Brunei, Laos central banks formally join Regional Payment Connectivity Initiative

There are now a total of eight ASEAN central banks in the regional payment link.

Brunei and Laos are now part of a region-wide initiative that aims to improve cross-border payments in the region. 

In a statement, the Bangko Sentral ng Pilipinas said the Brunei Darussalam Central Bank (BDCB) and the Bank of the Lao PDR (BOL) signed the memorandum of understanding to be a part of the Regional Payment Connectivity (RPC) on 29 February 2024, and 3 April 2024, respectively.

RPC is an initiative started by Indonesia, Malaysia, Philippines, Singapore, and Thailand in 2022. It aims to "promote faster, cheaper, more transparent, and more inclusive cross-border payments."

With the addition of Brunei and Laos, there are now eight ASEAN central banks in the RPC.

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BDCB Managing Director Hajah Rokiah binti Haji Badar said the RPC “will serve as a means to facilitate further trade, investments, and economic activities within the region and further foster close collaboration with fellow central banks.”

BOL Governor Bounleua Xinxayvoravong, meanwhile, said the signing of the RPC enhances the future of regional cooperation.