OJK Strengthens Cooperation with the Financial Authorities of Australia and Japan

- 06 June 2022 11:21 WIB
The signing of the OJK Memorandum of Understanding (MoU) with APRA and the Exchange of Letter (EoL) with JFSA was carried out on a hybrid basis in Bali, Friday, June 3, 2022. (Photo/OJK).
The signing of the OJK Memorandum of Understanding (MoU) with APRA and the Exchange of Letter (EoL) with JFSA was carried out on a hybrid basis in Bali, Friday, June 3, 2022. (Photo/OJK).

JAKARTADAILY.ID – The Financial Services Authority (OJK) is strengthening cooperation with The Australian Prudential Regulation Authority (APRA) and the Japan Financial Services Agency (JFSA).

The signing of the OJK Memorandum of Understanding (MoU) with APRA and the Exchange of Letter (EoL) with JFSA was carried out online and offline simultaneously in Bali on Friday, June 3, 2022.

Chairman of the OJK Board of Commissioners, Wimboh Santoso, said that this collaboration was aimed at increasing the regulatory and supervisory capacity as well as the development of the Indonesian financial services industry.

"The financial sector is currently very developed so that consumer demand for products and services is increasing faster. Therefore, it is necessary to adopt innovative technology by financial institutions and cross-border cooperation," said Wimboh Santoso during the signing of the MoU and EoL.

The signing of the MoU with APRA regarding Mutual Co-operation in Banking and Insurance Supervision is a collaboration that includes capacity building, information exchange, cross-border establishment, continuous supervision, and crisis management.

Also Read:OJK: Retail Investors in Capital Market Reaches 8.62 million, Increases by 15.11 percent

Meanwhile, the continuation of cooperation with JFSA through the signing of the EoL on Innovation in the Financial Sector is carried out as an effort to optimize digital innovation in the financial services sector which includes a referral mechanism between financial innovators and relevant authorities, potential joint innovation projects, a collaboration between the FinTech industry, and information exchange.

High-Level Roundtable Discussion

In addition to the signing of the MoU and EoL, OJK also held virtual discussions to discuss the latest issues in the financial sector with the theme "Embracing the Inevitable: New Financial Sector's Landscape."

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Editor: Suksmajati Kumara

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