Bank Indonesia (BI) and the Central Bank of the United Arab Emirates (CBUAE) have agreed to a Memorandum of Understanding (MoU) to establish a framework for strengthening bilateral cooperation in the area of payment systems. This MoU is one of the achievements resulting from the visit of Indonesian President Joko Widodo to the United Arab Emirates (UAE).

Key Point

• The collaboration seeks to link the payment systems of both nations to enable quicker, more efficient, transparent, and cost-effective transactions, thereby bolstering the economic development of both countries
• Governor Khaled Mohamed Balama said that this agreement shows how the UAE and Indonesia are working together to build a stronger economic partnership. He thinks this cooperation is really important for improving trade, investment, and making the UAE more influential in global trade

Courtesy Source: Muhammad Fazer Mileneo

https://www.goodnewsfromindonesia.id/2024/07/23/indonesia-uni-emirat-arab-sepakat-tak-pakai-dolar-untuk-transaksi-bilateral

The MoU was signed by BI Governor Perry Warjiyo and CBUAE Governor Khaled Mohamed Balama. This cooperation is a continuation of the bilateral MoU signed on November 29, 2023, which facilitates enhanced cooperation and information exchange in various fields, including payment systems and digital innovation.

Read More: Indonesia and the United Arab Emirates Strengthen Bilateral Cooperation

Additionally, the MoU complements cooperation in the use of local currencies through the Local Currency Transaction (LCT) framework.

The cooperation aims to connect the payment systems of both countries to facilitate faster, more efficient, transparent, and affordable payment systems, ultimately supporting the economic development of both countries.

Implementation will be developed with attention to risk management, facilitating cooperative supervision, and protecting consumer rights in accordance with applicable regulations in each country.

Supporting trade between the two countries

Governor Khaled Mohamed Balama stated that this MoU represents the embodiment of economic partnership development between the UAE and Indonesia. For him, this cooperation is a crucial pillar in efforts to support bilateral relations in trade and investment, as well as enhancing the UAE's role in global trade.

"We currently have the opportunity to enhance cooperation with Bank Indonesia across all financial and banking sectors, including financial technology, innovation, and digital payments. This cooperation strengthens the UAE's goal to become a leading global financial technology center and cross-border digital payment solutions," said Khaled.

Meanwhile, Governor Perry Warjiyo expressed that cooperation in the field of payment systems not only strengthens efforts to promote digital economy and finance in Indonesia and the UAE but also opens up new opportunities and prospects for both countries.

"Through this agreement, the potential for cross-border payments using local currencies in bilateral transactions, which will be implemented in 2024, holds promising prospects," he said.

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Furthermore, BI and CBUAE will continue their cooperation with a spirit of achieving common goals, especially in the field of payment systems, to support the economic progress of both countries.

Courtesy Source: https://finance.detik.com/bursa-dan-valas/d-7319315/1-dirham-berapa-rupiah-ini-fakta-unik-dan-cara-cek-nilai-dirham