The signing of the memorandum of understanding was carried out on the sidelines of the Indonesia-Singapore Annual Leaders` Retreat in Nusa Dua, Bali, on Thursday night (11/10).
The agreed points of the MoU include exchange of information for the development and trends of financial technology markets and promoting innovation projects between the two countries.
As part of the agreement, the two authorities will formulate a framework to assist financial technology companies in exploring regulations and opportunities from each jurisdiction.
This condition will help remove obstacles experienced by the financial technology industry that want to penetrate the market.
Chairman of Financial Services Authority`s (OJK) Board of. Commissioners Wimboh Santoso said the collaboration with the Monetary Authority of Singapore (MAS) was expected to be able to support the development of the financial technology market and the establishment of innovative financial services for both countries.
Meanwhile, Managing Director of MAS Ravi Menon said that Singapore and Indonesia have the fastest growing market for financial technology industry.
For this reason, this commitment can increase innovation in financial services to encourage the spirit of financial inclusion in the region.
"This MoU also increases the opportunity to strengthen cross-border cooperation in promoting ecosystem of the financial technology in ASEAN," Menon said.
ASEAN comprises Indonesia, Singapore, Malaysia, Brunei
Darussalam, Thailand, the Philippines, Laos, Cambodia, Vietnam, and Myanmar.
Reporting by Satyagraha
Editing by Azis Kurmala, Rahmad Nasution