Timor-Leste and Indonesia sign digital payment cooperation agreement

The Central Bank of Timor-Leste (BCTL) and Bank Indonesia have signed an agreement to strengthen cooperation in payment systems and digital financial innovation. The memorandum of understanding was signed in Jakarta by BCTL Governor Hélder Lopes and Bank Indonesia Governor Destry Damayanti.

The agreement aims to establish a foundation for payment connectivity between the two nations. This includes exploring the use of the QRIS Cross-Border system, an international digital payment system developed by Bank Indonesia, to facilitate simpler, more efficient, secure, and inclusive cross-border transactions and economic activities.

This initiative follows the BCTL's recent launch of a national QR code payment standard in Dili. The BCTL has also expressed intentions to develop cross-border interoperability with the payment systems of the Association of Southeast Asian Nations (ASEAN).