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Bank Indonesia (BI) and The Japan Ministry of Economy, Trade and Industry (METI) signed a Memorandum of Cooperation (MOC) in the Area of Unified QR Code-Based Payment on December 9, 2022. The MOC was signed by Filianingsih Hendarta, BI Head of Payment System Policy Department, and Mogi Tadashi, METI Director General for Commerce and Service Industry Policy. The signing ceremony took place in Tokyo, witnessed by BI Deputy Governor Mr. Dody Budi Waluyo and METI Parliamentary Vice-Minister Mr. Makoto Nagamine.
The cooperation aims at accelerating closer cooperation of the interoperability cross border payment using QR codes, namely the QR Code Indonesian Standard (QRIS) and the Japan unified QR Code (JPQR). BI and METI also seek to establish framework that facilitates QR code-based payment connectivity between the two countries, including for third parties such as payment operators.
The MOC also serves as a basis for BI and METI to conduct relevant activities including policy dialogue, exchange of information, technical cooperation, and creating working-level committee to pursue the MOC's objectives. Indonesia and Japan are expected to operationalize QR code-based payment for cross border transaction between end-users from both countries. Hopefully, the implementation of the MOC could encourage the digitalization of cross border payment services in both Indonesia and Japan, especially considering the high number of tourists between the two countries.
Deputy Governor of Bank Indonesia, Dody Budi Waluyo, emphasized that the MOC is highly appreciated by regulators and private sectors as it would further strengthen economic ties between Indonesia and Japan. The cooperation also manifests commitments of both nations as G20 members in implementing the G20 Roadmap for Enhancing Cross-border Payments. The cooperation also marks as a breakthrough in regional economic integration in line with ASEAN Indonesia Chairmanship and ASEAN+3 Indonesia-Japan Co-chairmanship, both in 2023. In addition, to expand its potential in supporting international trade and investment activities, payment interlinkage also needs to be linked with the framework to promote the use of local currencies transaction to assure efficient cross-border transaction in retail and wholesale configuration.
BI continues its extraordinary efforts to strengthen and expand cooperation with its strategic international partners. The MOC between BI and METI on Cooperation in the Area of Unified QR Code Payment Connectivity will strengthen existing bilateral, regional and multilateral initiatives in enhancing economic cooperation of both nations. Specifically in the area of payment system connectivity, the MOC is expected to create cheaper, faster, more inclusive, and more transparent cross border payment between Indonesia and Japan.
Jakarta, 9 Desember 2022
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