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Australian Securities Investment Commission Signs Fintech Cooperation Agreement with Indonesia

The Australian Securities Investment Commission (ASIC) has entered into a Cooperation Agreement (Agreement) with Indonesia’s financial services sector regulator Otoritas Jasa Keuangan (OJK) which focuses on promoting innovation in financial services in their respective markets.

The Agreement establishes a framework for cooperation between ASIC and OJK in the expanding space of financial services innovation, including an agreement to share information on emerging market trends and regulatory issues arising from the growth in innovation.

ASIC and OJK are of the view that through cooperation with each other, each will be able to further promote innovation in their respective markets.

For Australia, this Agreement can be seen as confirmation of ASIC’s strong profile among financial services regulators within the region and its longstanding relationship with OJK. With Indonesia positioned as the largest economy in south-east Asia with a fast growing financial technology sector, the creation of the Agreement is positive for the financial services industry in the region.

ASIC Commissioner, John Price said of the Agreement ‘Many fintechs are not constrained by national borders and it is fundamental that we leverage this to share views, exchange information and to discuss some of the challenges that this can create for fintech businesses and the community.’

ASIC has previously entered into similar agreements with the Monetary Authority of Singapore, the UK Financial Conduct Authority, the Ontario Securities Commission and Capital Markets Authority of Kenya.

Claire de Koeyer contributed to this post.

Copyright 2017 K & L Gates

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About this Author

Jim Bulling, KL Gates, financial services lawyer, funds management attorney
Partner

Mr. Bulling's practise focuses on banking and financial services and he acts for a range of entities in the financial services and funds management industry. His clients include Australian and international investment managers, banks, trustees of superannuation funds, wholesale and retail investment trusts, funds management companies and financial planning groups.

His main areas of focus include banking and financial product disclosure issues, financial services compliance issues, financial product distribution issues and superannuation and...

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