Vietnam Joins Hands with Neighboring Nations for Smoother Cross-Border Payments

In a heartening move, Vietnam’s central bank enthusiastically embraced an agreement on Friday, becoming an integral part of a collaborative endeavor involving five other vibrant Southeast Asian nations. This effort is all about establishing seamless cross-border payment mechanisms that foster stronger connections between these countries.

With Vietnam’s entry, a powerful coalition forms, including Indonesia, Malaysia, Thailand, the Philippines, and Singapore. Together, they are committed to weaving a web of interconnectivity by harmonizing their respective payment systems. What’s truly exciting is the adoption of the QR (quick response) code system for everyday retail transactions, making monetary interactions swift and straightforward.

This exciting agreement was hatched during a gathering of ASEAN’s 10-member community, where finance ministers and central bank governors came together in Jakarta. But that’s not all – Indonesia, Malaysia, and Thailand have set their sights on another vital phase, aiming to facilitate cross-border transactions involving financial assets such as equities and government bonds, all denominated in local currencies.

Bank Indonesia governor Perry Warjiyo shared his optimism during a press conference, noting, “Our objectives stretch beyond just simplifying trade and investment. We’re also bolstering our collective resilience against the unpredictable shifts in exchange rates and the global influence of institutions like the Fed.”

Indonesia has already taken strides in this direction, successfully linking its payment system with Thailand and Malaysia using QR codes. The next target on their radar is Singapore, with plans to establish this connection later in the year. With ASEAN encompassing over 600 million individuals, this collaborative effort is a significant step forward, aiming to integrate economies collectively valued at a staggering $2.3 trillion. The long-held vision of economic integration, enriched through harmonized standards, customs procedures, and increased market connectivity, is now gaining momentum after years of anticipation.

China Grants First-Ever Approval for Fully Autonomous Passenger-Carrying Air Taxis

Adobe MAX 2023: Introducing the Next Generation of Creativity, Powered by AI

Apple’s Missed Opportunities with Bing and DuckDuckGo Deals

TikTok Begins Testing an Ad-Free Subscription Plan

TikTok’s Southeast Asia Ambitions Face a Roadblock with Indonesia’s E-commerce Ban

Google’s Bard AI Chatbot Takes a Leap Forward with Major Expansion

Alibaba’s AI-Powered Renaissance Amidst New Leadership and Market Challenges

TikTok Hit with €345 Million Fine in Europe for Child Privacy Violations

China’s Economy Shows Signs of Recovery, but Real Estate Remains a Concern

Arm’s China Conundrum and the Risks in its $5 Billion IPO

Vietnam Technology Entrepreneurs Cross-Culture Business
techbiz.network AI week

A Week of Innovations, Challenges, and Elon Musk’s Sarcastic Sidekick

The AI Revolution: A Week of Unveilings, Challenges, and WitIn what can be deemed a watershed moment for artificial intelligence, …
techbiz.network facebook ad-free

Meta Introduces Subscription Service for Facebook and Instagram Users in Europe

In a significant development, Meta, the parent company of Facebook and Instagram, has unveiled a new subscription service for users …
techbiz.network AI week

A Week of Innovations, Challenges, and Elon Musk’s Sarcastic Sidekick

The AI Revolution: A Week of Unveilings, Challenges, and WitIn what can be deemed a watershed moment for artificial intelligence, …
techbiz.network China grants the first license on air-taxi service

China Grants First-Ever Approval for Fully Autonomous Passenger-Carrying Air Taxis

Self-driving air taxis have long been a tantalizing vision of the future, and now, they’re one step closer to becoming …
techbiz.network Traveling to Haivaii

Exploring the Enchanting Wonders of Hawaii- A Journey to Remember

Hawaii, an idyllic paradise nestled in the heart of the Pacific Ocean, is a dream destination for many travelers. With …
techbiz.network travel in Hanam

Vibrant Activities in Ha Nam Cultural and Tourism Week 2023

On May 14th, at Tam Chuc Tourist Area in Kim Bang District, the People’s Committee of Ha Nam Province, together …
techbiz.network Traveling to Haivaii

Exploring the Enchanting Wonders of Hawaii- A Journey to Remember

Hawaii, an idyllic paradise nestled in the heart of the Pacific Ocean, is a dream destination for many travelers. With …
techbiz.network Vietnam Airlines' Heritage Guide

