New Delhi pushing to internationalize the rupee currency. Indonesia wants to tap fast-growing Indian commodity demand.
India and Indonesia are planning to settle bilateral transactions in local currencies and lin up their fast payments systems to spur cross-border fund transfers, according to Bloomberg.
India’s Finance Minister Nirmala Sitharaman and her Indonesian counterpart Sri Mulyani Indrawati discussed the proposal ahead of meeting among the Group of Twenty countries in India. The talks are advanced and an announcement could come once officials complete formalities.
India has reached a similar agreement with the United Arab Emirates recently, which will support trades in rupees and dirhams while enabling domestic credit cards to be used in retail transaction processing.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
