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Indonesia signs financial Pact With Australia, South Korea

Indonesia, Australia and South Korea will now cooperate in exchanging informartion on banking supervision.

The scope of the cooperation includes implementation of examination on international banks and cooperation during the examination process, implementation of supervisory colleges and development of bank supervision in general including the establishment of banks outside their home countries.

Bank Indonesia governor Darmin Nasution signed an MoU for the cooperation with the chairman of the Australian Prudential Regulation Authority, John Laker, and the chairman of the Financial Services Commission of Korea, Kim Seok-dong, and the governor of the Financial Supervisory Service of Korea, Kwon Hyouk-se.

“Bank Indonesia is committed to strengthening Indonesian banking supervision through increased cooperation with banking supervision authorities abroad so that supervision of banking groups operating internationally would be more effective,” Darmin said.

Darmin said the cooperation is a concrete step to follow up on the Financial Sector Assessment Program, which refers to a comprehensive analysis of a country’s financial sector that was implemented by the World Bank and the International Monetary Fund in 2009.

“The signing of the MOU is expected to become a good momentum for the institutions concerned to exchange information and increase cooperation in banking supervision so that understanding could be built between supervision authorities and performance of banking industry in the countries concerned could be increased,” Darmin said.

In 2010 Bank Indonesia signed a similar MOU with central banks and financial authorities in Malaysia, China and Singapore.

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