"This collaboration will facilitate QR Code-based payments between the two countries, including payment system operators," the governor of BI, Perry Warjiyo, said on Monday.
The MoU was signed by Warjiyo and the Governor of BoK, Ree Chang-yong, on Monday in Penang, Malaysia.
It aims to accelerate cooperation regarding interconnection and interoperability of cross-border payments using QR codes, namely the Indonesian Standard QR Code (QRIS) and the South Korean payment QR Code, which will be determined by the Bank of Korea, he disclosed.
Warjiyo said that the agreement marks the start of cooperation between BI and BoK in implementing QR Code-based payment connectivity, which will be supported by close synergy between industrial players in the two countries.
According to him, the collaboration will support transactions between citizens of the two countries to encourage digital economy and finance given the high number of tourists between the two countries.
The collaboration on QR Code-based payment systems is also a concrete manifestation of the G20 Roadmap for Enhancing Cross-border Payments, he added.
In addition, cross-border payment connectivity must be synergized with local currency schemes in bilateral transactions to support macroeconomic stability and increase efficiency, the governor said.
The MoU is expected to support the realization of a cross-border payment system between Indonesia and South Korea that is more efficient, inclusive, transparent, and quick.
In the future, Bank Indonesia will strengthen and expand international cooperation with central banks and other relevant international authorities to encourage cross-border payment connectivity.
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Translator: Martha Herlinawati S, Resinta Sulistiyandari
Editor: Azis Kurmala
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