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Indonesia’s financial services industry is experiencing accelerated digitization. Bank Indonesia (BI) and entities such as the Indonesian Payment System Association (ASPI) are behind major developments in the non-cash payments sector, aimed at driving financial inclusion at large.
Central banks from five ASEAN member states have inked a memorandum of understanding (MoU) on regional cross-border payments between countries, in a move that will bring multiplier effects to people and businesses within the region.
Myanmar has faced social and economic collapse since a military coup early last year, and the move to adopt the Russian payment system comes as the increasingly isolated junta struggles to maintain foreign exchange reserves and stabilise its currency and inflation rate.
Several studies have highlighted the importance of a cashless society. Boston Consulting Group research in 2019 showed that cash is no longer king. In fact, in the macro context, economies that are more cash intensive tend to grow slowly and miss out on significant financial benefits.
Russia has struggled to keep up payments on $40 billion of outstanding bonds since its invasion of Ukraine on Feb. 24, as sweeping sanctions have effectively cut the country off from the global financial system and rendered its assets untouchable to many investors.
