Bank Indonesia (BI) and the Bank of Korea (BoK) have signed a memorandum of understanding (MOU) on cross-border payments.
This MOU follows the 2022 bilateral cooperation agreement on central banking and was signed by BI Governor Perry Warjiyo and BoK Governor Rhee Chang Yong.
The agreement aims to enhance cooperation on the interoperability of cross-border payments and establish a framework for seamless connectivity between Indonesia and South Korea.
It provides a foundation for implementing cross-border payments with industry players from both countries.
This initiative is expected to support cross-border transactions, promote the digital economy, and benefit the tourism sector, given the high volume of tourists between the two nations.
The MOU underscores the commitment of BI and BoK to create cheaper, faster, more inclusive, and transparent cross-border payments.
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