OJK Seals Cooperation Deal With Timor Leste's Central Bank
Jakarta. Indonesia's Financial Services Authority (OJK) has signed a memorandum of understanding with the Central Bank of Timor-Leste to ensure a smooth exchange of information and to improve Timor Leste's surveillance capacity in the financial sector, a senior official said.
OJK chairman Muliaman D. Hadad and Banco Central de Timor-Leste (BCTL) Governor Abraão de Vasconselos signed the agreement in Dili on Tuesday (22/3).
"The potential for business in Timor-Leste is quite big because Indonesia is Timor Leste's biggest trade partner," Muliaman said in his speech in Dili.
Muliaman said Bank Rakyat Indonesia, a state-owned lender, is set to offer its services in Timor-Leste. Indonesia's biggest state-owned lender by assets, Bank Mandiri, and insurance company Sinar Mas have already launched operations in the country.
"Besides the surveillance for cross-border financial services, the agreement also covers cooperation in financial inclusion, which will help us improve the economy and reduce poverty," Vasconselos said in a statement.
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