ASIC, OJK sign fintech cooperation agreement to foster innovation

The Australian Securities and Investments Commission (ASIC) announced that it has entered into a Cooperation Agreement with Indonesia's Otoritas Jasa Keuangan (OJK) in order to advance fintech innovations in their respective financial markets.

The agreement was signed in Melbourne between the Chairman of the OJK and ASIC Commissioner. This agreement establishes a framework for cooperation between both the countries in fintech innovation. The framework agrees to share information related to emerging market trends as well as regulatory issues that erupt from the growth of innovation.

“Many fintechs are not constrained by national borders and it is fundamental that we leverage this to share views, exchange information and to discuss some of the challenges that this can create for fintech businesses and the community,” John Price, ASIC Commissioner said. “This agreement is also a further reflection of the deep ties between ASIC and OJK. We look forward to working more closely with OJK on the exciting fintech developments in both our countries.”

Indonesia has been hosting a fast growing fintech industry impacting in areas including payments and transfers, financial management, insurance, lending and finance, retail banking and markets, exchanges, among others.

The agreement framework marks as a positive confirmation of the strong and longstanding relationship between the two regulators.

“I hope this further collaboration will be able to promote innovation in our financial service markets and to deepen engagement that can be used for financial sector development in both countries,” Pak Muliaman, Chairman of the OJK, stated.