OJK and Cambodia FSA Collaborate to Supervise the Non-Bank Financial Sector

Phnom Penh: The Financial Services Authority (OJK) is collaborating with the Non-Bank Financial Services Authority of Cambodia (Cambodia FSA) on regulation and supervision of the non-bank financial sector as a commitment to support global financial system stability, including at the regional level.

The signing of the Memorandum of Understanding (MoU) between OJK and Cambodia FSA was carried out by the Deputy Commissioner for Financial System Stability as acting OJK Deputy Commissioner for International and Handling Anti-Money Laundering-Terrorism Financing Prevention Agus Edy Siregar with Secretary General of the Ministry of Economy and Finance and Secretary General of the General Secretariat of the Non-Bank Financial Services Authority MEY Vann.

“We appreciate FSA Cambodia's commitment to encouraging the development of a resilient financial sector. We are also proud that Indonesia has become a benchmark for FSA Cambodia in developing its financial services sector," Agus said in a press release, Tuesday, August 8, 2023.

After the MoU agreement, the activities continued with joint seminars discussing topics of concern to the financial services sector at the global level, namely Sustainable Finance and Financial Stability.

On this occasion, OJK served as a resource person on both topics with participants from the Cambodian financial regulator and Cambodian financial sector stakeholders.

"Sustainable finance and financial system stability are two topics that contribute to each other in creating a healthy financial ecosystem,” added Agus.

"Obviously OJK will support Cambodia FSA's initiative in implementing a credible and prosperous Sustainable Finance and Financial System Stability program," Agus added.

The relationship between OJK and FSA Cambodia has been established since 2022, starting with an inter-agency knowledge sharing program on the regulation and supervision of the financial services industry, especially in the capital market sector and the non-bank financial industry.

"With this MoU, it is expected that OJK and FSA Cambodia can contribute to each other in supporting financial system stability at the regional to global level," he concluded.