Bank Negara Malaysia (BNM) and Bank Indonesia (BI) signed a new Memorandum of Understanding (MoU) on 11 May 2026, formalising a broader framework for bilateral cooperation between the two central banks across a range of areas including monetary policy, financial stability, payment systems and digitalisation, financial sector development, and capacity-building initiatives.

What The MoU Covers

The agreement provides a structured platform for the two central banks to deepen existing collaboration while expanding into emerging areas of mutual interest. BNM Governor Dato’ Sri Abdul Rasheed Ghaffour said the MoU reaffirms the longstanding partnership between the two institutions and their shared commitment to central banking cooperation.

BI Governor Perry Warjiyo described the signing as more than a symbolic gesture, noting that it reflects the enduring ties between the two central banks particularly in the context of a challenging global geopolitical environment.

Building On An Existing Foundation

The MoU builds on a track record of practical financial cooperation between the two countries. Malaysia and Indonesia launched a cross-border QR payment linkage in 2022, allowing Malaysians and Indonesians to make instant retail payments in each other’s country by scanning DuitNow QR or QRIS codes. 

The payment infrastructure has since expanded to include more participating financial institutions on both sides, covering banks and e-wallets including Touch ‘n Go eWallet, Maybank, Hong Leong Bank, and Public Bank on the Malaysian side.

The most visible outcomes of BNM-BI cooperation so far have been in payments. The new MoU signals that both central banks intend to continue building on this foundation, with payment systems and digitalisation listed as one of the key areas of cooperation going forward. What that translates to in practice will depend on the specific initiatives that emerge from the agreement.

Follow us on our official WhatsApp channel for the latest money tips and updates.

Iman Aminuddin

Iman writes about personal finance with curiosity. She is interested in the stories behind money, the hesitation around big decisions, and the small habits that shape financial futures. Off the clock, she is either dissecting a film or climbing her way up the leaderboard in her favourite games.

About THE AUTHOR

Iman Aminuddin

Iman Aminuddin

Iman writes about personal finance with curiosity. She is interested in the stories behind money, the hesitation around big decisions, and the small habits that shape financial futures. Off the clock, she is either dissecting a film or climbing her way up the leaderboard in her favourite games.

See all articles