Jakarta (Antara Bali) -- Indonesia's Financial Services Authority (OJK) and the Central Bank of Timor-Leste have discussed establishing cooperation to improve institutional capacity and expertise as administrators of the financial sector in their respective countries.
"Indonesia's Financial Services Authority supports the development of the industry in Timor-Leste. So the OJK will share experiences and knowledge through cooperation in regulation development," Chairman of the Board of Commissioners of the OJK Muliaman D. Hadad said here on Wednesday.
The cooperation was agreed upon in the meeting between the OJK and the Central Bank of Timor-Leste in Jakarta on Wednesday.
A few agreements in the meeting will be recorded in a Memorandum of Understanding (MoU), which will be completed within this year.
The MOU will include home-host supervision, financial inclusion and financial education.
Hadad further noted that the MoU is crucial to expand Indonesian banking in Timor-Leste.
Furthermore, Governor of the Central Bank of Timor-Leste Abraao de Vasconselos said that the two institutions communicated to avoid differences in opinion that may arise and hinder licensing procedures and the supervision of financial institutions.
The meeting was attended by other OJK commissioners and a delegation of the Central Bank of Timor-Leste. (WDY)
COPYRIGHT © ANTARA News Bali 2015
"Indonesia's Financial Services Authority supports the development of the industry in Timor-Leste. So the OJK will share experiences and knowledge through cooperation in regulation development," Chairman of the Board of Commissioners of the OJK Muliaman D. Hadad said here on Wednesday.
The cooperation was agreed upon in the meeting between the OJK and the Central Bank of Timor-Leste in Jakarta on Wednesday.
A few agreements in the meeting will be recorded in a Memorandum of Understanding (MoU), which will be completed within this year.
The MOU will include home-host supervision, financial inclusion and financial education.
Hadad further noted that the MoU is crucial to expand Indonesian banking in Timor-Leste.
Furthermore, Governor of the Central Bank of Timor-Leste Abraao de Vasconselos said that the two institutions communicated to avoid differences in opinion that may arise and hinder licensing procedures and the supervision of financial institutions.
The meeting was attended by other OJK commissioners and a delegation of the Central Bank of Timor-Leste. (WDY)
Editor : I Gusti Bagus Widyantara
COPYRIGHT © ANTARA News Bali 2015