Establishing an integrated payment system (real-time gross settlement) in ASEAN: A proposal for a cross-border payment mechanism to support the AEC 2015

Dwi Tjahja Kusumo Wardhono

Research output: ThesisThesis fully internal (DIV)

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Abstract

Decades ago, the European countries aligned themselves to protect and strengthen their economy by removing barriers and facilitating flow of capital, goods and services among them to make a single market. ASEAN declared a decade ago the ASEAN Economic Community (AEC) in 2015 to create a single market by transforming ASEAN into a region with free movement of goods, services, investment, skilled labor, and freer flow of capital. AEC is the main target of economic integration within the ASEAN region. This economic integration will increasingly regionalize trade and will create and enhance economic interaction between the ASEAN member states’ community. ASEAN needs an integrated financial market, which needs a supporting integrated payment system that can simplify and ensure smooth cross-border transactions within the ASEAN region. To deal with this, ASEAN should prioritize creating an integrated payment system, which could facilitate trade and other financial services. In creating an integrated payment system for ASEAN member countries, a legal basis is important and is needed to provide legal certainty in order to make it effective, efficient and protect the ASEAN member states and customers. This dissertation analyses the history of ASEAN and the AEC, compared to the EU’s experiences. This thesis also analyses the establishment of the Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) which supports the objective of the EU to create a single market and also describes the legal aspects of TARGET that might be able to be suitably adopted by ASEAN.
Translated title of the contributionHet vervaardigen van een geïntegreerd betalingssysteem (RTGS) in ASEAN: Een voorstel voor een grensoverschrijdend betalingsmechanisme ter ondersteuning van de ASEAN Economic Community 2015
Original languageEnglish
QualificationDoctor of Philosophy
Awarding Institution
  • University of Groningen
Supervisors/Advisors
  • ten Wolde, Mathijs, Supervisor
  • Agustina Pangaribuan, R. , Supervisor, External person
  • Pramono, Nindyo, Supervisor, External person
Award date23-Apr-2015
Place of Publication[Groningen]
Publisher
Print ISBNs978-90-367-7840-4
Electronic ISBNs978-90-367-7839-8
Publication statusPublished - 2015

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