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ASEANPay – What’s the story? Presented by n Enoch Ch’ng n Date n 8 ASEANPay – What’s the story? Presented by n Enoch Ch’ng n Date n 8 October 2004 n

Presentation Outline n Whose big idea? n Look who is talking n Ambitious, ambitious Presentation Outline n Whose big idea? n Look who is talking n Ambitious, ambitious n Hurdle #1 n Not that unexpected n Where do we go from here? n Still peddling snake oil?

Singapore Cross-border Payment Key Service Providers – Remittance Houses – Correspondent Banking n Costs Singapore Cross-border Payment Key Service Providers – Remittance Houses – Correspondent Banking n Costs 20 times more than domestic transfers n Estimated Remittances by foreign workers, excluding trade n Estimated Volume/Value per month Singapore to Volume Value China 80 k USD 41 m Thailand 40 k USD 15 m Indonesia 100 k USD 12 m Philippines 85 k USD 10 m

Singapore Trade Statistics In 2003, Singapore’s largest trade partner was Malaysia, followed by US Singapore Trade Statistics In 2003, Singapore’s largest trade partner was Malaysia, followed by US n In 2003, Singapore was 13 th largest trade partner of US* n * Source: International Trade Administration, US Department of Commerce

What’s in it for Central Bank? n Secure and efficient regional electronics transactions, payments What’s in it for Central Bank? n Secure and efficient regional electronics transactions, payments and settlement. n Facilitate regulation, supervision & monitoring of cross-border payments. n Level playing field. Benefit smaller banks with no cross-border capability.

Look, Who is Talking? n Promote Trade, Business & e-commerce – Removing cost barriers Look, Who is Talking? n Promote Trade, Business & e-commerce – Removing cost barriers to regional expansion – Intra-ASEAN trade encouraged due to lower costs – Reduced payment cycle: better cash & risk management n Foster ASEAN Spirit – Close cooperation among ASEAN countries promoted n Gateway to International Payment – Preferred ASEAN Payment/Clearing Hub. – Act as gateway for linkages between International payment gateways and ASEAN Payment/Clearing Hub.

Ambitious, ambitious Secure, efficient and cost effective n Avoid re-inventing the wheel n – Ambitious, ambitious Secure, efficient and cost effective n Avoid re-inventing the wheel n – Leverage on existing ACH infrastructure – Use of national &/or international standards for submission & receipt of payments to ASEANPay n Stakeholders reliant – Product responsibility lies with Financial Institutions (FIs) – Foreign exchange conversion carried out by originating / remitting FIs

Viable But Rejected e. ACH Brunei e. ACH Cambodia e. ACH Vietnam e. ACH Viable But Rejected e. ACH Brunei e. ACH Cambodia e. ACH Vietnam e. ACH Indonesia e. ACH Laos Regional Payment Gateway e. ACH Thailand e. ACH Malaysia e. ACH Singapore e. ACH Philippines e. ACH Myanmar

Complex But Preferred e. ACH Brunei e. ACH Cambodia e. ACH Vietnam e. ACH Complex But Preferred e. ACH Brunei e. ACH Cambodia e. ACH Vietnam e. ACH Indonesia e. ACH Laos e. ACH Thailand e. ACH Singapore e. ACH Malaysia e. ACH Philippines e. ACH Myanmar

Regional Payment Gateway Country B Country A Buyer 1 Seller 3 e. ACH A Regional Payment Gateway Country B Country A Buyer 1 Seller 3 e. ACH A 2 Regional Payment Gateway 4 Settlement Agent Buyer’s Bank e. ACH B 5 6 Settlement Agent Seller’s Bank

Not That Unexpected n n Central Banks and ACH operators were keen. Difficult to Not That Unexpected n n Central Banks and ACH operators were keen. Difficult to get banks’ buy-in. n n Uneven country readiness Currency exchange control for some countries n Money always matters. – Coverage and convenience of Remittance Houses – Transaction volume low, cost per transaction high – Low costs in SWIFT messaging n Borders still matters.

Where do we go from here? n Revalidate requirements n Assessment of countries’ readiness Where do we go from here? n Revalidate requirements n Assessment of countries’ readiness n Formulation of Business and Technical Model n Pilot Development in 2005?

Still Selling Snake Oil? n n n Establish efficient, cost-effective & secure ASEAN cross-border Still Selling Snake Oil? n n n Establish efficient, cost-effective & secure ASEAN cross-border payment infrastructure Improve efficiency for cross border payments. Currently, predominantly correspondent banking. High costs, long payment cycle Operate by Trusted Financial Institutions (Central banks, In-country National ACH) Address consumers' need for faster, cheaper & secure payment service supported by a trusted financial community Provide a complementary payment service to FIs

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