ASIC has announced it entered into a co-operation agreement with another neighboring country in an effort to promote innovation in financial services.
In a statement yesterday, the corporate regulator said it signed an agreement with Indonesia’s Otoritas Jasa Keuangan (OJK).
The partnership establishes a framework for co-operation between OJK and ASIC in the expanding space of innovation in financial services, agreeing to share information on emerging market trends and regulatory issues arising from the growth in innovation.
ASIC said Indonesia hosts a fast growing financial technology sector as the largest economy in south-east Asia.
John Price, ASIC commissioner, said, “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.
“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.”
Chairman of the OJK Pak Muliaman said, "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.”
The announcement follows similar partnerships with regulators in Kenya, Singapore and the UK.
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