Indonesia and South Korea to enhance cross-border payments
Bank Indonesia (BI) governor Perry Warjiyo and Bank of Korea (BOK) governor Chang Yong signed the MOU in Penang, Malaysia on 15 July, with the goal of establishing a framework to facilitate cross-border payment connectivity between the two countries.
BI and BOK expects that the MOU will support cross-border transactions between the two countries and promote the digital economy and finance in Indonesia and South Korea.
It is also expected to benefit their tourism sectors.
“The MOU, a testament to the ongoing efforts of BI and the BoK, is expected to create cheaper, faster, more inclusive, and more transparent cross-border payments between Indonesia and South Korea,” the two central banks said in a joint statement published on their websites.
“More importantly, it is set to play a pivotal role in promoting the digital economy and finance in both countries, marking a significant step towards a more interconnected and efficient financial landscape,” they added.