In his remarks, Mr Wong said that since the ASEAN leaders last met in May for the 48th ASEAN Summit in Cebu, where they discussed how the world has become “more contested and unpredictable”, the bloc has responded decisively by coming together and making progress on issues that matter to its people.
He cited Saturday’s signing of the Digital Economy Framework Agreement (DEFA) as an example of deepening integration, and called for member states to “press ahead with a substantial agenda of practical cooperation”.
Noting that “this is just the first step”, Mr Wong said that a lot more still has to be done to ride on the agreement and link up the economies of ASEAN member states digitally.
This would enable businesses to operate more seamlessly across borders and harness more fully the benefits of the single ASEAN market, he added.
“One priority could be to make cross-border payments more seamless across our region,” he said.
Citing the existing bilateral connections between payment systems for Singapore with Malaysia and with Thailand, Mr Wong mooted the creation of a regional network of cross-border electronic seamless payment systems.
This would make it easier and cheaper for businesses and citizens to transact with one another, including tourists and those sending remittances home, he said.
Read Full Article At Source




