JAKARTA – Bank Indonesia (BI) is targeting the implementation of cross-border QRIS payments with China by the end of April, following strong enthusiasm during the trial phase.

BI Deputy Governor Aida S. Budiman said the initiative is part of Indonesia’s broader push to expand cross-border retail payment systems in recent years.

Speaking at a press conference after the central bank’s board meeting (RDG) on Wednesday (22/4), Aida said the China rollout follows earlier cooperation with South Korea.

“For China, we hope to launch on April 30 together with PIDI (Indonesia Digital Innovation Centre), as we have seen very strong enthusiasm during the trial phase,” she said.

During the sandbox phase, cross-border QRIS transactions with China reached 1.64 million transactions, with a total value of IDR 556 billion.

“This is still in the sandbox stage. Hopefully, once launched, the numbers will be even higher,” Aida added.

A total of 24 Indonesian participants will be involved in facilitating QRIS cross-border transactions with China, comprising 16 banks and eight non-bank institutions.

“From China’s side, there are 19 participants. So both technically and commercially, the system is ready for implementation,” she said, reaffirming the targeted launch date of April 30, 2026.

At the same event, Aida said BI is also preparing the next generation of BI-FAST, featuring more standardised technical, business, and governance frameworks.

The upgraded system is designed to handle future transaction surges while strengthening risk management, particularly to mitigate fraud and cyber risks.

In addition, the new BI-FAST will include cross-border capabilities to facilitate retail payments across countries.

“It will use instant payment under the Nexus scheme, whose members include Malaysia, Singapore, Thailand, the Philippines, and India,” she said. (KR/ZH)