Singapore and Indonesia Deepen Collaboration in Fintech
On November 10, the Monetary Authority of Singapore (MAS) and the Otoritas Jasa Keuangan (OJK) have signed a Memorandum of Understanding (MoU) on cooperation in financial technology, extending upon an existing MoU from 2018 to support technological innovation the financial sector. This partnership helps financial institutions and fintech firms from both nations tap into opportunities in fintech developments. These include digital financial assets and artificial intelligence in financial services.
The renewed MoU aims ensures consumer protection, supports MSMEs and financial inclusion. The substance includes sharing of knowledge and best practices, cooperation between the relevant financial industries and engagement of industry bodies, referring fintech firms to participate in each other’s regulatory sandboxes, and facilitating the flow of information across borders when fintech firms conduct businesses within their scope of activities.
Mr Hasan Fawzi, Chief Executive of Financial Sector Technological Innovation, Digital Financial Asset and Crypto Asset Supervision, and member of the OJK Commissioner Board, stated that the MoU underscores OJK’s commitment to responsible innovation, advancing cross-border digital finance while upholding strong consumer protection, market integrity, and financial stability. If implemented effectively, the MoU will catalyse sustainable growth through digital finance across Indonesia, Singapore and the wider ASEAN region.