Bank Indonesia, Monetary Authority of Singapore expand cooperation

Bank Indonesia, Monetary Authority of Singapore expand cooperation

The headquarter of Bank Indonesia. (ANTARA/bi.go.id/pri/uyu)

The MoU shows the collaborative attempts of the two central banks for advancing the digital economy and finance, as well as combating money laundering and financing of terrorism.
Jakarta (ANTARA) - Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) have agreed to strengthen cooperation on central banking and payment system innovation, including combating money laundering and financing of terrorism.

BI Governor Perry Warjiyo and MAS managing director Ravi Menon inked a Memorandum of Understanding (MoU) on Friday.

In an official statement, the BI Governor said that the agreement provided an opportunity to expand and enhance collaboration between the two central banks, as well as respond to increasingly complex challenges of various central banking issues.

"The MoU shows the collaborative attempts of the two central banks for advancing the digital economy and finance, as well as combating money laundering and financing of terrorism,” he remarked.

The MoU also reflects the common interest between Indonesia and Singapore to collaborate on various projects related to payment innovation, he noted.

Related news: Indonesian, Singapore central banks extend financial cooperation

Meanwhile, the cooperation on central banking covers key issues, including monetary policy, macroprudential policy, financial stability, supervision of payment and settlement systems, regulatory and supervisory frameworks, as well as anti-money laundering efforts, and combating the financing of terrorism, he informed.

Meanwhile, Menon said that BI and MAS have had longstanding cooperation on various issues.

Hence, the MoU demonstrates MAS's commitment to strengthening partnerships between the two central banks on various issues of mutual interest, such as financial innovation and payment connectivity, he added.

The MoU will build the foundation for future collaborations between the two central banks, which will be implemented through various activities, he said.

The activities comprise policy dialogue, information exchange, technical cooperation, joint innovation development, and technical working groups establishment, he added.

The latest MoU replaces a previous agreement, which was signed on November 20, 2010.
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