Indonesia and UAE banks collaborate in cross-border area


The central banks of Indonesia and the United Arab Emirates (UAE) have signed an agreement to strengthen cooperation in payment systems.

As Open Gov Asia reported on Monday, November 29, the deal focuses on safer and more efficient transactions, cross-border payment systems, and efforts to combat money laundering and terrorism.

According to a statement from the UAE central bank, the partnership aims to improve collaboration in “payment systems and digital financial innovation, including conventional and Islamic finance.”

Read more: FATF: Stablecoins could be the currency of choice for money launderers and terrorists

The Bank of Indonesia says the deal shows its commitment to tackling terrorist financing and money laundering, while helping Indonesia become a member of the Paris-based Financial Action Task Force (FATF).

Last year, the agency said stablecoins could become a target for money laundering and terrorist financing, and called on G-20 jurisdictions to implement its standards.

Read more: Indonesia’s central bank among latest to ban crypto as payment

In June, the Governor of the Bank of Indonesia, Perry Warjiyo, announced at a virtual seminar that the bank would ban payments in cryptocurrency, saying that the crypto would not be used in the form of “other tools. of financial services “.

Indonesia embarked on a massive crypto crackdown earlier this year, forcing the shutdown of three crypto trading platforms.

The report notes that this action comes as the Bank of Indonesia prepares to launch BI-FAST, a real-time retail payment system infrastructure designed to serve as a gateway to and respond to Indonesia’s payment system model. at the public demand for a fast, affordable and reliable payment system. and a secure payment system.

The system is expected to become operational in the second week of December, with its first phase focusing on individual transfers. From there, the system would expand to include bulk credit, direct debit, and payment requests.

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