TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
BI, UAE central bank cooperate on cross-border payments, financial crime
Bank Indonesia and the Central Bank of the United Arab Emirates (CBUAE) recently signed a memorandum of understanding on financial technology, a cross-border payment system and measures against money laundering and terrorism financing.
Change Size
Sinar Mas Telecommunication and Technology chairman and CEO Franky Oesman Widjaja (left), is seen with President Joko “Jokowi” Widodo (center) and United Arab Emirates (UAE) Prime Minister and Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum, during the exchange of a memorandum of understanding (MoU) in Dubai.
B
ank Indonesia (BI) and the Central Bank of the United Arab Emirates (CBUAE) recently signed an agreement on a payment system amid efforts between the two countries to foster stronger ties.
The memorandum of understanding (MoU) covers digital innovation in financial and payment services, a cross-border payment system including retail payments and a framework against money laundering and terrorism financing. It applies to both conventional and sharia finance.
BI and the CBUAE will engage in policy dialogue, information exchange and technical cooperation through working committees or other forms of partnership to implement the agreement.
“This [MoU] is also Bank Indonesia’s contribution to supporting the government’s efforts to become a member of the Financial Action Task Force [FATF] and realize the bank’s commitment to combatting money laundering and terrorism financing, as well as following FATF recommendations,” BI spokesman Erwin Haryono was quoted in a press release as saying on Monday.
Indonesia is currently an observer to the FATF, along with 29 other countries and international organizations.
President Joko “Jokowi” Widodo and several ministers recently visited the UAE to foster stronger economic ties between the two countries.
Read also: UAE to invest $32.7b in Indonesia
