CROSS-BORDER QR TRANSACTIONS SUPPORT ASEAN FINANCIAL INTEGRATION

Jakarta, 14 February 2022 – Indonesia has various initiatives to expand the Quick Response Code Indonesia Standard (QRIS) features and services in terms of cross-border QR via national QR interconnectivity with neighbouring countries. This also marks an important milestone of the ASEAN Payments Connectivity Initiative, which aims to promote financial integration in the ASEAN region. That was the key takeaway delivered by Bank Indonesia Deputy Governor, Doni P. Joewono, at today’s (15/02) first seminar session entitled The Role and Impact of Payment Digitalisation in Achieving Truly Inclusive Development. The seminar is part of the second day of the side events of the 2nd Finance and Central Bank Deputies Meeting (FCBD) and 1st Finance Ministers and Central Bank Governors Meeting (FMCBG) of Indonesia’s G20 Presidency, held from 14-19th February 2022 in Jakarta.

Doni P. Joewono took the opportunity to explain how cross-border QR plays an essential role in terms of increasing transaction efficiency, supporting the digitalisation of trade and investment as well as maintaining macroeconomic stability by expanding transaction settlement via Local Currency Settlement (LCS). Doni P. Joewono also emphasised that Bank Indonesia, Bank Negara Malaysia and the Bank of Thailand (BoT) have launched the piloting of the cross-border QR that allow consumers and merchants in both countries to make and receive payments for goods and services instantly via QR code.

According to the Committee II Chairman of the Indonesia Payment System Association (ASPI), Abraham Adriaansz, cross-border QR represents a future initiative using a prudent approach to increase value added in the MSME sector and recover the tourism industry. In addition, the Vice Chairman of the Indonesia FinTech Association (Aftech), Harianto Gunawan, assured the audience that broad payment acceptance is important for digital payments and the economic recovery. More broadly, Chairman III of the Chamber of Commerce and Industry (KADIN Indonesia), Kaspar Situmorang, added that reliable and affordable cross-border transactions would help MSMEs and boost international trade, while affording greater convenience for travellers in the tourism sector.

This event is part of the priority agenda of the finance track of Indonesia’s G20 Presidency, which aims to foster collaboration between payment ecosystem players towards an advanced and digitally integrated economy in Indonesia. Bank Indonesia is firmly committed to developing digital payments, while striking an optimal balance between nurturing innovation and mitigating risk.

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