Thailand pushes for QR code cross-border payments at 29th IMT-GT meeting
Thailand spearheaded a push for QR-code cross-border payments during the 29th Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) Ministerial Meeting held on September 29 in Indonesia.
The meeting, presided over by Indonesia’s Minister for Economic Coordination Airlangga Hartarto, included Thailand’s Deputy Finance Minister Julapan Amornvivat, who also oversees the IMT-GT Roadmap for the country.
Also present were Thailand’s senior representative Danucha Pichayanan, secretary-General of the National Economic and Social Development Council (NESDC); Malaysian Economic Minister Mohammad Rafisi bin Ramli; representatives of the Asian Development Bank; Asean secretary-general Dr Kao Kim Hourn; and public and private agencies from all three countries.
The proposed cross-border QR-code payment scheme would offer the following benefits:
• Convenient tourist payments: Thailand’s Finance Ministry, Bank of Thailand and Indonesia have collaborated to advocate for cross-border payments via QR code, making it easy for tourists to make seamless payments. Both countries hope Malaysia will soon join the initiative.
• Enhanced flexibility and funding access: By making funding access easier for small and medium-sized enterprises in the rubber and palm-oil processing industries, this initiative aims to strengthen SMEs’ abilities in producing high-value rubber and palm-oil products. Additionally, it supports the strengthening of value-chain connections for these products.
• Accelerating development border crossings: A concerted effort is being made to expedite the development of both Sadao and Sungai Kolok districts at the border with Malaysia. Key projects in the South include the Hat Yai-Sadao motorway and the Land Bridge project between Chumphon and Ranong are under consideration. The government is also looking into suitable funding models.
At the IMT-GT ministers’ meeting, progress reports on various areas of collaboration were presented. Namely:
• Tourism sector: Significant progress has been made under the IMT-GT 2023-2025 tourism campaign, including the establishment of a dedicated IMT-GT Lane for tourists from member countries at Hat Yai International Airport.
• Physical connectivity: Several projects worth more than US$5.7 billion (2.1 trillion baht) have been implemented including the construction of a customs checkpoint at the Sadao-Bukit Kayu Hitam border, the building of a second bridge between Kolok – Golok – Rantau Panjang, the construction of Hat Yai-Sadao Motorway, development of a motorway and railway expansion.
• Agriculture and agro-industry: Collaboration in the rubber and palm oil industry continues, with increased investment in industrial estates and initiatives promoting agricultural development.
• Trade and investment: Agreements within the IMT-GT framework, focusing on customs, immigration checks and facilitation of cross-border movement of goods and people, are being expedited.
• Halal products and services: The Halal Blockchain project, incorporating artificial intelligence, has been initiated to streamline the Halal certification process.
• Human resource development: Regional joint projects aim to enhance the competitiveness of the workforce and promote labour skills standards harmonisation.
• Environment: Collaborative efforts to strengthen sustainable urban development and policies addressing environmental issues.
• Digital transformation: Efforts are underway to implement the 5G Development project and promote investment in 5G technology.
• Green cities: Progress in “green city” development includes $17 billion investment between 2019-2036 in environmentally friendly initiatives.
• IMT-GT Business Council: The IMT-GT ministers commended the outcomes of the IMT-GT Business Council meeting, emphasising the strengthening of the IMT-GT Secretariat’s capabilities for efficient collaboration in many areas.
By the time the meeting wrapped up, ministers responsible for the IMT-GT Plan from all three countries jointly issued a statement reaffirming their commitment to revitalising the grouping.
The role of local governments within the “green city” network and praised UNINET (United Nations Electronic Information Network)’s contributions. Key development partners such as the Asian Development Bank (ADB) and the Asean Secretariat were recognised for their significant roles in the IMT-GT’s development.
The 30th IMT-GT Plan and related meetings will be hosted by the Malaysian government in Johor state in September 2024.
