Sunday, 28 November 2021

UAE Central Bank and Bank Indonesia team up to promote digital payments innovation

5 min read

8 November 2021 – The Central Bank of the UAE (CBUAE) and Bank Indonesia signed a Memorandum of Understanding (MoU) covering digital innovation in payment and financial services to facilitate more efficient and secure transactions, cross-border payment systems including retail payments, and frameworks of anti-money laundering and combatting the financing of terrorism. The MoU focused on enhancing bilateral cooperation in the areas of payment systems and digital financial innovation, including conventional and Islamic finance based on trust, mutual understanding and the principle of reciprocity. It supports joint initiatives to examine cross-border payment systems and encourages the development of new fintech companies and structures in both countries. The CBUAE and Bank Indonesia will also exchange relevant information and views on issues of concern or common interest under the MoU, based on applicable laws and regulations in each jurisdiction and other considerations that may be relevant.

Re-disseminated by The Asian Banker from the Central Bank of the UAE

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