The transactions carried out via ASEAN QR Code will use local currencies, KADIN Chaiman Arsjad Rasjid said after chairing the ASEAN-BAC meeting in Magelang district, Central Java of Indonesia, on March 22.
He said that if a transaction is conducted in Indonesia, it will use the rupiah. Likewise, if it is conducted in Thailand, it will use the Thai baht, and so on, he explained.
The QR code adoption will also reduce the cost of transactions, thus it can be the key for micro, small, and medium enterprises (MSMEs) and bigger business players in ASEAN to collaborate, he said.
The ASEAN QR Code is one of the comprehensive legacy programs promoted by KADIN as a solution to strengthen digital transformation in ASEAN, which is one of the five ASEAN-BAC priority issues.
The KADIN leader said that Indonesia is ready to assist other ASEAN member countries in implementing the QR Code.
Indonesia, Singapore, Malaysia, Thailand, and Vietnam have used the cross-border QR Code since 2022. Recently, Cambodia and the Philippines are also starting to use the QR Code.
Indonesian Deputy Minister of Trade Jerry Sambuaga said that one of the seven priority agendas raised at the 2023 ASEAN Economic Ministers' (AEM) Retreat that took place in Indonesia on March 20–22, was the establishment of a Leader’s Statement on Developing the ASEAN Digital Economy Framework (DEFA).
He added that although the use of the QR Code is very simple, it is very strategic because it can further strengthen the value of money./.
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