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Jakarta, 16 November 2024. Indonesian Financial Services Authority (OJK) conducted a bilateral meeting with Korea Financial Supervisory Service (FSS) to discuss collaboration and coordination on cross-border supervision of Financial Services Institutions (FSIs) and explore potential future partnerships.

The meeting, led by Chairman of Board of Commissioners of OJK Mahendra Siregar and FSS Governor, Lee Bokhyun, took place in Jakarta on Friday, 15 November 2015, focusing on supervisory measures for FSIs under both authorities, cross-border supervision of Korean financial institutions operating in Indonesia, and supervisory coordination..

Chairman of Board of Commissioners of OJK, Mahendra Siregar emphasized that the meeting aimed to enhance FSI supervisory functions and deepen the bilateral relationship between OJK and FSS.

"Both authorities need to engage in in-depth discussions on supervising Korean financial institutions in Indonesia, including their business plans, to gain a deeper understanding of current conditions," said Mahendra.

On the same occasion, Governor Lee Bokhyun of FSS also expressed appreciation for the bilateral meeting between OJK and FSS, which would strengthen collaboration between the two authorities.

"FSS is open to data and information exchanges with OJK to enhance the quality of banking and insurance supervision in both countries," said Lee.

Currently, there is one Indonesian bank with a branch office in Seoul, Korea, namely Bank Negara Indonesia (BNI). Meanwhile, six Korean banks are operating in Indonesia, namely PT Bank KB Bukopin, PT Bank Woori Saudara Indonesia, PT Bank KEB Hana, PT Bank Shinhan Indonesia, PT Bank IBK Indonesia, and PT Bank Oke Indonesia.

In the insurance sector, Indonesia does not have insurance companies operating in Korea. However, six Korean insurance companies operate in Indonesia: PT Hanwa Life Insurance Indonesia, PT Asuransi Tugu Pratama Indonesia Tbk, PT Lippo General Insurance Tbk, PT Kookmin Best Insurance Indonesia, PT Asuransi Samsung Tugu, and PT Meritz Korindo Insurance.

The two authorities have maintained a formal partnership through a Memorandum of Understanding (MoU) signed in April 2015. This agreement has been implemented through various activities, including meetings, seminars, study visits, on-site inspections, and secondment programs.

Through this meeting, both authorities reaffirmed their commitment to continue strengthening and enhancing bilateral cooperation, particularly in the coordination of supervision in the financial services sector.