Indonesia, Timor-Leste Central Banks Bolster Payment System Cooperation

The central banks of Indonesia (BI) and Timor-Leste (BCP) have agreed to strengthen cooperation in their respective payment systems. This enhanced cooperation aims to facilitate smoother and more efficient financial transactions between the two countries. Specifically, it is anticipated that the integration between Indonesia's domestic payment system, "BI-FAST," and Timor-Leste's payment system will be strengthened. Bank Indonesia Governor Perry Warjiyo expressed his outlook that this cooperation will contribute to deepening economic relations between the two nations. Meanwhile, Central Bank of Timor-Leste Governor João Mendonça welcomed this cooperation as an opportunity to learn from Indonesia's advanced payment systems. In the future, both central banks may also consider providing real-time remittances and lower-cost international remittance services. This would be a significant step in promoting trade and investment between the two countries and improving convenience for their citizens. Indonesia, as a key member of ASEAN (Association of Southeast Asian Nations), plays a crucial role in the stability and development of the regional economy. Timor-Leste aims to join ASEAN, and strengthening ties with Indonesia holds strategic importance for accelerating its economic development and regional integration.