Tailand and Vietnam pilot interoperable QR codes

This collaboration signifies the successful implementation of "Memorandum of Understanding (MOU) on the cooperation in the area
of financial innovation between the State Bank of Viet Nam and the Bank of Thailand which began in 2019, aimed at facilitating bilateral trade, investment, tourism as well as the use of local currencies between VietNam and Thailand. This linkage also represents another milestone for the ASEAN Payment Connectivity initiative, which aims to connect the payment services of ASEAN countries using new financial technology to help foster financial integration and sustainable growth in the region.

This service will facilitate consumption and payments of the people of both countries. This is especially the case when cross-border travel becomes the norm again, given that tourist flows between both countries were around 1.5 million in 2019. This service will enable tourists from Thailand to make QR payments using their mobile phones to pay for goods and services in Viet Nam and vice versa'. This will
eventually help stimulate the economies of the two countries and the region as a whole.

Mr. Nguyen Kim Anh, Deputy Governor of the State Bank of VietNam, said on this occasion: "The launch of this pilot project today marks a significant accomplishment in the relationship between our central banks and our two countries. It also marks an important milestone in the collaboration of ASEAN central banks in implementing ASEAN's initiative on payment connectivity using interoperable QR Codes to
deepen regional economic integration and foster digital transformation of each economy."

In addition, Mr. Ronadol Numnonda, Deputy Governor of the Bank of Thailand said: "The benefits of this project will come in many IIn the first phase, Thai tourists USingBangkok Bank's mobile ban/ring application can scan this Project's VietQR Codes to pay for goods and services at TPBank and BJDV's merchants in Viet Nam. Conversely, tourists from Viet Nam using Tl'Bank and Sacombank's mobile applications can scan the ThaiQR Codes. It will offer convenience and security for people travelling between our countries, leading to growth in tourism and contributing to our countries' progress towards a more digitalised society."

This project is made possible with the collaboration from various stakeholders from both countries under the joint stewardship of the State Bank of Viet Nam and the Bank of Thailand. These include the National Payment Corporation of Viet Nam (NAP AS) and the National ITMX (NITMX) as switching operators, as well as Viet Nam Joint Stock
Commercial Bank for Industry and Trade (Vietinbank) and Bangkok Bank as the settlement banks responsible for cross-border settlements for the service.