REPUBLIKA.CO.ID, JAKARTA -- Indonesia's Financial Services Authority (OJK) signed a memorandum of understanding (MoU) on cooperation in financial supervision with South Korea's Financial Supervisory Service (FSS) here on Thursday.

"The signing of the MoU marks the beginning of a mutually-beneficial cooperation in the field of monetary supervision between the OJK and the FSS," Chairman of OJK Muliaman D. Hadad said.

He noted that the MoU was a mandate of law number 21 of 2011 on the OJK, according to which it has the task of establishing cooperation with supervisory authorities in the financial sector of other countries, as well as with international organizations and institutions.

The scope of partnership included in the MoU covers exchange of information and experts to help make the efforts towards supervision more effective in the countries concerned, as well as the supervision of activities across borders.

"Indonesia and South Korea are both members of the G-20, which raised the issue of how the financial industry could support economic growth and that it was not impossible for activities to be expanded," Hadad stated.

In this regard, the OJK chairman pointed out that there was potential for further discussions over the cooperation from the agreement, but that it would all be determined by the two countries.

"Besides producing effective supervision, this step is also expected to boost trade transactions between the two nations, which have now reached more than US$30 billion," Hadad affirmed.

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