Indonesia, Australia agree to develop fintech

Jakarta (ANTARA News) - Indonesian Financial Service Authority (OJK) and Australian Securities and Investments Commision (ASIC) have agreed to cooperate in the exchange of information in the areas of innovation in the financial services sector, including the development of technology-based financial services (Fintech).

In a press statement here, Friday, the agreement on the cooperation was signed by OJK Board of Commissioners Chairman Muliaman D. Hadad and ASIC Commissioner John Price at the ASIC office in Melbourne, Australia, recently.

Muliaman expressed hope that the OJK-ASIC cooperation could improve innovation in the financial service industry in Indonesia, and strengthen the relations in financial service sectors of both the countries.

According to him, technology-based financial services industry is growing rapidly in the world, including in Indonesia, where some 165 Fintech pioneering businesses are operating this year.

Cooperation in the field of technology-based financial services with ASIC includes information technology exchange, regulatory development, and "fintech innovation hub" cooperation, among other things.

While in Melbourne, Muliaman also held a meeting with Swinburne University of Technology and Australian Center for Financial Studies (ACFS), which have been doing a lot of research on Fintech.(*)