Agreement on Mutual Dispatch of Outstanding Employees between the Financial Supervisory Service and Indonesian Financial Authorities

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Expectations for Strengthened Support for Korean Companies' Local Expansion

The Financial Supervisory Service (FSS) and the Indonesia Financial Services Authority (OJK) have agreed to dispatch outstanding employees to each other’s institutions to enhance understanding of each system and build friendly relations.

On the 14th, the FSS announced that it had reached this memorandum of understanding with OJK on the 12th in Indonesia.

The dispatched personnel will be senior-level or above, with a dispatch period of six months, which can be shortened or extended by mutual agreement.

Accordingly, various training programs related to each country’s financial regulations and financial industry status will be provided to the exchanged trainees. OJK will prepare training on local supervisory systems such as bank supervision, fintech (finance + technology), and suptech (supervision + technology) trends, while the FSS will prepare training on insurance and consumer protection-related supervisory and inspection systems. After practical consultations on the selection of detailed trainees and the preparation of training courses, the exchange program is scheduled to be implemented in the second half of this year.

The FSS expects that this cooperation will greatly help Indonesian financial authorities understand domestic systems and resolve regulatory-related local business difficulties for Korean financial companies that have entered or plan to enter Indonesia. Additionally, as this is the first time the FSS has dispatched employees mutually with a financial supervisory agency of a specific country for a certain period, it is expected to expand cooperation with Southeast Asian countries and strengthen support for Korean financial companies’ efforts to expand into Southeast Asia.

Meanwhile, on the 11th, the FSS and OJK hosted a commemorative dinner to celebrate the 50th anniversary of diplomatic relations between Korea and Indonesia and the signing ceremony of the memorandum of understanding to promote financial cooperation between the two countries. OJK invited Lee Bok-hyun, Governor of the FSS, along with CEOs and executives from seven Korean financial companies and ambassadors from both countries. Mahendra Siregar, Chairman of OJK, and other high-ranking executives also attended in large numbers.

On the 12th (local time), Mahendra Siregar, the head of the Indonesia Financial Services Authority (OJK), is presenting a souvenir to Lee Bok-hyun, the governor of the Financial Supervisory Service. (Photo by Financial Supervisory Service)

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