The Australian Securities and Investments Commission (ASIC) has announced that it has entered into a cooperation agreement to promote innovation in financial services with its Indonesian counterpart Otoritas Jasa Keuangan (OJK).
The deal, signed in Melbourne last week, establishes a framework for cooperation between both regulators in fintech and will see both share information on emerging market trends and regulatory issues that arise through innovation.
As the largest economy in Southeast Asia, Indonesia has seen its fair share of fintech development in insurance and other financial services.
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ASIC commissioner, John Price, said that the agreement highlights the deep ties between both regulators and the importance of international cooperation when it comes to technology and innovation.
“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,” Price said.
Pak Muliaman, chairman of the OJK, said that the deal will “deepen engagement that can be used for financial sector development in both countries.”
Thus far, ASIC has signed similar agreements with regulators in Singapore, the United Kingdom, Canada and Kenya.