Indonesia's Financial Services Authority (OJK) held a bilateral meeting with South Korea's Financial Supervisory Service (FSS) to discuss cooperation and coordination in cross-border supervision of financial service institutions and potential future cooperation.
The meeting, led by chair of the OJK's board of commissioners, Mahendra Siregar, and FSS governor Lee Bokhyun here on Friday, focused on the supervision of financial service institutions by the two authorities, cross-border supervision of Korean financial service institutions operating in Indonesia, and supervisory coordination.
"The two authorities need to have an in-depth discussion on the supervision of Korean financial institutions in Indonesia, including their business plans to have a deeper picture of the current conditions," Siregar said in a statement released here Saturday.
The meeting was held to bolster the financial service institution supervisory function of the OJK and FSS, and strengthen their bilateral relations.
On the same occasion, FSS governor Lee Bokhyun expressed appreciation for the bilateral meeting, which is expected to strengthen collaboration between the two authorities.
He added that the FSS is open to carrying out data and information exchange with the OJK to improve banking and insurance supervision.
Currently, there is one Indonesian bank that has a branch office in Seoul, South Korea. In the insurance sector, there is no Indonesian insurance company operating in South Korea.
Meanwhile, there are six banks and six insurance companies from South Korea that are operating in Indonesia.
The two authorities forged formal cooperation with the signing of a memorandum of understanding (MoU) in April 2015.
Several activities, such as meetings, seminars, study visits, direct inspections, and secondments, are often carried out by the two parties as a form of the cooperation agreed upon in the MoU.
Through the meeting on Friday, both authorities strengthened their commitment to continue and boost bilateral cooperation, especially in the coordination of supervision in the financial services sector.
Editor : Vicki Febrianto
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