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Creating an Association of Southeast Asian Nations Payment System: Policy and Regulatory Issues


  • Khiaonarong, Tanai

    (Asian Development Bank Institute)


The Association of Southeast Asian Nations (ASEAN) is expected to benefit from the significant growth in the Asia-Pacific payments market. Growth in economic activity would increase the size, scale, and scope of payment transactions. Enabling the scale and scope of payments would in turn increase economic activity. This would also require national payment systems to be regionalized and operate with cross-border and multi-currency capabilities. As existing regional payment arrangements have illustrated how they can be successfully established, ASEAN can itself leverage on its current cooperative forums in creating a more regionalized payment system. This paper assesses the challenges ASEAN faces in doing so.

Suggested Citation

  • Khiaonarong, Tanai, 2013. "Creating an Association of Southeast Asian Nations Payment System: Policy and Regulatory Issues," ADBI Working Papers 422, Asian Development Bank Institute.
  • Handle: RePEc:ris:adbiwp:0422

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    References listed on IDEAS

    1. World Bank, 2011. "Payment Systems Worldwide - A Snapshot : Outcomes of the Global Payment Systems Survey 2010," World Bank Other Operational Studies 12813, The World Bank.
    2. Hasan, Iftekhar & De Renzis, Tania & Schmiedel, Heiko, 2012. "Retail payments and economic growth," Research Discussion Papers 19/2012, Bank of Finland.
    3. Heinrich, Gregor & García Dubón, Enrique, 2011. "The development of a regional payment system in Central America: A step towards further integration and economic development," MPRA Paper 47398, University Library of Munich, Germany.
    4. Takala, Kari & Virén, Matti, 2008. "Efficiency and costs of payments : some new evidence from Finland," Research Discussion Papers 11/2008, Bank of Finland.
    5. Simon T Gray & Andreas Jobst & Joshua Felman & Ana Carvajal, 2011. "Developing Asean5 Bond Markets; What Still Needs to Be Done?," IMF Working Papers 11/135, International Monetary Fund.
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    Cited by:

    1. The SEACEN Centre, 2014. "Analytical Framework In Assessing Systemic Financial Market Infrastructure: Interdependence Of Financial Market Infrastructure And The Need For A Broader Risk Perspective," Research Studies, South East Asian Central Banks (SEACEN) Research and Training Centre, number rp93, April.

    More about this item


    asean; payment system; asia-pacific payments market; national payment systems;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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