SC collaborates with Indonesia’s OJK to develop fintech framework

PETALING JAYA: The Securities Commission Malaysia (SC) entered into a financial technology cooperation agreement with Indonesia’s financial services regulator, Otoritas Jasa Keuangan (OJK) to establish a collaborative framework to develop the fintech ecosystem in both markets.

OJK Indonesia regulates and supervises the financial services sector, which includes banking, capital markets, and non-bank financial industries sectors.

The agreement between the two regulators aims to facilitate information sharing on emerging trends and regulatory developments in fintech, provide joint innovation project opportunities and facilitate referrals of Fintech businesses seeking to operate in each other’s jurisdiction

SC’s chairman Datuk Syed Zaid Albar stated the signing of the MOU marks an important milestone for both the SC and OJK, as both share the intention to promote innovation in their respective capital markets.

“Through greater collaboration, both Malaysia and Indonesia can develop and scale up our fintech industries in support of the Asean Economic Community,” he said in a press statement.

Since 2017, the SC had established six fintech agreements with global regulators such as the Hong Kong Securities and Futures Commission (SFC), the Monetary Authority of Singapore (MAS) and the Australian Securities and Investments Commission (ASIC), among others.

As a part of its digital agenda it has also introduced various fintech initiatives since 2015, such as being the first jurisdiction in the Asia-Pacific to regulate equity crowdfunding (ECF).

Subsequently, this was followed by regulatory framework for peer-to-peer (P2P) financing, digital investment management (DIM) services and digital asset exchanges (DAX), among others.

In May this year, the SC introduced the framework for online distribution of capital market products through e-Services platforms like e-wallet or e-payment service providers.

source https://www.thesundaily.my/business/sc-collaborates-with-indonesia-s-ojk-to-develop-fintech-framework-DM3608401