Bank Indonesia (BI) and the Bank of Korea (BoK) have signed a Memorandum of Understanding (MOU) on cross-border payments.
The MOU follows the 2022 bilateral cooperation agreement on central banking and was signed by BI Governor Perry Warjiyo and Bank of Korea Governor Lee Chang-yong.
The agreement aims to strengthen cooperation on cross-border payments interoperability and establish a framework for seamless connectivity between Indonesia and South Korea.
This will provide the basis for conducting cross-border payments with industry players from both countries.
The initiative is expected to support cross-border trade, boost the digital economy and benefit the tourism sector, given the high tourist numbers between the two countries.
The MoU underscores BI and BoK’s commitment to making cross-border payments cheaper, faster, more inclusive and more transparent.
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