To develop the financial technology (fintech) industry, the Financial Services Authority (OJK) is working with the Malaysian Securities Commission. This was done so that the two regulators could develop and study the policies of each country.
Deputy Chairman of the OJK Board of Commissioners, Nurhaida, said that current industry players must also increase technological innovation.
“The business model and exploring opportunities for business development must be carried out in other jurisdictions,” he said in a virtual discussion, Monday (24/8/2020).
He explained that this collaboration is expected to form a digital financial ecosystem that is effective and useful for regulators for the development of digital financial products and services.
“I hope that in the future, becoming a member of the Global Financial Innovation Network can accelerate digital innovation in Indonesia,” he explained.
This collaboration was carried out online by Nurhaida with SC Malaysia chairman Datuk Syed Zaid Albar. Syed Zaid said that cooperation with OJK is expected to be a strategic step to continue market growth in the two countries.
This cooperation also aims to build a framework for cooperation and referrals between the two countries.
“This MoU is to facilitate information, training, and regulatory development in fintech to provide opportunities for collaboration and business,” he said.