INFORIAL | 43rd ASEAN Summit pushes optimization of QR payment systems in Southeast Asia
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The unity and centrality of ASEAN’s role across various sectors, especially the economic sector, continues to be supported by the leaders of Southeast Asia’s nations. Trade Minister Zulkifli Hasan is optimistic that ASEAN will become stronger in addressing any future challenges. During the Consultation Meeting of ASEAN Economic Ministers (AEM) alongside the ASEAN Business Advisory Council, Zulkifli stated that Indonesia had agreed to enhance intra-ASEAN trade and investment, with one of the methods involving the optimization of payments through Quick Response (QR) codes.
“The end of the COVID-19 pandemic brings a breath of fresh air to economic growth and revitalizes trade in ASEAN,” he stated.
Memento Maxima Digital MarketingChair of the ASEAN Business Advisory Council (ASEAN-BAC), Arsjad Rasjid, said Indonesia hoped that the digital QR code payment service could be expanded to other countries in the Indo-Pacific region, outside of just ASEAN member states.
Furthermore, Arsjad, who also serves as the chairman of the Indonesian Chamber of Commerce and Industry (Kadin), added that QR Code transactions were a priority for ASEAN-BAC in the field of digital transformation. ASEAN-BAC is currently working on promoting cross-border digital payments, which aim to connect payments and small and medium enterprises (SMEs) throughout ASEAN.
“We want to expand this to more Indo-Pacific countries. During the 42nd ASEAN Summit in Labuan Bajo last May, the leaders of ASEAN member states adopted a declaration to strengthen the implementation of local currency transactions and digital payment connectivity among ASEAN countries,” he said.
In the previous 42nd ASEAN Summit in Labuan Bajo, ASEAN leaders emphasized the importance of reducing risks and vulnerabilities due to the use of foreign currencies. They also highlighted the significance of strengthening cross-border payment systems that are faster, cheaper, and more secure, including through the integration of universal QR code payment services.
Jakarta ● Wed, August 30, 2023
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