Bank Negara Malaysia (BNM) and Bank Indonesia (BI) have signed a MoU to deepen their bilateral relationship, with a focus on payment systems and digitalisation.

The agreement provides a comprehensive framework for the two central banks to collaborate on a range of established areas, including monetary policy, financial stability, and financial sector development.

While the MoU covers broad macroeconomic stability, it specifically highlights payment systems and digitalisation as emerging areas for the partnership.

“This MoU reaffirms the longstanding partnership between BNM and BI,”

said Dato’ Sri Abdul Rasheed Ghaffour, Governor, Bank Negara Malaysia.

“It also underscores our shared commitment to deepen collaboration across established areas of central banking, while expanding cooperation into emerging areas of mutual interest.”

The central banks will also use the agreement to drive capacity-building initiatives and share information regarding macroprudential policy.

“The MoU is a significant milestone in advancing the long-standing relationship between BI and BNM, and more than a symbolic commitment,”

said Perry Warjiyo, Governor, Bank Indonesia.

He added that the agreement strengthens institutional ties between the two central banks amid a challenging geopolitical landscape.

Featured image credit: Edited by Fintech News Indonesia, based on image by noob via Magnific

This article first appeared on Fintech News Malaysia