UAE, Indonesia discuss advancing partnership in cross-border payments

Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), received Judha Nugraha, Ambassador of the Republic of Indonesia to the UAE, at the CBUAE headquarters in Abu Dhabi. The meeting was attended by the Assistant Governors and senior officials from both sides.

The meeting discussed avenues to foster the existing financial and banking relations between the UAE and the Republic of Indonesia, exploring areas of mutual interest to drive economic growth and enhance the strategic partnership between the two nations.

The two sides also explored bilateral cooperation aimed at interconnecting payment systems and facilitating seamless cross-border payments through advanced, fast, efficient, transparent, and cost-effective solutions, in alignment with the comprehensive development goals of both countries.

Furthermore, both parties discussed mechanisms to accelerate digital financial innovation, thereby supporting the growing trade and investment flows between the UAE and Indonesia.

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, praised the UAE development on digital payments infrastructure. He also emphasised that the 50th anniversary of diplomatic relations between Indonesia and the UAE provides a timely opportunity to deepen cooperation between the two countries' 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.

Last month, Khaled Mohamed Balama received Khalid Humaidan, Governor of the Central Bank of Bahrain (CBB), at the CBUAE headquarters in Abu Dhabi.

During the meeting, both sides discussed ways to further strengthen the strategic partnership and enhance cooperation frameworks in the financial and banking sectors.

The meeting also addressed several topics of mutual interest, including developing coordination mechanisms, exchanging expertise, supporting the efficiency and stability of banking systems and advancing innovation initiatives in financial services. These efforts aim to expand the prospects for economic, trade, and investment cooperation between the two countries, while supporting sustainable growth and shared development aspirations.

The Governor of the Central Bank of Bahrain and the accompanying delegation were also briefed during a tour of the CBUAE’s sectors and departments on the initiatives, programmes and development projects related to financial infrastructure and digital transformation in the financial sector. The visit also included a review of the CBUAE’s best practices in promoting financial stability and supporting innovation in financial services.

The meeting was attended by the Assistant Governors of the Central Bank of the UAE and a number of senior officials from both sides.

Khaled Mohamed Balama, “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 and the shared commitment of both countries to fostering closer collaboration, supporting financial sector development and advancing growth and stability of the financial sector.

He then expressed his sincere appreciation for the warm reception and generous hospitality extended by the United Arab Emirates.

WAM