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 Understanding
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.
Mr Ravi Menon, Managing Director, MAS, spoke on MAS' efforts to build three foundational digital infrastructures, as well as MAS’ collaboration with UNDP to maximise opportunities for MSMEs.
Joint Statement of the 10th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM)
State Bank of Vietnam, the central bank of Viet Nam, has officially joined the Regional Payment Connectivity (RPC) initiative. This recent development is an expansion of the Memorandum of Understanding on Cooperation in Regional Payment Connectivity (MOU RPC) that was initiated by the central banks of Indonesia, Malaysia, Philippines, Singapore, and Thailand at the sidelines of the G20 Leaders’ Summit.