HKMA, Bank Indonesia Sign MOU to Strengthen Cross-Border QR Payment Ties
SingTao · 3 SOURCESabout 2 hours ago1 MIN
Summary
The Hong Kong Monetary Authority (HKMA) and Bank Indonesia signed a memorandum of understanding on September 24, 2026, formalizing their cooperation on cross-border QR code payments. The agreement seeks to establish an effective mechanism to facilitate faster, cheaper, more transparent and inclusive payment services between Hong Kong and Indonesia .
Key Points
- The HKMA and Bank Indonesia signed the MOU on Thursday, September 24, 2026, marking a new chapter in bilateral financial cooperation
- Both authorities committed to strengthening bilateral relations and establishing an effective cooperation mechanism
- The partnership aims to promote cross-border payments that are faster, cheaper, more transparent and inclusive
- Under the MOU, both parties will engage in dialogue on technical, operational and regulatory matters
- The authorities will explore arrangements to facilitate QR code payment interoperability between the two markets
Why It Matters
This MOU provides a formal framework for Hong Kong and Indonesia to develop interconnected QR payment systems, which could significantly reduce transaction costs and processing times for travelers and businesses operating between the two markets .
This MOU provides a formal framework for Hong Kong and Indonesia to develop interconnected QR payment systems, which could significantly reduce transaction costs and processing times for travelers and businesses operating between the two markets .