We are optimistic of an effective framework and cooperation between both countries, especially for developing a financial ecosystem
Jakarta (ANTARA) - The Financial Services Authority (OJK) and Malaysian Securities Commission (SC) signed a cooperation agreement to strengthen the financial technology (fintech) industry, with the chief focus on spreading digital financial literacy among people of both nations.

"We are optimistic of an effective framework and cooperation between both countries, especially for developing a financial ecosystem," Deputy Chairman of the OJK Board of Commissioners Nurhaida stated during the 2020 Virtual Innovation Day in Jakarta, Monday.

The memorandum of understanding was signed separately by Nurhaida with Chairman of SC Malaysia Datuk Syed Zaid Albar in each country though was broadcast virtually.

According to Nurhaida, the OJK has in place a digital financial innovation roadmap and an action plan for 2020-2024 that aligns with its efforts to protect consumers in the digital era.

In the meantime, he affirmed that collaboration is the focus of the roadmap based on the world currently becoming increasingly connected and the pressing need for regulators to boost cross-border cooperation, especially in the ASEAN region.

"This cooperation can offer benefits for both authorities," Nurhaida stated.

Meanwhile, Chairman of SC Malaysia Syed Zaid Albar believes that cooperation between the two institutions was a strategic step to continue market growth in both nations.

"This marks an important leap for the OJK and SC. We share a common goal of supporting innovation in our respective capital markets, and we can build and scale up each of our fintech industries regardless of their size," Nurhaida stated.

Nurhaida expounded that under the agreement, both will build a framework for cooperation and referrals between the two jurisdictions and include direct linking of fintech in Malaysia and Indonesia.

"The MoU will facilitate information sharing, training, and regulatory development in fintech and provide opportunities for joint project collaboration, as well as facilitate referrals for fintech businesses that are keen to operate in both jurisdictions," Nurhaida added.
Related news: Bank loans grow 1.49 pc in first half of 2020: OJK

Related news: Positive sentiment returning to capital market: OJK

EDITED BY INE

Translator: Dewa K, Azis Kurmala
Editor: Fardah Assegaf
Copyright © ANTARA 2020