Jakarta: Governor of Bank Indonesia (BI), Perry Warjiyo and Governor of Bank of Korea (BOK), Juyeol Lee have signed a Memorandum of Understanding (MoU) to formalize a closer cooperation between the two central banks in the area of central banking, including payment systems and digital financial innovation.
The MoU is signed in counterpart on Wednesday, just one day before the G20 Finance Ministers and Central Bank Governors Meeting.
The MoU aims to provide a more structured and systematic framework for cooperation as well as to facilitate a closer collaboration between BI and BOK in the area of monetary and macroprudential policy, financial system stability, payment and settlement system, as well as other areas of central banking.
The coverage of cooperation on payment and settlement systems in particular includes the cross border and digital payment area which would enable a joint-work in payment systems development and innovation, including market infrastructures.
Both central banks are expected to actively engage in collaborative activities such as policy dialogue, technical discussion, capacity building, joint research and other relevant forms of cooperation. Going forward, the cooperation also provides a strong framework on partnership in responding to the future challenges and in embarking in various innovations.
"Governor of Bank Indonesia underlines the significance of the MoU that truly reflects greater cooperation between the two central banks," BI Communication Department Head Erwin Haryono said in a press release on Wednesday.
In addition, the expanded international cooperation will present more international collaboration platforms for BI.
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