Phnom Penh. The Indonesian Financial Services Authority, commonly known as OJK, has joined forces with its Cambodian counterpart to bolster the supervision of non-bank financial institutions and contribute to the stability of the global financial system.

Agus Edy Siregar, OJK's Deputy Chairman for Financial System Stability, said on Tuesday that a memorandum of understanding for this bilateral partnership was signed in Phnom Penh on Monday.

"We commend Cambodia FSA's dedication to promoting the growth of a robust financial sector. It's an honor for Indonesia to serve as a model for Cambodia's FSA in advancing its financial services sector," Agus said in a press statement.

The signing ceremony was followed by a seminar on global financial services, where OJK representatives assumed the role of speakers, addressing an audience comprised of Cambodian financial regulators and representatives from business entities.

Agus said the interconnectedness of sustainable finance and financial stability, underscoring the importance of creating a sound financial ecosystem. He also affirmed OJK's full support for Cambodia's FSA initiatives aimed at achieving these goals.

The collaboration between OJK and the Cambodian FSA dates back to 2022, initially focusing on knowledge exchange programs related to regulations and supervisory responsibilities concerning non-bank financial institutions.