Indonesia leads the ASEAN-5 (Indonesia, Thailand, Malaysia, Singapore, and the Philippines) in payment system cooperation for the use of Quick Response (QRIS in Indonesia) and retail fast payments (BIFAST in Indonesia) with using Local Currency Transactions.
Meanwhile, important progress in Indonesia’s Presidency of the G20 was achieved in the development of CBDCs with a focus on 3 (three) important aspects, namely: CBDC design (wholesale and/or retail CBDC), the use of CBDCs in financial inclusion (directly or through digitalization of payments system), and CBDC cooperation between countries (regional Asia and multilateral through the BIS and also the IMF).