Singapore and Philippines Step Up Digital Payment Cooperation
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The regional neighbors aim to boost cross-border collaborations that will strengthen Asean regional payments and provide financial inclusivity to Overseas Filipino Workers (OFWs) and micro-small-to-medium-sized enterprises (MSMEs).
The central banks of Singapore and the Philippines have signed an agreement at the World Fintech Festival Philippines to boost payments cooperation, which includes the linkage of the two countries’ QR and real-time payment systems.
The agreement expands on the Fintech Innovation Function Cooperation Agreement, which was signed between the two countries in 2017. According to the announcement, the 2021 agreement will make cross-border payments cheaper, more inclusive, and more transparent and drive financial inclusion, particularly underserved Filipinos.
MAS managing director Ravi Menon called the agreement a concrete step towards the vision of an ASEAN network of interconnected real-time payment systems.
Questions & Answers
Q.What is the primary objective of this new agreement between Singapore and the Philippines?
What is the primary objective of this new agreement between Singapore and the Philippines?
The main goal is to boost cross-border collaborations, strengthen ASEAN regional payments, and provide financial inclusivity for Overseas Filipino Workers (OFWs) and micro-small-to-medium-sized enterprises (MSMEs).
Q.Which specific payment technologies are included in this cooperation agreement?
Which specific payment technologies are included in this cooperation agreement?
The agreement includes the linkage of Singapore and the Philippines' QR and real-time payment systems, aiming to make cross-border payments cheaper, more inclusive, and more transparent for users.
Q.When was the initial cooperation agreement between the two countries signed?
When was the initial cooperation agreement between the two countries signed?
The initial Fintech Innovation Function Cooperation Agreement was signed between Singapore and the Philippines in 2017. This latest agreement expands on that existing framework.
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