The Australian corporate regulator has signed a co-operation agreement with Indonesia’s financial services authority, Otoritas Jasa Keuangan (OJK), to “promote innovation in financial services in their respective markets”.
The agreement, signed on Friday, provides a framework for the two regulators to share information on market trends and regulatory issues that develop from innovation within their respective markets.
“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,” said ASIC commissioner John Price.
The regulator said increased co-operation between the two regulators will support them to promote innovative practice, and described the agreement as “positive confirmation” of the relationship between ASIC and the OJK.
“We look forward to working more closely with OJK on the exciting fintech developments in both our countries,” Mr Price said.
OJK chair Pak Muliaman said the OJK looked forward to working with ASIC in this space.
“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,” he said.