The Bank of Korea (BOK) said Monday that it has signed a memorandum of understanding (MOU) with Bank Indonesia to promote cross-border payments. The MOU, based on the 2022 bilateral cooperation agreement on central banking, aims to accelerate closer cooperation on the interoperability of cross-border payments, and the two central banks also seek to establish a framework to facilitate cross-border payment connectivity between the two countries, according to the BOK. The implementation of the MOU will not only support cross-border transactions between the two countries and promote the digital economy and finance in Indonesia and South Korea but also significantly benefit the tourism sector, especially considering the high number of tourists traveling between the two countries, the BOK said. The deal is expected to create cheaper, faster, more inclusive, and more transparent cross-border payments between Indonesia and South Korea, the BOK said. Source: Yonhap News Agency