Indonesia: Adopted Indonesia - Singapore cross-border QR payments linkage

On 17 November 2023, the Monetary Authority of Singapore (MAS) and Bank Indonesia (BI) have jointly launched the cross-border qr payments linkage initiative. This linkage enables customers of participating financial institutions to make cross-border retail payments by scanning QR codes using their existing mobile banking applications. The parties stated that the initiative aims to promote greater integration of the digital economy and create interoperable systems.