ASIC signs fintech pact with Indonesia
An agreement between the Australian Securities and Investments Commission (ASIC) and Indonesia’s Otoritas Jasa Keuangan (OJK) is being used for the establishment of a cooperation framework between the nations to better promote innovation in financial services across the respective markets.
Signed in Melbourne last Friday, the agreement had seen the two nations commit to sharing information on market trends, regulatory concerns, and policy issues around fintech.
ASIC commissioner, John Price, said Australia would benefit from a technology partnership with South-East Asia’s largest economy.
“We look forward to working more closely with OJK on the exciting fintech developments in both our countries,” he said.
“This agreement is also a further reflection of the deep ties between ASIC and OJK.”
Price said the future of innovation within the financial technology space relied heavily on international cooperation and collaboration.
“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,” he said.
AUTHOR
Hope William-Smith
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
