Indonesia's OJK, Timor Leste Central Bank Agree to Boost Cross-border Supervision Cooperation
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31 July 2024 15:50 WIB
TEMPO.CO, Jakarta - The Indonesian Financial Services Authority (OJK) and Banco Central de Timor Leste (BCTL) or the Central Bank of Timor Leste have officially agreed to boost cooperation by signing an amendment to the Memorandum of Understanding (MoU) on Mutual Cooperation on Cross-Border Supervision.
OJK stated in an official statement that the MoU was signed by the Head of the OJK Board of Commissioners, Mahendra Siregar, and the Governor of BCTL, Hélder Lopes on Tuesday, July 30, 2024, at OJK’s office in Jakarta. The OJK Chief Executive of Banking Supervision Dian Ediana Rae and several officials from both institutions also attended the MoU signing.
OJK and Timor Leste Central Bank previously established formal cooperation through a MoU signed on March 22, 2016. Both parties then agreed to amend the MoU by expanding the partnership in the field of supervision of Anti-Money Laundering, Countering Terrorism Financing, and Countering the Proliferation Financing of Weapons of Mass Destruction (AML/CTF/CPF).
After inking the MoU, the two leaders held a bilateral meeting to exchange information regarding financial services development and policies, especially on banking supervision and AML/CTF/CPF cooperation plans.
The discussion included, among others, the possibility of two state-owned banks that have offices in Timor Leste, namely Bank Rakyat Indonesia (BRI) and Bank Mandiri, to establish application-based services in the country to ease banking access for local communities.
In line with the Indonesian government’s policies, OJK contributes to the development of Timor Leste by boosting financial service collaboration with Banco Central de Timor Leste.
ADIL AL HASAN
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