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Singapore, Indonesia begin work on cross-border payment linkage

( August 30, 2022, 04:11 GMT | Official Statement) -- MLex Summary: The central banks of Singapore and Indonesia have begun work on a cross-border QR payment linkage as part of the Asean-wide payments connectivity effort. This linkage, which is targeted to be launched in the second half of 2023, will allow users to make instant, secure and efficient retail payments. Bank Indonesia and the Monetary Authority of Singapore also signed an agreement to promote local currency use in bilateral transactions, such as trade and direct investments, to help businesses reduce their exposure to exchange rate risks and the costs of conducting bilateral transactions.The full statement is attached....

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