This cooperation is a milestone in the initiative to enhance the connectivity of financial transactions ASEAN-wideJakarta (ANTARA) - An integrated cross-border Quick Response (QR) Code will help boost financial integration in the ASEAN region, Deputy Governor of Bank Indonesia (BI) Doni Primanto Joewono stated.
"This cooperation is a milestone in the initiative to enhance the connectivity of financial transactions ASEAN-wide," Joewono remarked at Indonesia's G20 Presidency side event here on Tuesday.
The initiative to develop an integrated cross-border QR code aims to establish a standardized financial technology and infrastructure for cross-border payment, remittance payment, and the stock market, he explained.
Expansion of the QR Code Indonesian Standard (QRIS) infrastructure to reach all parts of the nation is the first step of the initiative before expanding the development further, the deputy governor noted.
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The cross-border QR code initiative will increase cross-border transaction efficiency, trade and investment digitization, and the quality of macroeconomic stability by promoting the use of local currencies or expansion to the local currency settlement framework, he remarked.
Joewono revealed that apart from BI, the Central Bank of Malaysia and the Bank of Thailand had participated in the launch trial of the cross-border QR code, so merchants and customers from those countries can perform their transactions through the QR code instantly.
The initiative is also consistent with the Financial Stability Board roadmap on the cross-border payment development endorsed by the G20 Presidency this year, he added.
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"The road map is conceived to develop and achieve a quicker, inclusive, more affordable, and transparent cross-border payment system while adhering to financial transaction safety and security principles," Joewono affirmed.
The successful implementation of the roadmap will benefit not only the regional community but also the global economy and community that will enjoy more effective financial transactions to enhance economic growth, international trade, global development, and financial inclusion, the deputy governor remarked.
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Translator: Agatha Olivia V, Nabil Ihsan
Editor: Fardah Assegaf
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