JAKARTA. In an effort to strengthen their bilateral relationship, Bank Indonesia (BI) and Bangko Sentral ng Pilipinas (BSP) agreed to establish a cooperation in the field of payment systems and digital financial innovation.

A press release from Bank Indonesia stated that the agreement was made through the signing of a Memorandum of Understanding (MoU) signed by BI Governor Perry Warjiyo and BSP Governor Benjamin E. Diokno today (3/2) in Manila, Philippines.

This agreement complements the previous BI and BSP cooperation in the field of anti-money laundering and preventing terrorism financing (APU PPT) in the field of payment systems and final settlement, in 2018.

This agreement marks the second step of both central banks towards inclusive finance through cooperation and the development of payment systems and digital finance.

This Memorandum of Understanding is the foundation in the implementation of future cooperation between BI and BSP which is implemented in various forms of activities. Such as policy dialogue, information exchange, innovation collaboration, capacity development, and the establishment of technical working groups, among others. (AM/AR)