The State Bank of Viet Nam and the Bank of Thailand have launched QR payment services since March 2021 as an alternative means of cross-border payments between the two countries.
This will also drive the momentum for future collaborations on financial innovations.
Today, on 17 November 2022, Viet Nam and Thailand officially launched the QR payment linkage project, presided over by H.E. Mr. Nguyen Xuan Phuc, the President of the Socialist Republic of Viet Nam, along with Mr. Arkhom Termpittayapaisith, the Minister of Finance of Thailand.
To illustrate the practical use case of this linkage, Mr. Nguyen Kim Anh, Deputy Governor of the State Bank of Viet Nam and Mr. Ronadol Numnonda, his counterpart from the Bank of Thailand, participated in live demonstrations of cross-border QR payments between Viet Nam and Thailand, using mobile banking applications of their respective countries.
This event showcased the successful application of the cross-border payment linkage between Viet Nam and Thailand, which facilitates customers and tourists as well as merchants to make and receive payments with convenience, speed, security, transparency and at low cost. Furthermore, this project promotes the use of local currencies for payments and settlements as well.
Source : Bank of Thailand
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Boris Sullivan is a business news editor based in Hong Kong. He has over 15 years of experience in covering the latest trends and developments in the Asian markets, as well as the global economy.