Indonesia and South Korea Sign MoU to Expand QR Code Payment Cooperation

Penang, The Gulf Observer: Indonesia and South Korea have taken a significant step towards enhancing their financial cooperation by signing a memorandum of understanding (MoU) to link QR Code payments. The agreement, signed between Bank Indonesia (BI) and the Bank of Korea (BoK), aims to facilitate QR Code-based payments between the two countries, including payment system operators.

The MoU was signed by Perry Warjiyo, Governor of BI, and Ree Chang-yong, Governor of BoK, on Monday in Penang, Malaysia. Warjiyo emphasized that this collaboration will accelerate cooperation on the interconnection and interoperability of cross-border payments using QR codes, specifically the Indonesian Standard QR Code (QRIS) and the South Korean payment QR Code, which will be determined by the Bank of Korea.

“This collaboration will facilitate QR Code-based payments between the two countries, including payment system operators,” Warjiyo stated.

The agreement marks the beginning of a partnership between BI and BoK in implementing QR Code-based payment connectivity, supported by close cooperation between industry players in both countries. This initiative is expected to support transactions between citizens of Indonesia and South Korea, encouraging the growth of the digital economy and finance, particularly given the high number of tourists traveling between the two nations.

Warjiyo also highlighted that the collaboration is a concrete manifestation of the G20 Roadmap for Enhancing Cross-border Payments. He noted that cross-border payment connectivity should be synergized with local currency schemes in bilateral transactions to support macroeconomic stability and increase efficiency.

The MoU is anticipated to lead to a more efficient, inclusive, transparent, and quick cross-border payment system between Indonesia and South Korea. Looking ahead, Bank Indonesia plans to strengthen and expand international cooperation with central banks and other relevant international authorities to further encourage cross-border payment connectivity.

For more information, please refer to official communications from Bank Indonesia or the Bank of Korea.