The Central Bank of the UAE (CBUAE) and Bank Indonesia (BI) have today signed a Memorandum of Understanding (MoU) aimed at establishing a framework to enhance bilateral cooperation in the area of payment systems.

The MoU was signed by His Excellency Khaled Mohamed Balama, Governor of the CBUAE, and Perry Warjiyo, Governor of BI. It follows a previous MoU exchanged between the two on November 29, 2023, which facilitated enhanced cooperation and the exchange of information across various fields, including payment systems and digital innovation.

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.