Jakarta (VNA) – Chairman of the ASEAN Business Advisory Council (ASEAN-BAC) Arsjad Rasjid,who is also Chairman of the Indonesian Chamber of Commerce and Industry(KADIN), on April 3 said that ASEAN-BAC will support micro-, small-, andmedium-sized enterprises 💫(MSMEs) in the region to implement QRcodeASEANinitiative.

In a statement released on April 3, Rasjid said thatASEAN-BAC will lead the regional digital transformation, especially tostrengthen connectivity and financial inclusion for MSMEs because the economicsector is the backbone of the regional economy. He said that with a population of over 170 million people,Indonesia is the largest economy in Southeast Asia and is a key player in thedigital transformation of the region. Indonesia's digital economy is expectedto reach 133 billion USD by 2025, accounting for 11% of the country's grossdomestic product (GDP). The QRcodeASEAN initiative aims to connect QR codes inpayments across ASEAN countries, allowing users to purchasegoods and services across member countries easier with transactions in local currencies. At the same time, the QRcode ASEAN will help MSMEs toexpand their market share and customers in the region. The use of QRcodeASEAN will reduce transaction costs andforeign exchange risks. The initiative will also open up new opportunities forbusinesses to contribute to the development of the digital economy in ASEAN,encouraging financial inclusion and increasing cross-border transactions. Head of the ASEAN-BAC working group on QRcode ASEAN, PanduSjahrir said, so far, Malaysia, Indonesia and Thailand have connected paymentintegration while Singapore has also connected with Malaysia and Thailand. Inaddition, the central banks of the five ASEAN member countries, includingIndonesia, Malaysia, Thailand, Singapore, and the Philippines also signed amemorandum of understanding on payment integration between the countries. The QRcodeASEAN initiative is one of Indonesia's priorityagendas together with two digital initiatives - Wiki Entrepreneur and MarketLending Platform - to enhance financial and market access for MSMEs./.