On Thu, 24 Sep, the Hong Kong Monetary Authority and Bank Indonesia signed a Memorandum of Understanding to strengthen cooperation on QR code-based cross-border payments between Hong Kong and Indonesia.
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Execution of Memorandum of Understanding on QR Code-Based Cross-Border Payments
On Thu, 24 Sep, the Hong Kong Monetary Authority (""HKMA"") executed a Memorandum of Understanding (the "MoU") with Bank Indonesia (""BI"") in relation to the enhancement of bilateral cooperation pertaining to Quick Response ("QR") code-based cross-border payment infrastructure. The execution of this instrument reflects both parties' shared commitment to consolidating their institutional relationship and establishing a structured framework for ongoing cooperative engagement.
Stated Objectives
The MoU is directed toward promoting cross-border payments between Hong Kong Special Administrative Region and the Republic of Indonesia that are characterised by greater speed, cost-efficiency, transparency, and financial inclusion. The parties seek to foster an effective cooperation mechanism under which such objectives may be progressively realised.
Operative Commitments Under the MoU
Pursuant to the terms set forth in the MoU, HKMA and BI shall conduct ongoing dialogues addressing relevant technical, operational, and regulatory matters. Furthermore, both parties undertake to explore suitable arrangements aimed at facilitating interoperability of QR code-based cross-border payment systems between Hong Kong and Indonesia.
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