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| Financial Supervisory Service (FSS) Governor Lee Bok-hyun, right, receives a gift from Mahendra Siregar, head of Otoritas Jasa Keuangan (OJK), Indonesia's financial regulator, in Jakarta, Thursday. The two signed an MOU to enhance mutual understanding and partnership, including launching an employee exchange program. Courtesy of FSS |
By Lee Min-hyung
Korea's Financial Supervisory Service (FSS) has joined hands with its Indonesian counterpart over launching an employee exchange program, with a view to expanding Korean financial firms' footing in the Southeast Asian country.
The partnership was clinched on May 12 during FSS Governor Lee Bok-hyun's visit to the country. Under the agreement with Indonesia's Otoritas Jasa Keuangan (OJK), the top financial regulator there, they will launch the program sometime in the latter half of 2023.
"Both countries' regulatory partnerships will be elevated further through the program," Lee said. "We will provide practical assistance by running the program sincerely with our Indonesian counterpart."
The FSS expects the latest partnership to strengthen financial ties between the two countries and help Korean financial firms in Indonesia expand their foothold there. Each authority will send senior-level officials for the six-month exchange program.
"We hope the program serves as a stepping stone to tighten financial supervisory systems between the two," OJK Chairman Mahendra Siregar said. "The program will not end as a one-time event, and will keep being improved."
After clinching the partnership, OJK held a banquet to celebrate the two entities' relationship. Lee and leaders of Korea's seven financial firms joined the event, the FSS said.
