abdul rasheed ghaffour : launch of the cambodia - malaysia crossborder qr payment linkage remarks by mr abdul rasheed ghaffour, governor of the central bank of malaysia ( bank negara malaysia ), at the launch of the cambodia - malaysia cross - border qr payment linkage, phnom penh, 19 september 2024. * * * arun suosdei and good morning. first and foremost, thank you national bank of cambodia as well as maybank for having me today. i am honoured to be here, as we celebrate an important milestone a€ “ the launch of the cross border qr payment linkage between cambodia and malaysia. when governor chea and i met in february earlier this year on the occasion of the official visit of the prime minister of cambodia to malaysia, one thing that we discussed was how the people and businesses of both cambodia and malaysia could benefit from more efficient cross - border payments, building on the solid foundations of our respective domestic payment systems. the goal being to make payments across borders, including between malaysia and cambodia, cheaper, faster and more accessible and transparent to all users. with this in mind, both our central banks made a commitment to further improve crossborder payments, among others, by signing an mou on cooperation in payment systems and innovation. one of the key deliverables in this mou is establishing a bilateral instant payment linkage between both countries to address these gaps. i am delighted to see that the first phase of the qr payment linkage between malaysia and cambodia going live today, just six months since the mou signing. in this first phase, cambodians traveling to malaysia can now enjoy a secure, simple and swift experience to pay for goods and services by simply scanning our duitnow qr codes. this achievement is surely a testament to the close cooperation and strong ties between our two countries. it also reflects the collective experience and clear benefits gained by many of us across asean that have been pursuing various payment connectivity initiatives over the last few years. it is this experience that has reinforced our commitment to create seamless cross - border payment connectivity across asean. it is remarkable that this link was established in a short time, and indeed, our launch today would not have been possible without the tireless efforts from all of you in pushing our digital payments agenda forward. ladies and gentlemen, we are confident that this qr linkage will bring enormous benefits to consumer and businesses in both our countries

erosion of the single market. their central concern is that new member states should not only incorporate all 90, 000 pages of the acquis communautaire in their national legislation, but actually implement them. [ as a matter of fact, the european union is already paying the necessary attention to transition - and catch - up - related policy challenges in the financial and economic field. both the european council of ministers of finance and the eurosystem have entered into active consultations with the accession countries to discuss diverse issues such as the monetary policy strategy, financial stability and fiscal policy. during these consultations, the eu addresses not just the challenges inherent in joining the union, but also the manner in which successful convergence can be continued after accession. ] a major element in this surveillance is exchange rate poliy. sooner or later the new member states will take part in the european exchange rate mechanism, erm ii. the treaty provides for a minimum participation period of two years before changeover to the euro can be considered. it cannot be sufficiently stressed that apart from this requirement, participation in the mechanism can offer the necessary stability and flexibility for a successful convergence process. the erm offers stability in the form of a central parity anchor against the euro, and flexibility in the shape of ample fluctuation margins and the option of central parity adjustments. participation in erm ii should therefore not be perceived as an obligatory hurdle on the road to the euro, as some policymakers in central and eastern europe unfortunately do. [ actually, the financial and economic dialogue with the accession countries could be incorporated into the regular process of european policy coordination and surveillance, with special emphasis on the monitoring of transition periods, specific challenges to policy and administrative capacity. changeover to the euro will eventually follow, when a sufficient degree of structural convergence can guarantee the desired price stability in an environment marked by an irrevocably fixed exchange rate and a centralised monetary policy. ] conclusion having set out the specific policy challenges facing the accession countries consequent on accession, transition and convergence, i am coming to the end of this address. obviously these challenges will continue to present themselves in some way or another to newly joined member states. in this context, i warned against premature changeover to the euro. the surrender of exchange rate flexibility and the euro area - wide orientation of monetary policy may not be compatible with the challenges posed by structural and real convergence. it is important that these challenges ( continue to ) be explicitly acknowledged in