestar.com.my)
Jakarta (VNA) - Bank Negara Malaysia(BNM) and Bank Indonesia (BI) on May 8 announced the commercial launch of theIndonesia-Malaysia cross-border quick response (QR) code payment linkage.
Thelaunch follows the successful completion of the pilot phase of the linkageannounced on January 27 last year the central banks said in a joint statement.
The linkage enables Indonesians and Malaysians to make instant retail payments in both countries by scanning the Quick Response Code Indonesian Standard (QRIS) or DuitNow.
BI Governor Perry Warjiyo said the cross-border QR paymentlinkage between Indonesia and Malaysia is concrete evidence of strengthenedcooperation on Regional Payment Connectivity to promote faster, cheaper, moretransparent and more inclusive cross-border payments, particularly for thebenefits of micro, small and medium enterprises.
Hewent on to say that the linkage aligns with the G20 initiative in establishingthe Roadmap for Enhancing Cross Border Payments, and serves as a significantdeliverable of Indonesia’s chairmanship of the ASEAN in 2023, whilerepresenting another milestone for the Indonesian Payment System Blueprint2025.
Warjiyoalso said the development provides more options for users in cross-borderpayment transactions and serves as a key to improve efficiency and promotedigital economy and financial inclusion in the region.
BNM Governor, Nor Shamsiah Mohd Yunus said ASEAN is moreconnected now than ever. Many more users from Malaysia and Indonesia willbenefit from a secure, more seamless and more efficient experience to make andreceive cross-border payments.
The payment linkage will also help expand markets for somebusinesses and facilitate increased settlements in local currency, therebyimproving financial outcomes.
The QR payment linkage between Malaysia and Indonesia complements ag🐻rowing network of bilateral payment linkages within ASEAN that will contributetowards a mo♍re vibrant ASEAN and further development of the region as a centreof growth, she added./.
The Bank Negara Malaysia (BNM) and the Monetary Authority of Singapore (MAS) recently launched a cross-border QR code payment linkage between the two countries.
Fitch Solutions Country Risk and Industry Research (Fitch Solutions) has forecast that credit growth in Malaysia will ease slightly to 4.3% this year from 4.5% in 2022 due to a weaker economic outlook and higher borrowing costs.
Malaysia can continue to bank on its strong bilateral trade and investment linkages, especially within ASEAN, to boost its trade as well as take advantage of various trade pacts such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), said a Malaysian scholar.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
Talking to the Vietnam News Agency on the occasion of the 100th anniversary of the Vietnam’s Revolutionary Press Day (June 21, 1925–2025), Nikulina, who is also a veteran journalist of Russia’s Sputnik News, emphasised the vital role of mainstream journalism in defending the truth and maintaining public trust.
Bank Negara Malaysia (BNM) and Bank Indonesia (BI) have announced the commercial launch of the Indonesia-Malaysia cross-border quick response code payment linkage.(Photo: thestar.com.my) 
