OJK-Toronto Center Cooperates In Financial Stability

Nusa Dua (Antara Bali) - The Financial Service Authority (OJK) and Canada`s Toronto Center agreed to cooperate in increasing capacity, and improving effectiveness and efficiency of the Indonesian agency in carrying out its supervisory duty to sustain the stability of financial system in Indonesia.

"In order to improve the capacity of OJK in supervising financial industry we have received a lot of assistance especially to improve the skills of OJK officials as financial industry is highly dynamic , growing fast unhampered by geographical border," OJK chief commissioner Muliaman D. Hadad said here on Tuesday.

The memorandum of understanding was signed by Muliaman and President of Toronto Centre, Babak Abbaszadeh.

Muliaman said the cooperation between the two agencies gave emphasis on improvement of capacity in banking , stock market and insurance supervision.

In addition to increase in prudential supervisory capacity both sides agreed to increase financial literacy, protection of consumers and financial transaction supervision, he said.

He said after Indonesia lifted itself from the 1997/1998 monetary crisis, the Toronto-based non profit agency has maintained intensive contacts with Indonesia.

He said the newly signed cooperation agreement would be reviewed every three years.

The choice of Toronto Centre, apart from the long relations,is the reputation of the Canadian agency and its vast experience in various countries in the world, he said.

President of Toronto Centre, Babak Abbaszadeh, said the memorandum of understanding was a result of close relations in the past three years. The agency, earlier, even already trained at least 650 finance affairs officials and supervisors in Indonesia.

"This constitutes an extraordinary momentum to cement important and sustainable cooperation with OJK," Babak said. (WDY/DWA)