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.
Self-driving air taxis have long been a tantalizing vision of the future, and now, they’re one step closer to becoming a reality in China. Guangzhou-based Ehang, a leading player in the electric vertical take-off and landing (eVTOL) industry, recently achieved a major milestone.
Adobe, the software giant renowned for its creative solutions, has once again pushed the boundaries of innovation with a slew of updates designed to revolutionize the world of digital creativity. Adobe MAX 2023 saw the unveiling of remarkable enhancements, all underpinned by the formidable power of artificial intelligence (AI). In this article, we will delve into the highlights of Adobe’s recent updates, as outlined in their official announcement.
In the world of tech giants, strategic partnerships and negotiations often determine the trajectory of entire industries. A recent revelation in the ongoing US government’s antitrust lawsuit against Google has shed light on some of Apple’s past decisions that could have had a significant impact on the search engine landscape.
TikTok, the wildly popular short-form video platform, is making waves in the digital advertising world with its latest move. Reports from multiple sources have surfaced, pointing to the confirmation of TikTok testing an ad-free subscription service.
TikTok, the wildly popular social media platform, has faced its fair share of challenges in recent years, particularly regarding its ownership and ties to China. However, its ambitions in Southeast Asia are now facing a significant hurdle as Indonesia, its largest market in the region, has imposed a ban on shopping transactions on social media apps.
Google’s Bard AI chatbot is getting a major upgrade, and it’s all about making your life easier. In a recent announcement, Google revealed a series of exciting enhancements to Bard, aiming to provide users with a more powerful and versatile tool for various tasks.
In a bold move to navigate the ever-evolving landscape of e-commerce and cloud computing, Alibaba Group is embarking on its most ambitious restructuring to date under the leadership of its new CEO, Eddie Wu. As the company faces challenges in a slowing Chinese economy and stiff competition, Wu is determined to revitalize Alibaba’s strategy by placing a strong emphasis on artificial intelligence (AI) and promoting younger talents to senior management positions.
TikTok, the wildly popular short-form video app, has been hit with a massive €345 million ($368 million) fine by the Irish Data Protection Commission (DPC) for failing to adequately protect children’s privacy on its platform.
China’s economy is displaying hopeful signs of recovery in August, but the real estate sector continues to struggle, posing challenges for the nation’s economic stability.
Arm, the renowned British chip designer under the SoftBank umbrella, is gearing up for a high-stakes $5 billion initial public offering (IPO). While excitement surrounds this significant move, investors are growing increasingly wary of Arm’s business ties to China, particularly amidst escalating tensions between the United States and Beijing over chip technology. Let’s dive into the complexities of Arm’s China dealings and the challenges it faces.
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Cultural differences between the East and the West
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Vietnam received recognition in the 29th World Travel Awards in numerous categories
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Vietnamese dishes that fascinate foreigners
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First NFT vending machine in the world is now operational in New York
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The LEGO Group today began construction on a new $1 billion factory in Binh Duong, Vietnam
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