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Indonesia and Australia agreed partnership for fintech industry development

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Tinuku ~ Indonesia and Australia have agreed to cooperate to develop Fintech, Indonesia's Financial Services Authority (OJK) and Australia's Securities and Investments Commission (ASIC) will work together on the exchange of financial services sector innovation, including the development of financial technology or fintech.

Tinuku Indonesia and Australia agreed partnership for fintech industry development

The signing of the cooperation was conducted by OJK Commissioner Board Chairman Muliaman D. Hadad and ASIC Commissioner John Prie at ASIC Office, Melbourne, Australia. The fintech industry is growing very fast in the world and more than 165 fintech start up companies are operating in Indonesia so far.

"I hope this partnership improve innovation in financial services industry and strengthen ties for development of financial services sector in both countries," said Hadad, Friday, 21 April 2017.

Cooperation between two countries includes technology development, regulatory development and cooperation of fintech innovation hub. OJK also held meetings with Swinburne University of Technology and the Australian Center for Financial Studies (ACFS) which has done many studies on fintech.

The meeting also took place with Victoria state government officials to follow up a memorandum of understanding between OJK and the state government of Victoria that was done on 16 March. One of the talks on implementation of establishment of a bank office owned by the Government of Indonesia in Melbourne is Bank Negara Indonesia (BNI).

The meeting was also attended by Australian businessmen operating in Indonesia, Indonesian businessmen, representatives of Indonesian companies in Australia, and representatives of Indonesian students in Melbourne to learn about banking services expected from Indonesian banks.

OJK has previously established partnership with the Financial Services Agency of Japan, the China Banking Regulatory Commission, Bank Negara Malaysia, the Dubai Financial Service Authority, the Financial Services Commission and the Financial Supervisory Service of the Republic of Korea, Central Bank of Timor-Leste, Bank of Thailand and Astana International Financial Center.

Other collaborations conducted by OJK are the International Organization of Securities Commission, the United Nations Development Program, the International Finance Corporation, the Organization for Economic Co-Operation and Development (OECD), the Islamic Development Bank, the Toronto Center, and the Asian Development Bank.

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