Hong Kong and Indonesia Partner on QR Payments
Terrill Dicki Sep 24, 2026 03:45
HKMA and Bank Indonesia sign MoU to enhance QR code-based cross-border payments, targeting faster and more inclusive systems.
The Hong Kong Monetary Authority (HKMA) and Bank Indonesia (BI) signed a Memorandum of Understanding (MoU) on September 24, 2026, to advance cooperation on QR code-based cross-border payment systems. The agreement aims to make payments between Hong Kong and Indonesia faster, more affordable, and more inclusive while promoting interoperability between the two systems.
This MoU builds on a broader trend of regional financial integration. Earlier this year, on June 11, the HKMA, BI, and the People’s Bank of China (PBoC) signed another MoU to facilitate direct transactions between Indonesian Rupiah (IDR) and offshore Chinese Renminbi (CNH). That agreement, focused on local currency transactions, laid the groundwork for smoother cross-border trade and investment activities between Indonesia and Hong Kong. The latest QR payment initiative could complement these efforts by targeting retail users and consumer payments.
Indonesia has been actively developing its QRIS Cross-Border payment standard, which allows seamless QR code transactions for both domestic and international users. Under this system, Indonesian travelers can pay abroad using QR codes linked to their domestic banking infrastructure, while foreign visitors can do the same at Indonesian merchants. By expanding interoperability with Hong Kong’s Faster Payment System (FPS), the two nations could potentially unlock significant efficiencies in cross-border retail payments.
For Hong Kong, this initiative aligns with its broader push to modernize payment systems. It already operates FPS linkages with other regional networks, such as Thailand’s PromptPay. The addition of Indonesia could mark another important step in connecting Asia’s financial hubs through real-time, cost-efficient payment systems.
While this MoU signals intent, critical details remain unclear. Neither timeline nor specific technical milestones were disclosed. However, if successful, such a system could boost tourism, trade, and small-scale remittances between the two regions. The interoperability between QRIS and FPS would likely depend on the appointment of cross-currency dealer banks, as seen in the June 2026 IDR–CNH local currency deal.
Hong Kong and Indonesia’s deepening financial collaboration underscores a growing regional focus on digital payment innovation. Market participants will be closely watching for further updates on operational guidelines, timelines, and pilot tests in the coming months.
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