Bank Indonesia (BI) inked a deal with Bangko Sentral ng Pilipinas (BSP) on Monday (Feb 3) to boost their ties in improving payment systems and digital financial innovation. The deal complements the previous central banks’ cooperation related to anti-money laundering and preventing terrorism financing in the field of payment systems and final settlement in 2018.

In a joint statement, the central banks said their Memorandum of Understanding (MoU) signed on Feb. 1 looks to “provide a framework of closer cooperation between the two central banks” in order to attain a “more secure, efficient and reliable payment system, and to promote digital financial innovation.” The MoU signed by BI Governor Perry Warjiyo and BSP Governor Benjamin E. Diokno in Manila, Philippines.

The agreement marks the concrete step of the two central banks towards inclusive finance through cooperation and the development of payment systems and digital finance, BI said in a statement.