OJK and Korea Agree to Strengthen Cooperation in Financial Services
OJK and Korea Financial Services Commission agreed to continue to enhance cooperation in the financial services sector, especially in the face of the era of digital transformation. The agreement was signed at an Indonesia-Korea Financial Cooperation Forum event held by OJK in Jakarta on September 10, 2019. The event was attended by nearly 150 participants from the financial services sector in Indonesia and Korea and was focused on the theme of technological development in the financial services sector.
Speakers from the two countries exchanged experiences in explaining the development and use of technology in the financial services sector as well as the approaches and policies adopted. The main discussion in the forum was held on topics such as development of fintech, the future of the financial services industry, and the role of technology in the banking sector, non-banking financial industry, and capital markets. On a separate occasion, during a bilateral meeting between OJK and Korea Financial Services Commission, an OJK official said that fintech can be a solution to improve access to financial services in the regions. Therefore, Indonesia is open to cooperation in the financial services sector with various parties to increase the capacity of the Indonesian financial services sector to utilize technology in financial services.
Related Link (in Indonesian): Press Release
Keywords: Asia Pacific, Indonesia, Korea, Banking, Securities, Non-Banking Institutions, Fintech, FSC, OJK
Previous Article
IASB Issues Work Plan and Meeting Updates for October 2018Next Article
RBNZ Consults on Framework for Identifying D-SIBsRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
