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 ArticleESRB Updates List of National Macro-Prudential Measures in EU
Next ArticleRBNZ Consults on Framework for Identifying D-SIBs
The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.
The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.
The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.
The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups
The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.
The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.
The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.
The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.
Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)
The European Commission (EC) recently adopted regulations with respect to the calculation of own funds requirements for market risk, the prudential treatment of global systemically important institutions (G-SIIs)