INDONESIS

Jakarta wants to reduce its dependence on foreign payment systems, citing sanctions on Russia ©  Getty Images/Nikada The Bank of Indonesia is preparing to phase out Visa and Mastercard while introducing its own domestic payment system, Antara news agency reported on Monday, citing the regulator. Last week, Indonesian President Joko Widodo urged regional authorities to wean themselves away from foreign payment systems and start using cards issued by local banks. He argued that Indonesia needed to shield itself from geopolitical disruptions, citing the sanctions targeting Russia’s financial sector from the US, EU, and their allies over the conflict in Ukraine. “Be very careful. We must remember the sanctions imposed by the US on Russia. Visa and Mastercard could be...