On Thursday night, a Memorandum of Understanding (MOU) for cooperation between ACFS and Indonesia’s OJK Institute (an initiative of the Indonesian Financial Services Authority, Otoritas Jasa Keuangan) was signed at a ceremony hosted by the Australia Indonesia Business Council in Melbourne. The objectives of the MOU are to enhance the capacity of OJK Institute staff in financial sector research and to develop a network of financial regulators, policymakers, researchers, and practitioners across Australia and Indonesia.
The OJK Institute was represented at the ceremony by Toto Zurianto, Department Head of the OJK Institute, and Dr Muliaman Hadad, Chairman of OJK. ACFS was represented by Professor Colm Kearney, Dean of the Faculty of Business and Economics at Monash University, and Amy Auster, Executive Director of ACFS. Mr Zurianto and Dr Hadad were visiting Australia as part of a high-level delegation of Indonesian economic officials.
Areas of cooperation covered by the MOU include research into financial literacy, microfinance, banking industry development, capital markets development, and regulatory responses to emerging technologies such as fintech.
“I am delighted to have entered into this Memorandum of Understanding with the OJK Institute. It heralds the start of an exciting period of cooperation between our respective organisations,” said Ms Auster. “Indonesia is one of Australia’s most important economic partners. A number of Australian financial institutions have a presence in Indonesia, and there are plans underway for an Indonesian bank to open a branch in Victoria. The time is ripe for closer cooperation in financial sector research.”
The MOU’s signing comes about six weeks after a visit by Dr Hadad’s team to ACFS to discuss opportunities for deepening relationships with foreign researchers. OJK staff noted that they have established the OJK Institute to conduct public policy research and better coordinate existing research produced by the Asian Development Bank, World Bank, and other international organisations.
ACFS would like to acknowledge Gavin Forte, Lead Finance Sector Adviser at the Australia Indonesia Partnership for Economic Governance (AIPEG), and Professor Edward Buckingham, Director of Engagement at Monash Business School, for their assistance in facilitating this MOU.