Japan’s Financial Services Agency (FSA) and the Financial Services Authority of Indonesia (Otoritas Jasa Keuangan: OJK) have exchanged letters on FinTech Cooperation Framework regarding Innovation in the financial sector.
This will lead to increased exchanges regarding innovative trends and strengthen the cooperative relationship between the two authorities. The cooperation framework also includes referral mechanisms for financial innovators, which will therefore facilitate their entry into Indonesian or Japanese markets.
Indonesia and Japan have built connections with each other in the field of supervision and other financial cooperation. As innovative financial services expand on a global scale, tightening the relationship between authorities becomes more important.