Indonesia-Thailand to strengthen banking supervision

Indonesia-Thailand to strengthen banking supervision

Chairman of the OJK Board of Commissioner Wimboh Santoso (right) with Bank of Thailand's Governor Veerathai Santiprabhob after signing a Memorandum of Understanding (MOU) on banking supervision in Nusa Dua, Bali, Friday ( Oct 12). (Public Relations of Financial Services Authority)

Nusa Dua, Bali (ANTARA News) - Indonesia`s Financial Services Authority (OJK) and Bank of Thailand signed a memorandum of understanding (MoU) committing efforts to strengthen banking supervision in both countries.

The MoU was signed by Chairman of the OJK Commissioner Wimboh Santoso and Governor of Bank of Thailand Veerathai Santiprabhob on the sidelines of the Annual Meeting of the IMF and World Bank here on Friday.

The MoU contains efforts to strengthen banking supervision in both countries in accordance with the Basel principles on the effectiveness of banking supervision.

Based on the MoU, some main efforts to strengthen banking supervision will be carried out in both countries, including information exchange, cooperation on banking licensing, on-site checking, inherent supervision, and crisis management.

"We will increase cooperation that we already have in order to strengthen the stability of the financial system in both countries," Santoso said.

Meanwhile the Governor of Bank of Thailand, Veerathai Santiprabhob, pointed out that trade and investment cooperation between Indonesia and Thailand definitely needs some efficient cross-border financial service.

"Therefore, this MoU will also enhance the commitment for financial system supervision that will eventually bring benefits to the trade, investment, and economic prosperity of both countries," he added.

(T.Y012/B/KR-BSR/A014) 12-10-2018 22:05:48