OJK Strengthens Cooperation With The Ministry Of Finance To Encourage Data And Information Exchange

JAKARTA - The Financial Services Authority (OJK) and the Ministry of Finance (Kemenkeu) have agreed on the implementation of data exchange between the two institutions as implementation of the previously carried out Cooperation Agreement (PKS).

OJK Deputy Commissioner for Financial System Stability Agus E. Siregar said that this collaboration is expected to further increase cooperation between the two institutions to support the realization of a policy-making culture and decisions based on data analysis or information so that it is more targeted, effective, efficient, accurate and accountable.

Agus added that the cooperation between OJK and the Ministry of Finance is part of a collaborative policy carried out by his party with various Ministries/Institutions considering that inter-institutional data exchange is important in decision making.

"The availability of data and the speed of data exchange between institutions such as in the financial services sector is very important. So data exchange based on experience in making fast decisions and good policy formulation is basically a solid exchange of data and information between various authorities," Agus said in his statement, quoted Wednesday, March 20, 2024.

Meanwhile, this activity is a follow-up to the Memorandum of Understanding between the OJK and the Ministry of Finance which was signed by the Chairman of the OJK Board of Commissioners and the Minister of Finance of the Republic of Indonesia on November 11, 2020 and the PKS of the Ministry of Finance and the OJK regarding Provision, Exchange and/or Utilization of Data and/or Information in the Implementation of Tasks and Functions of the Ministry of Finance and OJK on September 25, 2023.

Secretary-General of the Ministry of Finance Heru Pambudi on that occasion expressed his appreciation for the synergy between the OJK and the Ministry of Finance in exchanging data to create a good financial ecosystem for Indonesia.

"This synergy is expected to make the financial sector ideal and make Indonesia a place where the financial sector can develop well and Indonesia can progress because the financial sector is advanced. The ultimate goal is to make Indonesia better," said Heru.

With the Kick Off agenda, the implementation of PKS Data Exchange between the Ministry of Finance and OJK is the momentum of the two institutions to be able to carry out PKS with full responsibility, meet data needs and or inter-institutional information as well as possible.

In the future, the implementation of cooperation between OJK and the Indonesian Ministry of Finance will continue to be improved, both in providing inter-institutional data needs, increasing technology in data exchange mechanisms, as well as coordinating analysis of data utilization and/information.

Synergy and collaboration between OJK and the Indonesian Ministry of Finance with other relevant ministries/agencies and stakeholders are the keys to success in carrying out the duties and functions of each institution.