February 3, 2026 | 10:36 am
TEMPO.CO, Jakarta - Bank Indonesia (BI) has joined the Nexus project initiated by the Bank for International Settlements (BIS), signifying the central bank's commitment to enhance the connectivity of cross-border payment systems.
Bank Indonesia will play a role in preparing and implementing the Nexus along with five central banking partners: Bank Negara Malaysia (BNM), Bangko Sentral ng Pilipinas (BSP), Monetary Authority of Singapore (MAS), Bank of Thailand (BOT), and Reserve Bank of India (RBI).
BI Governor Perry Warjiyo said Indonesia's participation in Nexus serves as a strategic move to provide efficient and affordable cross-border payment solutions for Indonesian people and businesses.
Indonesia is one of the world's largest remittance corridors, both as a major source of migrant workers and a recipient of overseas remittances.
Integrated and seamless cross-border payment connectivity is also poised to improve Indonesia's economic and trade relations with countries in the region.
The BIS project initiated in 2021 aims to enhance the smoothness of cross-border payments by connecting various domestic instant payment systems (IPS). By 2025, the Nexus project had entered the implementation phase, marked by the establishment of Nexus Global Payments (NGP) by several central banks.
Bank Indonesia, previously participating as a special observer, has now expressed its commitment to fully participate as a Nexus member and will move forward to connect its instant payment system, BI FAST, with Nexus. This is expected to strengthen the efficiency and affordability of cross-border transactions and enhance financial inclusion.
The initiative is intended to support national interests by maintaining sovereignty and ensuring that the clearing and settlement processes of domestic transactions are conducted within the country.
Bank Indonesia said the decision is also part of the Indonesian Payment System Blueprint (BSPI) 2030, and is in line with the Regional Payment Connectivity framework announced by ASEAN in 2022.
With this initiative, Indonesia seeks to strengthen the efficiency and affordability of cross-border payments, thus promoting economic growth, financial inclusion, and sustainable development.
The synergy between BI and NGP also promotes the cross-border payment reform agenda proclaimed by the G20. Bank Indonesia asserts that it is striving to bolster collaboration with foreign authorities and central banks to expand the cross-border payment network.
Read: The End of Bank Indonesia's Independence
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