HKMA and Bank Indonesia sign an MoU to strengthen QR-based cross-border payment cooperation, focusing on interoperability, technical coordination and regulatory dialogue to make payments between Hong Kong and Indonesia faster and more inclusive.
The Hong Kong Monetary Authority (HKMA) and Bank Indonesia (BI) have signed a Memorandum of Understanding (MoU) to strengthen cooperation on QR code-based cross-border payments between Hong Kong and Indonesia.
The agreement was signed by Bank Indonesia Governor Destry Damayanti and HKMA Chief Executive Eddie Yue. The two monetary authorities said the MoU establishes a framework for closer cooperation aimed at making cross-border payments between the two markets faster, more affordable, transparent and inclusive.
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Under the agreement, HKMA and BI will maintain regular dialogue on technical, operational and regulatory matters related to cross-border payment systems. The authorities will also explore arrangements that could facilitate interoperability between QR code-based payment systems in Hong Kong and Indonesia.
The initiative is expected to support greater connectivity between the two markets as digital payment systems become increasingly integrated into cross-border retail transactions. Interoperable QR payment arrangements can allow consumers and businesses to make or receive payments across borders using participating domestic payment applications and infrastructure.
The latest MoU builds on broader cooperation between the two authorities on financial connectivity and digital payments. Bank Indonesia has been expanding its QRIS ecosystem and developing cross-border payment linkages with several countries, while Hong Kong has been strengthening its position as an international financial and payments hub.
Bank Indonesia said the agreement is intended to establish an effective mechanism for cooperation between the two institutions. Discussions under the framework will cover the technical and operational requirements needed to support payment interoperability, along with relevant regulatory considerations.
The agreement also follows wider efforts in the region to improve cross-border payment connectivity. In June, Bank Indonesia and the People's Bank of China expanded cooperation on local-currency transactions and launched QR payment connectivity between Indonesia and China. That initiative was part of broader measures to improve financial infrastructure and facilitate cross-border transactions.
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For Indonesia and Hong Kong, closer QR payment cooperation could support cross-border commerce and travel by providing additional digital payment options. It also creates a framework for the two authorities to coordinate on regulatory and operational issues as payment technologies evolve.
The HKMA and Bank Indonesia said the latest agreement reflects their commitment to strengthening bilateral financial ties and advancing digital payment connectivity between the two markets.