UAE signs deal with Indonesia linking payment systems

The Central Bank of the UAE signed a Memorandum of Understanding (MoU) with Bank Indonesia (BI) yesterday, coinciding with Indonesian President Joko Widodo visit to the UAE.

The MoU aims to link the payment systems between the two countries to facilitate faster, more efficient, transparent and affordable cross-border payments, ultimately supporting the economic development of both nations. It will establish a joint mechanism for sound risk management, facilitate regulatory cooperation, and protect the rights and interests of users in compliance with applicable laws and regulations in each country.

Khaled Mohamed Balama, Governor of the CBUAE, said, “This MoU embodies the growing economic partnership between the UAE and Indonesia. It is an important pillar which seeks to support bilateral relations in the fields of trade and investment and enhance the UAE's role in global trade.”

The two states signed another MoU last November, which facilitated the exchange of information across various fields, including payment systems and digital innovation.