OJK Indonesia to Strengthen Cooperation with APRA, FSA on Supervision and Innovation

Indonesia's OJK (Financial Services Authority) has signed agreements with Australian and Japanese regulators to strengthen cooperation on supervision and innovation.

An MOU signed with APRA (Australian Prudential Regulation Authority) and an Exchange of Letters with Japan's FSA (Financial Services Agency) are aimed at helping OJK increase its regulatory and supervisory capacity, as well as facilitating the development of Indonesia's financial services industry.

The APRA MoU will increase mutual cooperation on banking and insurance supervision. The collaboration includes capacity building, information exchange, cross-border establishment, continuous supervision, and crisis management.

The FSA agreement focuses on digital innovation in the financial services sector. It covers a mechanism for referring financial innovators to the relevant authorities, potential joint innovation projects, fintech industry collaboration, and information exchange.

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