Central banks of UAE and Indonesia join forces to boost payment systems

Central Bank of Indonesia and that of the United Arab Emirates have signed a memorandum to improve payment system cooperation.

The agreement aims to make payments more efficient and adhere to the international norms of anti-money laundering and terrorism financing frameworks. It also looks for additional ways to improve bilateral collaboration in fields like digital financial innovation and payment systems.

Bank Indonesia has also launched the BI-Fast, a real-time retail payment system infrastructure to meet demands on fast, secure, low-cost, and mobile transactions. The national retail payment system allows customers to make payments via different payment channels, 24/7. The system is designed not only for real-time payments but also includes security features like fraud detection and anti-money laundering or terrorism financing.