The linkage will eventually be expanded to support real-time cross-border fund transfers. The 2nd phase of Malaysia's QR payment linkage with Thailand has also gone live.
MAS and Bank Indonesia will deepen cooperation on payments innovation, monetary policy, macroprudential policy, financial stability, and AML/CFT.
The guide recommends five steps for market participants with LIBOR exposures, to help them respond to and prepare for the transition.
BI-Fast lowers the interbank transfer fee, set at IDR 2,500 (USD 0.18) per transaction, down from the usual IDR 6,500 fee for interbank transfers. 21 banks have so far enrolled on BI-Fast.
The working group will provide information and education to market players and recommendations on alternative benchmark rates.
Banks with IDR 6 trillion in core capital, and non-bank institutions with IDR 100 billion in paid-up capital, can be direct participants of BI-FAST.
Crypto assets as a currency are considered haram, or banned, for Muslims, according to Indonesia's National Ulema Council.
Central banks will cooperate on cross-border payments, fintech, and AML. Financial services regulators will cooperate on developing the Islamic finance industry.
'BI-Fast' will enable real-time payments 24/7 for retail customers, and will also be used in cross-border payments in future.
Bank Indonesia has also recently expanded its local currency settlement frameworks with Japan, Malaysia and Thailand.
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