Unveiling the Heritage Guide: Vietnam Airlines’ Exquisite Travel Companion for Exploring Vietnam

On June 15th, Vietnam’s national airline, Vietnam Airlines, officially launched a new travel guide publication called “Heritage Guide” on all …
techbiz.network Thomson Medical Group of Singapore accquires FV hospital

Thomson Medical Group Expands Southeast Asian Presence with Acquisition of FV Hospital in Vietnam

Singapore’s Thomson Medical Group (TMG) has made a significant move in the healthcare sector by acquiring Vietnam’s FV Hospital, marking …
techbiz.network By Rotation clothing rental app

By Rotation: The Startup Revolutionizing Fashion with Peer-to-Peer Clothing Rental

By Rotation, a U.K.-based clothing rental app, is on a mission to combat the harmful effects of fast fashion by …
techbiz.network AI week

A Week of Innovations, Challenges, and Elon Musk’s Sarcastic Sidekick

The AI Revolution: A Week of Unveilings, Challenges, and WitIn what can be deemed a watershed moment for artificial intelligence, …
techbiz.network facebook ad-free

Meta Introduces Subscription Service for Facebook and Instagram Users in Europe

In a significant development, Meta, the parent company of Facebook and Instagram, has unveiled a new subscription service for users …

techbiz.network valentino joins metaverse

Valentino Joins the Metaverse: An Exciting Partnership with UNXD

Valentino, the iconic Italian fashion house, has announced its foray into the metaverse through a partnership with UNXD, the leading …

techbiz.network coinbase CEO concerns about SEC request

Coinbase CEO: SEC Request Could Have Spelled the End of US Crypto Industry

In a recent revelation, Brian Armstrong, the CEO of Coinbase, the largest cryptocurrency exchange in America, disclosed that the company …

techbiz.network coinbase CEO concerns about SEC request

Coinbase CEO: SEC Request Could Have Spelled the End of US Crypto Industry

In a recent revelation, Brian Armstrong, the CEO of Coinbase, the largest cryptocurrency exchange in America, disclosed that the company …

techbiz.network Traveling to Haivaii

Exploring the Enchanting Wonders of Hawaii- A Journey to Remember

Hawaii, an idyllic paradise nestled in the heart of the Pacific Ocean, is a dream destination for many travelers. With …
techbiz.network Abode by Stuarte Semple challenges Adobe

Abode: Artist Challenges Adobe’s Dominance with Lifetime Creative Software Suite

Artist and activist Stuart Semple has embarked on an ambitious project to challenge the dominance of Adobe, the corporate …
techbiz.network By Rotation clothing rental app

By Rotation: The Startup Revolutionizing Fashion with Peer-to-Peer Clothing Rental

By Rotation, a U.K.-based clothing rental app, is on a mission to combat the harmful effects of fast fashion by …

techbiz.network thread lost 82% users

Threads App’s Rollercoaster Ride: Plummeting 82% of Users Raise Concerns for Meta’s Social Experiment

In early July, Meta, formerly known as Facebook, unveiled its highly anticipated social media offering, Threads. The platform, described as …

techbiz.network Michelin Guide

The Michelin Guide: Honoring Culinary Excellence and Unveiling Hidden Gems

The Michelin Guide, which began as a humble travel companion for motorists, has evolved into an iconic gastronomic authority. It …

techbiz.network Traveling to Haivaii

Exploring the Enchanting Wonders of Hawaii- A Journey to Remember

Hawaii, an idyllic paradise nestled in the heart of the Pacific Ocean, is a dream destination for many travelers. With …
techbiz.network travel in Hanam

Vibrant Activities in Ha Nam Cultural and Tourism Week 2023

On May 14th, at Tam Chuc Tourist Area in Kim Bang District, the People’s Committee of Ha Nam Province, together …

techbiz.network Thomson Medical Group of Singapore accquires FV hospital

Thomson Medical Group Expands Southeast Asian Presence with Acquisition of FV Hospital in Vietnam

Singapore’s Thomson Medical Group (TMG) has made a significant move in the healthcare sector by acquiring Vietnam’s FV Hospital, marking …
techbiz.network By Rotation clothing rental app

By Rotation: The Startup Revolutionizing Fashion with Peer-to-Peer Clothing Rental

By Rotation, a U.K.-based clothing rental app, is on a mission to combat the harmful effects of fast fashion by …