CENTRAL BANKS OF PHILIPPINES AND SINGAPORE PURSUE SEAMLESS CROSS-BORDER

PAYMENTS. Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno and Monetary Authority of Singapore Managing Director Ravi Menon present the signed cooperation agreement (CA) aimed at facilitating interoperable payments between the two countries. Since Singapore is a key trading partner and major source of remittances, pursuing seamless e-payments is seen to benefit overseas Filipinos and local export, import and tourism businesses. The CA is also seen as a first step towards linking the domestic payment system with the rest of the Association of Southeast Asian Nations (ASEAN) members.