Global: MAS, Bank Indonesia partner to boost innovation and regulation

The central banks of Singapore and Indonesia partnered to strengthen bilateral cooperation and deepen ties in areas such as innovation and financial regulation.

The banks said that the agreement reflects the two countries’ joint interest to promote collaboration in relation to payments innovation and formalise cooperation across an expanded range of central bank and regulatory functions. These functions include monetary policy, financial stability, regulatory and supervisory frameworks, as well as anti-money laundering and countering the financing of terrorism (AML-CFT).

The two central banks will work together through policy dialogues, exchange of information, technical cooperation, joint innovation and working-level committees, the statement said. MAS and Bank Indonesia have a USD 10 billion bilateral financing agreement that supports monetary and financial stability in both Singapore and Indonesia amid the ongoing recovery from the Covid-19 pandemic.