Tuesday, May 28, 2024

Vietnam joins with five ASEAN nations in cross-border QRIS payment system

Reading Time: 2 minutes
Journalist IBP


Mahinda Arkyasa



Vietnam has officially joined five ASEAN countries in cross-payment communications between countries using QRIS.

Through this collaboration, it will facilitate transactions between all participating countries without having to exchange foreign currency. This collaboration includes payments based on QR codes, for example QRIS, fast payments such as BI-Fast to the Real-time gross settlement (RTGS) payment system.

This collaboration was marked by the signing of the MoU by Thanh Ha Pham, Deputy Governor of the Central Bank and also attended by Central Bank Governors from Indonesia, Malaysia and Singapore.

“Last year, at the G20 Bali, five ASEAN countries signed an MoU to connect their payment systems. Today it will be expanded, Vietnam is ready to join while other ASEAN countries will follow,” said Perry Warjiyo, Governor of Bank Indonesia (BI), on August 25, 2023.

Previously, the five countries that had already signed the cooperation were Indonesia, Malaysia, Thailand, the Philippines and Singapore.

Perry further said that Brunei Darussalam had expressed interest in joining and would follow soon, and was scheduled for the end of the year.

Meanwhile, it will later expand this cross-border payment cooperation outside ASEAN, such as China, India, Japan and South Korea.

Bilateral cooperation between banks

Previously, several Central Banks from ASEAN, such as BI, Bank Negara Malaysia, Central Bank ng Pilipinas, Monetary Authority of Singapore and the Bank of Thailand, have agreed to cooperate in supporting faster, cheaper, transparent and inclusive payment system.

The banks in Thailand that have integrated QRIS in their system are Bank CIMB Thailand, Bank of Ayudhya, Krung Thai Bank, Kasikorn Bank, and Siam Commercial Bank.

Meanwhile in Malaysia, Public Bank Berhad, Razer Merchant Services Sdn Bhd, United Overseas Bank Berhad, TNG Digital Sdn Bhd, Axiata Digital eCode Sdn Bhd (Boost), AmBank Malaysia Berhad, Maybank Berhad and Hong Leong Bank Berhad.

Meanwhile, using QRIS for currency conversion for payments is done automatically. However, it is not known whether the exchange rate conversion was based on real-time rate, based on an agreed rate between respective countries, rate provided by banks, or the average conversion rate at a certain time.

Journalist IBP


Mahinda Arkyasa




We will provide you with an invoice for your reimbursable expenses.


New to Indonesian market? Read our free articles before subscribing to the premium plan. If you already run your business in Indonesia, make sure to subscribe to the premium subscription so you won’t miss any intelligence & business opportunities.


$550 USD/Year


$45 USD/Month

Cancelation: you can cancel your subscription at any time, by sending us an email inquiry@ibp-media.com

Add keywords to your market watch and receive notification:
Schedule a free consultation with us:

We’ll contact you for confirmation.


Minister of State-Owned Enterprises (SOEs) Erick Thohir recently met with Mohamed Ali Rashed Alabbar, the founder of Emaar Properties, the developer behind the world’s tallest building, Burj Khalifa, discussing about the development of Indonesia’s Special Economic Zones (KEK) and tourism.
Indonesia encourages the establishment of a Global Water Fund or world water financing platform in an effort to improve adequate water and sanitation infrastructure worldwide.
Minister of Tourism and Creative Economy, Sandiaga Salahuddin Uno, invites Chinese health industry professionals, particularly those in traditional medicine, to consider investing in Indonesia.
Indonesia was honored as the World Water Capital by Loïc Fauchon, President of the World Water Council, during the 10th World Water Forum in Bali.
President Joko “Jokowi” Widodo and Prime Minister of Tajikistan Qohir Rasulzoda held a bilateral meeting on the sidelines of the 10th World Water Forum at the Bali International Convention Center (BICC), Monday, May 20, 2024, discussing efforts to strengthen cooperation in water resources management.
Coordinating Minister Luhut B. Pandjaitan and Sri Lankan President Ranil Wickremesinghe discussed on Sunday, May 19, 2024, the Global Blended Finance Alliance (GBFA), adopted by the G20 Bali Summit leaders to accelerate climate investment in developing countries, Least Developed Countries (LDCs), and island nations.