Indonesia’s Central Bank Governor Unveils 5 Key Payments Initiative

Indonesia’s Central Bank Governor Unveils 5 Key Payments Initiative

by June 3, 2019
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Bank Indonesia Governor, Perry Warjiyo recently unveiled “Indonesia’s Payment System 2025 Vision” a strategic framework consisting of 5 key initiatives to future proof Indonesia’s payments ecosystem for a digital future.

According to a press statement issued by the central bank, some of IPS 2025’s goal include enabling closer collaboration between banks and fintech, and faster digital transformation within banks.

The 5 initiatives that will be carried out by the central bank will revolve the following key themes; open banking, development of retail payments, development of wholesale payments & financial market infrastructure, data & digital identity, and regtech & suptech.

Laying down the foundation for the five initiatives, Bank Indonesia held a soft launch for QR Code Indonesia Standard (QRIS), which will allow all QR payments to be interoperable using only one QR code.

 

 

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