PH central bank partners with Singapore’s MAS to elevate cross-border payments 

by

Azunta Gaviola

-

10 months ago

The ‘What’s NEXT in Marketing 2025’ series is making waves in Singapore, the Philippines, Hong Kong, Indonesia, and Malaysia. Join us in shaping the future of marketing!

Manila, Philippines – In a bid to enhance cross-border payments, the Bangko Sentral ng Pilipinas has recently announced that it has signed a deal with the Monetary Authority of Singapore. 

Under the agreement, the two parties stated that said initiative is designed to enable seamless payment interoperability between the two countries. Said initiative was participated in by Ravi Menon, managing director at the Monetary Authority of Singapore, and Benjamin Diokno, governor at BSP

“Since Singapore is a key trading partner and major source of remittances, pursuing seamless e-payments is seen to benefit overseas Filipinos and local export, import, and tourism businesses,” stated Diokno.

He also said that the effort further represents the first phase in aligning the domestic payment system with other nations in the ASEAN region.

As part of its digitalisation efforts, the BSP shared their plans to increase digital payments to 50% and ensure that at least 70% of Filipinos have bank accounts by 2023.

Celebrate the creativity and brilliance of advertising at the Advertising Awards Asia Pacific 2026! Happening this March in Singapore, we’ll be honouring the region’s most trailblazing advertising campaigns and visionary leaders— submit your entries today!
The NEXT Awards 2025 is here, and we’re seeking the most innovative marketing campaigns from Indonesiathe Philippines, Malaysia, Singapore and Asia Pacific. Submit your entry today and showcase your best work!
Share

RECENT ARTICLES

Bitdefender launches GravityZone PHASR as standalone security solution
Lolitta Suffian on new senior CX role at BSN, insights on developing impactful CX strategies
Nucleus Software introduces Nilanshuk Haldar as new global head of partnerships and alliances
Exclusive Networks names Renato Garcia as Philippines country manager to drive cybersecurity expansion
HSBC, Juspay launch full-stack acquiring platform to power global digital payments
Ellipse 3

RELATED ARTICLES

1_Beyond the cart Shoppertainment execs on harnessing the potential of live commerce for unmatched customer experience_11zon
Singapore introduces ‘Global Finance and Technology Network’ to strengthen global financial connectivity
2_MAS inks agreement with Singapore’s leading banks to pioneer quantum security solutions in financial sector
Ellipse 3

FEATURED ARTICLES

1_Huawei unveils smart tech strategies for secure, transparent e-commerce future 
EW2025_(UT)Launch Article_Feature Image_11zon

Subscribe to UpTech Media Newsletter

Video Title Here: The Indonesian on-ground activation status

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos.

Video Title Here: The Indonesian on-ground activation status

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos.

Video Title Here: The Indonesian on-ground activation status

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos.