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Dream - Bank Indonesia (BI) is expanding its network of payment cooperation based on QR codes. Now BI is partnering with the Bank of Korea (BoK) which has signed a Memorandum of Understanding (MoU). The MoU signing was conducted by BI Governor, Perry Warjiyo, and BoK Governor, Ree Chang-yong, on July 15, 2024 in Penang, Malaysia.
This collaboration will facilitate QR code-based payments between the two countries, including payment system operators or payment service providers.
"The purpose of the QR code-based payment cooperation is to accelerate cooperation related to interconnection and interoperability of cross-border payments using QR code, namely the Indonesian Standard QR Code (QRIS) and the QR code for payment in South Korea, which will be determined by BoK."
write Bank Indonesia in the press release.
The agreement marks the beginning of cooperation between BI and BoK in implementing QR code-based payment connectivity. This cooperation initiation will be followed by interconnection development, which will be further tested before full implementation is carried out.
Governor of BI, Perry Warjiyo, emphasized that the collaboration of QR code-based payments between BI and BoK will strengthen the economic relationship between Indonesia and South Korea. This collaboration of QR code-based payment system also serves as a tangible implementation of the G20 Roadmap for Enhancing Cross-border Payments.
"Cross-border payment connectivity also needs to be synergized with local currency schemes in bilateral transactions to support macroeconomic stability and enhance efficiency."
"ungkap Perry." translates to "revealed Perry."
The following translation is done while preserving the HTML tags: "This MoU is expected to support the realization of a more efficient, fast, inclusive, and transparent cross-border payment system between Indonesia and South Korea."
In the future, Bank Indonesia will continue to strengthen and expand international cooperation with central banks and other relevant authorities internationally in promoting cross-border payment connectivity.
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