Strengthening Payment Systems

With financial and trade globalization increasing cross-border capital flows, an efficient payment system to facilitate seamless funds transfers and ensure the proper workings of financial systems in general has become paramount. Since the 1997–1998 Asian financial crisis, Asian economies have introduced several reforms to their payment systems. Despite increased volatility in the financial and capital markets since the onset of the global financial crisis, national payment systems in Asia appear to be holding up well. Yet, with roughly 99% of registered businesses in the region being SMEs, improvements in the payment systems should focus on lowering capital costs and improve SMEs’ access to financial services. Moreover, the rapid shift from paper- to electronicbased payment systems for both small and large value transactions, and other technological innovations bring corresponding legal, technological, and regulatory issues that the conference explored. The conference highlighted the importance of regional cooperation to ensure smooth cross-border funds transfers in the Asian region.

See more details about the conference.