Australia, Indonesia regulators ink fintech cooperation pact (1)

The Australian and Indonesian regulators have signed a cooperation agreement to promote innovation in financial services in both markets.

Australia, Indonesia regulators ink fintech cooperation pact (1)

The Australian Securities and Investments Commission (ASIC) and Indonesia’s Otoritas Jasa Keuangan (OJK) have signed a cooperation agreement to promote innovation in financial services in both the markets.

Under the agreement, the regulators have agreed to share information on emerging market trends and regulatory issues arising from the growth in innovation in their respective markets.

Commenting on the alliance, ASIC commissioner John Price said: “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.”

OJK chairman Pak Muliaman added: “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.”

In the recent times, ASIC signed agreements with several other regulators to facilitate innovation in financial services. In March 2016, the Australian regulator signed a fintech agreement with the UK’s Financial Conduct Authority (FCA).

In June 2016, the Australian regulator signed a fintech cooperation agreement with the Monetary Authority of Singapore (MAS). This was followed by a similar agreement with the Capital Markets Authority of Kenya in October 2016, and another such agreement with the Ontario Securities Commission in November 2016.