[ad_1]
As part of the Memorandum of Understanding, the BSP and OJK have reportedly hosted discussions in the areas of supervisory frameworks, consumer protection, financial inclusion, fintech, and capacity building.
The BSP (Bangko Sentral ng Pilipinas) and OJK (Indonesian Financial Services Authority) have signed a cooperation agreement to promote the development of sound and fintech financial regulatory mechanisms in both jurisdictions.
The MoU represents a commitment by both authorities to strengthen bilateral cooperation to further enhance the mutual development of the economic and financial system. In addition, it will provide a framework for dialogue and cooperation between the BSP and OJK.
The BSP and OJK have organized discussions in the areas of supervisory frameworks, consumer protection, financial inclusion, fintech and capacity building.
After the signing of the MoU, the OJK and the BSP held a virtual bilateral meeting and discussed policy responses to Covid-19 and strengthening oversight cooperation.
Last month, the OJK signed a separate cooperation agreement with the SC (Securities Commission) of Malaysia with the aim of establishing a collaborative framework for the development of the fintech ecosystem in Indonesia and Malaysia.
Meanwhile, the BSP is in talks with the Central Bank of Bahrain, the Bank of Mauritius, the National Bank of the Kyrgyz Republic and the British Embassy in Manila to seek cooperation agreements, as well as with the authorities of Indonesia and Singapore to closer institutional cooperation.
With regard to Singapore, the BSP is discussing ways to facilitate data connectivity with regard to the operation of financial institutions across borders.
“The pandemic has provided us with an opportunity to expand our engagement and intensify our policy dialogues,” said BSP Governor Benjamin Diokno.
“Sustained international engagement enables BSP and its peers to continue to learn from each other and pursue mutually beneficial goals.”
Additional reports from PhilStar.
[ad_2]
