In the Leaders’ Declaration adopted at the 17th BRICS Summit in Brazil, BRICS heads of state instructed finance ministers and central bank governors to continue discussions on the BRICS Cross-border Payments Initiative.
“Indonesia has a strong foundation. Bank Indonesia is actively engaged in discussions, and QRIS technology is already connected with Singapore, Malaysia, and Thailand,” Celios' Director of the China-Indonesia Desk, Muhammad Zulfikar Rakhmat, explained here on Wednesday.
Rakhmat stated that BRICS leaders have called for ongoing talks on cross-border payments.
Therefore, Indonesia, through its central bank, Bank Indonesia, has the opportunity to help build a fast, affordable, efficient, and local-currency-based payment system.
Given QRIS' successful implementation, he said, Indonesia could lead a pilot project for interoperability, an initial test phase to ensure different systems and technologies can seamlessly connect and work together.
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QRIS-based payment systems are currently in use in Thailand, Malaysia, and Singapore. Indonesia is also pursuing its implementation in Japan, South Korea, China, and Saudi Arabia.
“Indonesia is ready to serve as a model for QR code-based integration and to take part in the BRICS DCMS (Decentralized Cross-border Messaging System) pilot and interoperability scheme,” he added.
President Prabowo Subianto attended the 17th BRICS annual High-Level Conference in Rio de Janeiro, Brazil, on July 6-7, marking Indonesia’s first summit participation since officially joining the bloc in January 2025.
The BRICS Summit resulted in a Leaders’ Declaration with six sub-sections: Strengthening Multilateralism & Global Governance Reform; Peace & Security; Economy, Trade & Finance; Climate & Energy Transition; Technology & AI; and Social & Cultural Development.
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Translator: Kuntum, Kenzu
Editor: Rahmad Nasution
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