Indonesia, South Korea Central Banks Ink MoU on QR-Based Cross-Border Payments Cooperation

TEMPO.CO, Jakarta - Bank Indonesia (BI) and the Bank of Korea inked a Quick Response or QR code-based payment agreement. Bank Indonesia Governor Perry Warjiyo and Bank of Korea Governor Rhee Chang-yong signed the MoU today, Monday, July 15, 2024, in Penang, Malaysia.

Perry Warjiyo said this collaboration aims to accelerate the interconnection and interoperability of cross-border payments using QR codes, both the Indonesian Standard QR Code (QRIS) and the to-be-determined South Korean QR Code.

"This collaboration will build a framework that facilitates QR code-based payments between the two countries, including payment system operators or service providers," said Perry in an official statement on Monday.

The two parties will develop interconnection as a follow-up to the agreement. Perry said this collaboration will support transactions between citizens of Indonesia and South Korea to boost the economy and digital finance of both countries.

Perry added that the QR code-based payment collaboration is also the implementation of the G20 Roadmap for Enhancing Cross-border Payments. Cross-border payment connectivity must also be synergized with local currencies in bilateral transactions to support macroeconomic stability and increase efficiency.

The governor hopes the collaboration could arrive at a more efficient, swift, inclusive, and transparent cross-border payment system between Indonesia and South Korea. "In the future, Bank Indonesia will continue to strengthen and expand international cooperation with central banks and other relevant authorities (around the world) to encourage cross-border payment connectivity," said Perry.

ANNISA FEBIOLA

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