Indonesia and Hong Kong Strengthen Cross-Border QR Payment Cooperation

Bank Indonesia (BI) and the Hong Kong Monetary Authority (HKMA) have signed a Memorandum of Understanding (MoU) to strengthen cooperation in cross-border payments based on Quick Response (QR) codes. The MoU was signed by the Governor of Bank Indonesia, Destry Damayanti, and the Chief Executive of the Hong Kong Monetary Authority, Eddie Yue. BI Communication Department Executive Director Ramdan Denny Prakoso stated that BI and HKMA are committed to strengthening bilateral relations and building an effective cooperation mechanism to encourage faster, more affordable, transparent, and inclusive cross-border payments between Indonesia and Hong Kong. "Based on the MoU, both parties will hold dialogues related to technical, operational, and regulatory aspects that are relevant, and explore schemes to facilitate cross-border payment interoperability based on QR codes between the two regions," he explained in his statement, Thursday, September 24. Meanwhile, since it was first implemented in 2022 until July 2026, QRIS cross-border transactions carried out by users from partner countries in Indonesia reached 21 million transactions with a value of Rp. 5.90 trillion. Meanwhile, Indonesian user transactions in partner countries were recorded at 4.67 million transactions with a value of Rp. 1.73 trillion. Thus, the total value of cross-border QRIS transactions from both directions reached IDR 7.63 trillion and the value of transactions of partner country users in Indonesia was also recorded at IDR 4.17 trillion higher than the transactions of Indonesian users in partner countries. In addition, the benefits of QRIS Inter-State are also strengthened by the growth of the QRIS ecosystem in the country, namely by July 2026, QRIS has reached 45.46 million merchants, with 96.69 percent of which are MSMEs.