UAE and Indonesia Strengthen Ties with Payment Systems MoU

The Central Bank of UAE and Bank Indonesia signed an MoU to enhance bilateral cooperation on payment systems, aiming for faster, transparent, and affordable cross-border payments. This initiative supports economic ties, trade, and investment while promoting digital innovation between the two nations.

The Central Bank of the UAE (CBUAE) and Bank Indonesia have entered a new era of financial cooperation after signing a Memorandum of Understanding (MoU) to enhance bilateral payment systems. The signing coincided with a visit to the UAE by Indonesian President Joko Widodo.

Khaled Mohamed Balama, Governor of the CBUAE, and Perry Warjiyo, Governor of BI, signed the MoU, which builds on a previous agreement from November 2023. The aim is to facilitate faster, more efficient, transparent, and affordable cross-border payments, fostering economic growth in both nations.

This initiative is expected to establish a robust regulatory framework for risk management and safeguard user rights. Highlighting the UAE's ambition to become a global financial technology hub, Balama and Warjiyo see this as a significant step forward in strengthening trade and investment relations between the two countries.

(With inputs from agencies.)