Bank Indonesia and MAS Strengthen Cooperation in Boost Innovation and Regulation

Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) signed a Memorandum of Understanding (MOU) to strengthen bilateral cooperation and deepen ties.

The MOU reflects Indonesia and Singapore's joint interest to promote collaboration on projects in relation to payments innovation, and formalise cooperation across an expanded range of central bank and regulatory functions. These include monetary policy, macroprudential policy, financial stability, oversight of the payment and settlement systems, regulatory and supervisory frameworks, and anti-money laundering and countering the financing of terrorism.

Mr Perry Warjiyo, Governor, Bank Indonesia, said:"The MOU has given the opportunity to broaden and enhance collaboration between the two central banks and address growing complex challenges in central banking key areas including payment innovation and Anti Money Laundering – Countering Financing of Terrorism (AML-CFT). The MOU demonstrates our collaborative efforts in advancing digital economy and finance, as well as combating money laundering and terrorism financing."

Mr Ravi Menon, Managing Director, MAS, said:"Bank Indonesia and the Monetary Authority of Singapore have a longstanding relationship and cooperate on numerous fronts. This MOU underscores our commitment to strengthen our partnership and further our collaboration in common areas of interests, such as financial innovation and payments connectivity."

The cooperation envisaged under this MOU will be implemented through policy dialogues, exchange of information, technical cooperation, joint innovation, and working-level committees.