Media Releases
Published Date: 21 January 2022

Bank Indonesia and Monetary Authority of Singapore Expand Cooperation across Central Banking, Financial Regulation and Innovation

Singapore, 21 January 2022…Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) today signed a Memorandum of UnderstandingThe MOU between BI and MAS signed on 20 November 2010 will be superseded by this new MOU. (MOU) to strengthen bilateral cooperation and deepen ties.

2 The MOU reflects Indonesia and Singapore’s joint interest to promote collaboration on projects in relation to payments innovation, and formalise cooperation across an expanded range of central bank and regulatory functions. These 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. 

3 Mr Perry Warjiyo, Governor, Bank Indonesia, said, “The MOU has given the opportunity to broaden and enhance collaboration between the two central banks and address growing complex challenges in central banking key areas including payment innovation and AML-CFT. The MOU demonstrates our collaborative efforts in advancing digital economy and finance, as well as combating money laundering and terrorism financing.” 

4 Mr Ravi Menon, Managing Director, MAS, said, “Bank Indonesia and the Monetary Authority of Singapore have a longstanding relationship and cooperate on numerous fronts. This MOU underscores our commitment to strengthen our partnership and further our collaboration in common areas of interests, such as financial innovation and payments connectivity.”

5 The cooperation envisaged under this MOU will be implemented through policy dialogues, exchange of information, technical cooperation, joint innovation, and working-level committees.