CBUAE and Bank Indonesia Sign MoU to Strengthen Payment Systems Cooperation

UAE, 18 July, 2024 : The Central Bank of the UAE (CBUAE) and Bank Indonesia (BI) have signed a Memorandum of Understanding (MoU) to strengthen bilateral cooperation in payment systems. This agreement follows the recent visit of Indonesian President Joko Widodo to the UAE.

The MoU, signed by CBUAE Governor Khaled Mohamed Balama and BI Governor Perry Warjiyo, aims to link the payment systems of both countries. It will facilitate faster, more efficient, transparent, and affordable cross-border payments, supporting economic development in both nations. The agreement includes a joint mechanism for risk management, regulatory cooperation, and protection of user rights.

"This MoU embodies the growing economic partnership between the UAE and Indonesia," said Governor Balama. "It supports bilateral relations in trade and investment and enhances the UAE's role in global trade."

Governor Warjiyo added, "The cooperation will promote the digital economy and finance in both countries, opening up new possibilities and opportunities. The local currency transaction framework, set to operationalize in 2024, is a promising prospect for cross-border payments."

The agreement aims to support the UAE’s objective of becoming a leading global hub for financial technology and digital payment solutions.

Source : www.centralbank.ae