The Monetary Authority of Singapore (MAS) and the Financial Services Authority of the Republic of Indonesia, or “Otoritas Jasa Keuangan” (OJK), have signed a memorandum of understanding (MOU) to boost Fintech cooperation and foster innovation in financial services between the two countries.
The MOU is said to facilitate information sharing on emerging Fintech market trends and developments, and promote joint innovation projects between both countries. The signing of the MOU took place on the sidelines of the Indonesia-Singapore Leaders’ Retreat on 11 October 2018.
As part of the MOU, both agencies will establish a framework to help Fintech firms better understand opportunities in each jurisdiction.
Wimboh Santoso, Chairman of Indonesia Financial Services Authority, said the OJK looked forward to fostering a closer collaboration with MAS to support the development of Fintech and innovative financial services across the two jurisdictions.
Ravi Menon, MD of MAS, added that Singapore and Indonesia have vibrant Fintech sectors, and MAS and OJK share a common interest in promoting innovation in financial services to enhance financial inclusion within the region.
“This MOU presents a good opportunity to strengthen cross-border efforts to promote the FinTech ecosystem in ASEAN.”
MAS has signed numerous Fintech agreements with financial regulators around the world.