Jakarta, July 9 -- The Center of Economics and Law Studies (Celios) stated that Indonesia's Quick Response Code Indonesian Standard (QRIS) serves as a strong foundation for the country's participation in developing the BRICS cross-border payment system.

In the Leaders' Declaration adopted at the 17th BRICS Summit in Brazil, BRICS heads of state instructed finance ministers and central bank governors to continue discussions on the BRICS Cross-border Payments Initiative.

"Indonesia has a strong foundation. Bank Indonesia is actively engaged in discussions, and QRIS technology is already connected with Singapore, Malaysia, and Thailand," Celios' Director of the China-Indonesia Desk, Muhammad Zulfikar Rakhmat, explained here on Wednesday. ...