OJK Seeks Bilateral Financial Services Agreement With China in Q1
Jakarta. Indonesia’s Financial Services Authority, or OJK, is expected to sign a bilateral agreement with China’s financial authority within the first three months of the year, on the hopes of creating a smoother path for Indonesian lenders to expand into the world’s second-biggest economy.
“A pre-agreement has been signed, but it was only a letter of intent to speed up the actual agreement that must be reciprocal in nature. We hope to sign the agreement in the near future,” said OJK’s international director Triyono on Thursday.
He stressed that any bilateral agreement being pushed by OJK must be beneficial for both countries.
OJK and Bank Indonesia recently signed a bilateral agreement with the Malaysian central bank — Bank Negara Malaysia — pledging to create a more favorable environment for Indonesian lenders that seek to expand in Malaysia and vice versa.
The agreement was pushed against the backdrop of the upcoming Asean Economic Community, a regional integration initiative that’s set to start at the end of the year.
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