UAE and Indonesia Strengthen Ties with Payment Systems MoU

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.)