"We want to move further, connecting [people in both countries] to the money market and financial transactions," BI Governor Perry Warjiyo said during the High Level Campaign on LCT & Launching of Indonesia-Japan Cross Border QRIS in Jakarta on Monday.
The expansion of the LCT framework is expected to broaden market participation, improve transaction efficiency, reduce exchange rate volatility, strengthen financial resilience, and lower costs.
Warjiyo urged financial industry players to support this innovation, envisioning yen accounts being used for Indonesian government bonds, BI Rupiah Securities (SRBI), and other financial instruments.
"This marks a new chapter, deepening cooperation not only in trade and investment but also in financial market development in Indonesia," he added.
The LCT cooperation between Indonesia and Japan was agreed in 2019 and has been in effect since 2020. From January to July 2025, LCT transactions between the two countries reached US$5.1 billion, up from US$2.23 billion in the same period last year.
User adoption is also growing, averaging 2,072 monthly users in 2025 compared to 1,360 in 2024.
Meanwhile, cross-border payments using the Quick Response Code Indonesian Standard (QRIS) are now officially available in Japan. Indonesian users can make payments by scanning JPQR Global codes at participating Japanese merchants using domestic apps, without currency exchange.
In its initial phase, QRIS is available at 35 merchants in Japan. Coverage will gradually expand, allowing easier transactions for Indonesians in Japan and Japanese visitors in Indonesia.
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Translator: Imamatul Silfia, Kuntum Khaira Riswan
Editor: Anton Santoso
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