Hong Kong and Indonesia link settlement systems

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The Hong Kong Monetary Authority (HKMA) and Bank Indonesia on Monday unveiled a simultaneous payment system between the two countries.

The new cross border payment-versus-payment link (PvP) connects Hong Kong's real-time gross settlement system with Indonesia's. The system, delivered on schedule, has been in the works for more than a year following a memorandum of understanding signed by the two central banks in October 2008.

PvP is a mechanism in foreign exchange settlement that ensures funds a

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