Australia and Indonesia Agree on FinTech Deal

Announcements, FinTech, News, Regulation | April 27, 2017 By:

The Australian Securities and Investments Commission (ASIC) and Indonesia’s Otoritas Jasa Keuangan (OJK) have entered a cooperation agreement to develop FinTech in both markets.

The agreement establishes a framework for cooperation 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. Both parties believe that through cooperation with each other, they will be able to further the promotion of innovation in their respective markets.

The agreement was signed by OJK Board of Commissioners Chairman Muliaman D. Hadad and ASIC Commissioner John Price on April 21 at the ASIC office in Melbourne, Australia.

“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.

“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,” said OJK chairman Pak Muliaman.