MAS, Bank Indonesia beef up bilateral cooperation

The institutions will collaborate on payments innovation projects amongst others.

The Monetary Authority of Singapore (MAS) and Bank Indonesia (BI) has agreed to beef up bilateral cooperation and deepen their ties.

Under their memorandum of understanding (MOU), BI and MAS will collaborate on payments innovation projects, and will also “formalise cooperation across an expanded range of central bank and regulatory functions.”

Amongst these functions include monetary policy, macroprudential policy, financial stability, oversight of the payment and settlement systems, regulatory and supervisory frameworks, and anti-money laundering and countering the financing of terrorism.

Projects under the MOU will be implemented through “policy dialogues, exchange of information, technical cooperation, joint innovation, and working-level committees.”