UAE and Indonesia Sign Agreement to Improve Payment Systems
The Central Bank of the UAE (CBUAE) and Bank Indonesia (BI) have signed a Memorandum of Understanding (MoU) to enhance cooperation in payment systems. This agreement was signed by Khaled Mohamed Balama, Governor of the CBUAE, and Perry Warjiyo, Governor of BI, during a visit by Joko Widodo, President of Indonesia.
The MoU aims to link the payment systems of both countries, making cross-border payments faster, more efficient, transparent, and affordable. It will also establish a joint mechanism for risk management, regulatory cooperation, and user protection.
Khaled Mohamed Balama stated, “This MoU embodies the growing economic partnership between the UAE and Indonesia. It supports bilateral relations in trade and investment and enhances the UAE’s role in global trade.”
Perry Warjiyo added, “The cooperation will strengthen our efforts to promote the digital economy and finance in both countries. It opens up new possibilities for cross-border payments under the local currency transaction framework, set to be operational in 2024.”
Doubts Revealed
UAE -: UAE stands for the United Arab Emirates, a country in the Middle East known for cities like Dubai and Abu Dhabi.
Indonesia -: Indonesia is a country in Southeast Asia made up of many islands, with its capital city being Jakarta.
Central Bank of the UAE -: The Central Bank of the UAE is the main financial institution in the UAE that manages the country’s money and banking system.
Bank Indonesia -: Bank Indonesia is the central bank of Indonesia, responsible for managing the country’s money and banking system.
Memorandum of Understanding -: A Memorandum of Understanding, or MoU, is a formal agreement between two or more parties to work together on something.
Khaled Mohamed Balama -: Khaled Mohamed Balama is a person who works at the Central Bank of the UAE.
Perry Warjiyo -: Perry Warjiyo is a person who works at Bank Indonesia.
Cross-border payments -: Cross-border payments are money transfers between people or businesses in different countries.
Digital innovation -: Digital innovation means creating new and better ways to use technology, like apps or online services.
Joko Widodo -: Joko Widodo is the President of Indonesia, the leader of the country.
