OJK Supports Strengthening ASEAN Banking Integration

JAKARTA - The Financial Services Authority (OJK) continues to support strengthening the integration of ASEAN banking in responding to global challenges in the digital era.

This was conveyed as stated in the 14th meeting of the Working Committee on ASEAN Banking Integration Framework (WC-ABIF) held by OJK with Bank Indonesia and the State Bank of Vietnam in a series of ASEAN 2023 financial track meetings on Wednesday, July 12 in Yogyakarta.

"OJK as Co-Chair WC-ABIF chaired the meeting and discussed the main agenda regarding the development of ABIF Review towards the integration of ASEAN banking in the digital era," said Head of the Department of Literacy, Financial Inclusion and Communications at OJK Aman Santosa in an official statement, as reported by Antara.

In the 14th meeting of WC-ABIF, the Task Force on Supervisory Arrangement (TFSA) and Terms of Reference & Mandate WC-ABIF surveys in supporting Indonesia at the Chairship of ASEAN 2023 were also discussed.

The WC-ABIF has completed an ABIF Review and Private Sector Outreach survey with the regional banking industry to complete the ABIF Review which is a year-long work program.

WC-ABIF has also compiled a Progress Report-ABIF Review which includes the implementation of the work program until the second half of 2023.

Furthermore, the decision at the WC-ABIF meeting, including related to the Progress Report-ABIF Review, will be reported by the Chairperson of the WC-ABIF at the ASEAN Finance & Central Bank, Deputy for Meeting-Working Group (AFCDM-WG) on July 14, 2023, to cover the series of meetings on the ASEAN financial line.

On the same occasion, the ASEAN Bankers Association (ABA) was present at a meeting to convey topics related to the Trade Finance Fraud and how technology can help mitigate double financing and facilitate trade and investment activities, especially export-imports in Southeast Asia.

"OJK continues to encourage the development of the financial services sector to grow healthy, sustainable, and can contribute more in improving the national economy and people's welfare," said Aman.