OJK to work jointly with Singapore, Japan, Malaysia on fintech

OJK to work jointly with Singapore, Japan, Malaysia on fintech

Financial Services Authority (OJK) Chairman Wimboh Santoso delivered a keynote speech at a seminar in Jakarta, Tuesday (September 9, 2019). (ANTARA/Astrid Faidlatul Habibah/GTM)

Jakarta (ANTARA) - The Financial Services Authority (OJK) will collaborate with the Monetary Authority of Singapore (MAS), Japan Financial Service Authority, and Security Exchange Commission Malaysia to develop financial technology (fintech).

OJK Chairman Wimboh Santoso stated here on Tuesday that the financial service offices are yet under discussion over the collaboration's rules and mechanism.

"We will soon ink the agreement," Santoso stated at his office.

The collaboration was part of the "regulatory sandbox" and "supervisory technology" (Sup-Tech) strategies imposed by the OJK to maintain a safe and creative environment for the financial technology industry, Santoso explained.

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Santoso remarked that these strategies were launched in line with President Joko Widodo's instructions on development of financial technology.

Regulatory sandbox is a framework established by the authority to support small-scale companies and start-up incubators to develop financial technology business by offering tax exemptions, subsidies, and grants.

In the meantime, Sup-Tech is a Big Data-based supervision system that has been utilized by the OJK. Related news: Indonesia's economic growth maintained despite trade war: minister

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