TEMPO.CO, Jakarta - The Indonesian Financial Services Authority (OJK) will work with the Australian Securities and Investments Commission (ASIC) in exchanging information on the financial service sector's innovations field. The cooperation also includes developing the financial technology (fintech) industry.
The cooperation between the OJK and ASIC covers—among others—the developments of technology and regulations, as well as cooperation in fintech innovation hubs.
The partnership agreement was signed by OJK chief Muliaman D. Hadad and ASIC commissioner John Prie in Melbourne.
"I hope for this partnership to increase innovations in the financial services industry and create better relations for the development of the industry in both countries," Muliaman said in a written statement Tempo received on April 21.
Muliaman said that fintech is a fast-growing global industry. In Indonesia, the OJK recorded 165 startups operating country-wide.
Muliaman said the agreement with ASIC adheres to Law no. 21/2011 on OJK, which mandates cooperation with other countries' financial services authorities as well as other international organizations and institutions.