, APAC
179 view s

Indonesia and South Korea to enhance cross-border payments

The central banks expect that it will promote digital economy and benefit the tourism sector.

Indonesia and South Korea have inked a memorandum of understanding (MOU) for closer cooperation in pursuing cross-border payment connectivity.

Bank Indonesia (BI) governor Perry Warjiyo and Bank of Korea (BOK) governor Chang Yong signed the MOU in Penang, Malaysia on 15 July, with the goal of establishing a framework to facilitate cross-border payment connectivity between the two countries.

BI and BOK expects that the MOU will support cross-border transactions between the two countries and promote the digital economy and finance in Indonesia and South Korea.

It is also expected to benefit their tourism sectors.

“The MOU, a testament to the ongoing efforts of BI and the BoK, is expected to create cheaper, faster, more inclusive, and more transparent cross-border payments between Indonesia and South Korea,” the two central banks said in a joint statement published on their websites.

“More importantly, it is set to 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 landscape,” they added.

Follow the link s for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!