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Bank Indonesia and Reserve Bank of India Partner to Boost Financial Cooperation

Image credits: bi.go.id

 During the recent G20 Finance Ministers and Central Bank Governors Meeting, the Bank Indonesia (BI) and the Reserve Bank of India (RBI) signed a Memorandum of Understanding (MoU) to improve cooperation between the two central banks. In the presence of BI Governor Perry Warjiyo and RBI Governor Shaktikanta Das, it was signed by BI Deputy Governor Dody Budi Waluyo and RBI Deputy Governor Michael Debabrata Patra.

“This MoU serves as a significant milestone in the relation between Bank Indonesia and Reserve Bank of India. It has been a long period of time since we began cooperating productively, and this MoU will only ensure a more solid collaboration in the future. Going forward, I am convinced that such excellent partnership will result in fruitful outcomes that benefit both central banks and the people of both nations,” says BI Governor Perry.

With this MoU, BI and RBI agreed to strengthen the exchange of information and cooperation around central banking, including payment systems, digital innovation in payments services, and a regulatory and supervisory framework for Anti-Money Laundering and Fighting the Financing of Terrorism (AML-CFT).

The MoU will be carried out by talking about policy, working together on technical issues, sharing information, and doing work together. It will also help people understand each other better, create more efficient payment systems, and connect payment systems across borders.

Such initiatives will be carried out through regular interaction on recent economic and financial developments and issues, technical cooperation through training and joint seminars, and collaborative work to investigate the establishment of cross-border retail payment linkages.

Meanwhile, Indonesia’s Finance Minister, Sri Mulyani Indrawati, and BI Governor Perry expressed gratitude to G20 members, invitees, and international organisations for their broad support. He also stated that, despite the difficult circumstances, the G20, as the premier forum for coordinating global economic issues, is committed to delivering concrete actions to support strong, sustainable, balanced, and inclusive growth and recovery.

As G20 Presidency, Indonesia upholds G20 integrity in this difficult time by prioritising open dialogues and focusing more on concrete actions. The country is also committed to continuing discussions on the macro-financial implications of Central Bank Digital Currencies (CBDCs), which may be designed to facilitate cross-border payments while maintaining the global monetary and financial system’s stability.

Through TechSprint 2022, a joint initiative of the Indonesia G20 Presidency and the BIS Innovation Hub aims to contribute to the debate on practical and feasible solutions for CBDC implementation.

Members discussed the COVID-19 exit strategies to support equitable recovery for financial stability and scarring effects in the financial sector. It also discussed efforts to address non-bank financial institution (NBFI) vulnerabilities, climate-related financial risks, crypto assets, financial inclusion and digitalisation, and new data gaps initiatives.

Members support efforts to strengthen global financial system resilience and have asked the Financial Stability Board (FSB) to step up monitoring. G20 Finance Ministers and Central Bank Governors pledge to maintain global financial steadiness, including through continued policy coordination and implementation of international standards.

The G20 continues to deliberate on payment systems in the digital era to achieve faster, cheaper, more transparent, and more inclusive cross-border payments, which would benefit economies worldwide. Hence, the G20 Roadmap for Improving Cross-Border Payments aims to make cross-border payments faster, cheaper, safer, and more inclusive.

The Indonesian G20 Presidency reiterates that they must send a clear message to the international community that all members are working together to ensure they have a concrete strategy to address the current global challenges.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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