The arrangement across the ASEAN region is partly intended to reduce dependence on the US dollar. Philippines, Vietnam and Brunei have announced that they intend to join with other significant Southeast Asian economies in a decision to create a cross-border QR code payment system that will encourage the use of their local currencies instead of having to rely on the US dollar when shopping across each others’ borders. Several other countries have launched similar strategies or have agreed to develop them. For instance, Singapore, Thailand, Indonesia and Malaysia have already…
Read MorePhilippines, Vietnam and Brunei to create QR code payment strategy
