February 29, 2024

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Singapore Joins Regional Payment Connectivity Collaboration

To support more efficient, affordable, open, and inclusive cross-border payments, Bank Indonesia (BI), Bank Negara Malaysia (BNM), Bangko Sentral ng Pilipinas (BSP), Monetary Authority of Singapore (MAS), and Bank of Thailand (BOT) have decided to improve and heighten their cooperation on payment connectivity.

During the recently held G20 Leaders’ Summit, a Memorandum of Understanding (MOU) on Cooperation in Regional Payment Connectivity (RPC) was signed. The event emphasised the value of concrete joint collaborative action in addressing global challenges. The Governors of the five central banks were acknowledged for their dedication to making ground-breaking discoveries that will hasten regional payment connectivity.

The RPC is anticipated to play a significant role in promoting inclusive growth and speeding up the regional economy’s recovery. By implementing cross-border payment connectivity, the region’s financial ecosystem will become more inclusive and support cross-border trade, investment, financial deepening, remittance, tourism, and other economic activities.

The ability to participate in global markets is especially advantageous for micro, small, and medium-sized businesses. Several modalities, including QR codes and fast payments, will be used in the collaboration.

With the G20’s establishment of its Roadmap for Enhancing Cross Border Payments, accelerating economic and financial digitalisation has become a global initiative. The initiative is also consistent with Indonesia’s G20 Presidency priority agenda in digital transformation, including through payment systems in the digital era, as demonstrated by the coordinated efforts of Indonesia, Malaysia, Philippines, Singapore, and Thailand to pursue enhanced cross-border payment connectivity.

This payment connectivity initiative may be expanded in the future to include additional regional nations as well as potential partner nations outside the region. The Association of Southeast Asian Nations (ASEAN) chairmanship of Indonesia will begin with this milestone in 2023.

This partnership also advances ASEAN’s common goal of establishing interconnected payment systems that will make cross-border payments quick, easy, and more reasonably priced. This initiative lays the groundwork for expanded ASEAN participation soon, strengthening interregional economic ties in line with ASEAN’s pragmatic approach to deepen integration through mutually beneficial arrangements based on readiness.

Meanwhile, on the sidelines of the recently concluded 7th Singapore International Cyber Week, the United States and Singapore held the inaugural United States-Singapore Cyber Dialogue (USSCD).

Representatives from a variety of agencies from both countries attended the dialogue, which was co-chaired by the chief executive of Singapore’s Cyber Security Agency (CSA), David Koh, and Nate Fick, ambassador at large for cyberspace and digital policy for the United States.

Officials discussed supply chain security, regional cyber capacity building, cyber talent and workforce development, developments in multilateral and regional fora, information sharing, protection of critical information infrastructure, countering ransomware, and fighting digital scams during the dialogue.

The next USSCD will take place in Washington, DC, and a working group on the intersection of technology and cyber will be established between the CSA and the US Office of the National Cyber Director.

The USSCD will act as a forum to regularly discuss practical cooperation between officials from both countries’ operational and technical government agencies, as well as cyber policy officials.

As cybersecurity has emerged as a critical tool for both nations to take advantage of the advantages of digitalisation to grow their economies and improve the lives of their citizens, Singapore and the United States have a strong shared interest in enhancing their cyber and digital security cooperation.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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