The central bank hopes this will boost the digital economy and benefit the tourism sector.
Indonesia and South Korea have signed a memorandum of understanding (MOU) on closer cooperation to promote cross-border payments connectivity.
Bank Indonesia (BI) Governor Perry Warjiyo and Bank of Korea (BOK) Governor Chang Yong signed the memorandum of understanding in Penang, Malaysia on July 15, aiming to establish a framework to promote cross-border payment connectivity between the two countries.
BI and BOK hope that the MOU will support cross-border trade between the two countries and promote the digital economy and finance in Indonesia and South Korea.
It is also expected to benefit the tourism sector.
“This MOU is a testament to the continued efforts of Bank Indonesia and Bank Korea and is expected to make cross-border payments between Indonesia and Korea cheaper, faster, more inclusive and more transparent,” the two central banks said in a joint statement published on their websites.
“More importantly, it will play a pivotal role in promoting the digital economy and finance in both countries, marking a significant step towards a more interconnected and efficient financial environment,” they added.
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