BI: ASEAN Must Improve Payment Connectivity

As digital currencies around the world are being adopted, Indonesia as Chair of ASEAN in 2023 is determined to lead the way and bring the region up to speed.

Perry Warjiyo, Governor of Bank Indonesia (BI), the country’s central bank, speaking at a high-level seminar discussing the “Payment System in the Digital Era” in Badung, Bali, on Tuesday, said that ASEAN countries need to improve regional payment connectivity in order to script inclusive economic recovery as well as mitigate any risks that may arise, report Antara News.

ASEAN can lead other countries by example by establishing cross-border payment connectivity to support financial inclusivity and the regional economy, Warjiyo said.

Some countries in ASEAN; Indonesia, Singapore, Malaysia, Thailand, and the Philippines, are currently pursuing such connectivity by committing to integrating payment systems, he pointed out.

The commitment is being pursued through initiatives such as Quick Response (QR) Code, fast payment, Real Time Gross Settlement (RTGS), and Local Currency Transactions (LCT), he said.

Recently, the Nexus connectivity hub, which connects central banks of Singapore, Malaysia, and Italy, was initiated by the Bank for International Settlements, he noted.

As part of its 2023 ASEAN chairmanship, Indonesia will extend the agreement to all ASEAN member countries so it would not just be limited to the five countries, Warjiyo said.

This is intended to improve digitization and the cross-border payment system so that it would support ASEAN economic recovery, financial inclusivity, and support the global economy, he said.

“So this is why, from five ASEAN countries to all ASEAN countries, then global cross-border connectivity,” he added.

The seminar on Tuesday was held as part of the first Meeting of the ASEAN Finance Ministers and Central Bank Governors, which is taking place from March 28 to 31, 2023, report Antara News.

BI and the Finance Ministry are hosting some side events to support the main agenda. It is expected that the events will build understanding on the latest issues impeding ASEAN countries and serve as discussion forums for participants.  

Source: Antara News

Latest Article
Minister: Inflation Successfully Under Control
Indonesia’s Finance Minister, Sri Mulyani Indrawati has said that the government and Bank Indonesia (BI)...
Ministry Makes More Commitments to Drive Investment to Nusantara
Moves to drive investments to Indonesia’s new capital city of Nusantara in East Kalimantan took...
Hyundai Mobis Breaks Ground On New Battery System Plant
In a press release published on PR Newswire, Hyundai Mobis have announced the beginning of construction...
Ministry: Economic Growth Expected in 2024 Political Year
2024 will see general elections in Indonesia, which historically negatively impacts the economy. However,...
Hopes Indonesia Can Become an ASEAN Hub for German Investors
The Investment Ministry and Investment Coordinating Board (BKPM) has expressed its hope that German investors...

Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

Contact Our Consultants

[wpforms id=”43785″]

Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.