5 Central Banks ink MoU for cross-border payments

A Memorandum of Understanding (MOU) on Cooperation in Regional Payment Connectivity was signed on Monday in Bali, Indonesia, on the sidelines of the G20 Leaders’ Summit, Singaporean central bank Monetary Authority of Singapore said in a statement.

At the MoU signing ceremony, Indonesia’s President Joko Widodo emphasised the importance of concrete joint collaborative action in addressing global challenges.

The President also expressed his highest appreciation to the Governors of the five central banks for their commitment to delivering innovative breakthroughs that will further accelerate regional payment connectivity, the statement added.

This regional payment connectivity is expected to be a significant contributor to accelerating regional economic recovery and promoting inclusive growth.

“The implementation of cross-border payment connectivity serves to support and facilitate cross-border trade, investment, financial deepening, remittance, tourism, and other economic activities, as well as a more inclusive financial ecosystem in the region,” it said.