HARIANEXPRESS – The Central Bank of the UAE (CBUAE) and Indonesia are actively discussing ways to advance their partnership in cross-border payments. This initiative aims to strengthen financial and banking ties between the two nations.
Khaled Mohamed Balama, Governor of the CBUAE, hosted Judha Nugraha, Ambassador of the Republic of Indonesia to the UAE, at the CBUAE headquarters in Abu Dhabi. Assistant Governors and senior officials from both countries attended the significant meeting.
UAE and Indonesia Eye Seamless Cross-Border Payments
The recent discussion focused on fostering existing financial and banking relations between the UAE and Indonesia. Both sides explored areas of mutual interest to drive economic growth and enhance their strategic partnership.
A key topic involved bilateral cooperation for interconnecting payment systems. The goal is to facilitate seamless cross-border payments through advanced, fast, efficient, transparent, and cost-effective solutions.
These efforts are aligned with the comprehensive development goals of both the UAE and Indonesia. Furthermore, both parties discussed mechanisms to accelerate digital financial innovation, which supports the growing trade and investment flows between the two countries.
Khaled Balama stated: “In line with the vision of our wise leadership to solidify the UAE’s leading position as a global financial hub, and reflecting the deep-rooted strategic ties between the UAE and Indonesia, the CBUAE is committed to anchoring mutual cooperation in the financial and banking sectors. We aim to develop innovative and secure digital payment solutions that enhance economic resilience and support bilateral trade and joint investments.”
Judha Nugraha, Ambassador of the Republic of Indonesia to the UAE, commended the UAE’s advancements in digital payments infrastructure. He highlighted that the 50th anniversary of diplomatic relations between Indonesia and the UAE provides a timely opportunity to deepen cooperation between their central banks.
He expressed hope that the implementation of Local Currency Transactions (LCT), enhanced cross-border payment connectivity, and continued knowledge exchange would further strengthen bilateral trade, investment, and the broader strategic partnership between Indonesia and the UAE.
Broader Regional Financial Cooperation
In a related development, Khaled Mohamed Balama also met with Khalid Humaidan, Governor of the Central Bank of Bahrain (CBB), last month. This separate meeting also took place at the CBUAE headquarters in Abu Dhabi.
During their discussions, both sides focused on strengthening the strategic partnership and enhancing cooperation frameworks within the financial and banking sectors. They addressed several topics of mutual interest, including developing coordination mechanisms and exchanging expertise.
The meeting aimed to support the efficiency and stability of banking systems and advance innovation initiatives in financial services. These collective efforts seek to expand prospects for economic, trade, and investment cooperation between the two countries, fostering sustainable growth and shared development aspirations.
The Governor of the Central Bank of Bahrain and his accompanying delegation were also given a tour of the CBUAE’s sectors and departments. This tour provided briefings on initiatives, programmes, and development projects related to financial infrastructure and digital transformation within the financial sector.
The visit further included a review of the CBUAE’s best practices in promoting financial stability and supporting innovation in financial services. Assistant Governors of the CBUAE and senior officials from both sides attended the meeting.
Khaled Mohamed Balama stated: “This meeting reflects the depth and strength of the longstanding relations between the leadership and people of the United Arab Emirates and the Kingdom of Bahrain, and their shared commitment to advancing bilateral relations and deepening strategic cooperation towards new horizons that contribute to supporting comprehensive development in both countries. It also represents an important step towards developing frameworks for financial and monetary coordination with our partners in the Kingdom of Bahrain, in a manner that supports stability and increases trade and investment.”
Khalid Humaidan affirmed that the visit reflects the deep-rooted relations between the Kingdom of Bahrain and the United Arab Emirates. He also mentioned the shared commitment of both countries to fostering closer collaboration, supporting financial sector development, and advancing the growth and stability of the financial sector.
He subsequently conveyed his sincere appreciation for the warm reception and generous hospitality extended by the United Arab Emirates.
