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 ifa Excellence Awards are back in 2021 and nominations are now open! This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021!
The latest ASIC estimated industry funding levy proves that the current formula is “not equitable or sustainable” according to FPA. ...
An industry body says it is in favour of a change in government as the Coalition have “unfairly targeted” financial advisers. ...
The corporate regulator's cost recovery implementation statement for the 2021 financial year indicates the costs allocated by ASIC to the advice secto...