REPUBLIKA.CO.ID, JAKARTA -- The Indonesian Financial Services Authority (OJK) signed a cooperation agreement with the Japan Financial Services Agency (Japan FSA) in an effort to strengthen Indonesia?s financial services sector.

"This cooperation is beneficial to Indonesia, especially in the deepening of financial markets, increasing community financial literacy and institutional capacity building, as well as in providing FSA personnel to regulate and supervise the financial services industry in the country," said OJK Board's Chairman Muliaman D Hadad in a an official statement received here Wednesday.

The two agencies signed a cooperation agreement on Tuesday afternoon at Japan FSA Headquarters in Tokyo.

The cooperation agreement was contained in the form of an Exchange of Letters. Besides institutional capacity building, other areas of cooperation include exchanges of information and assessments, as well as development of the financial services sector of both countries.

The agreement was signed by Chairman of the Board Muliaman D Hadad and Japan FSA Commissioner Ryutaro Hatanaka in Japan, in the presence of the Indonesian Ambassador to Japan, Muhammad Lutfi.

The agreement signed with the Japan FSA was the first bilateral cooperation since the agency was established on December 31 2012. Meanwhile, other similar agreements are being negotiated with other countries in the Asia-Pacific region.

Points of agreement between Indonesia and Japan include the exchange of data and information covering the financial services industry, particularly in the capital market sector and Non-Bank Financial Industries of both countries, as well as the exchange of experience and expertise in the regulation and supervision of activities of the financial services sector, including in the small and medium business sector.

Both agencies also agreed to expand the scope of cooperation in 2014, which will include the banking sector, along with the regulation and monitoring shift from the central bank, Bank Indonesia, to the OJK (Financial Services Authority) in December 2013.

Muliaman said that this cooperation allows for implementing the reciprocity principle, including the exchange of information and assistance in the supervision of today's financial services sector.

In a statement, Japan FSA commissioner Ryutaro Hatanaka welcomed the cooperation. "Japan FSA will also encourage the OJK to participate and contribute actively in international financial forums," he said.

Ikuti Whatsapp Channel Republika