Ada Pertanyaan? Hubungi Kami 
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Ada Pertanyaan? Hubungi Kami Christina Desy, Fathan Qorib
As the start of the ASEAN Economic Community (AEC) draws nearer, the Financial Services Authority (OJK) is striving to properly prepare domestic financial institutions to be able to deal with the consequent market liberalization. It is also hoped that Indonesian financial institutions will be able to better compete at the regional and international levels.
Muliaman D. Hadad, Chairman of OJK’s Board of Commissioners, is encouraging financial institutions to better manage their internal matters, such as strengthening their capital flow and updating their technology, while the OJK manages the external factors.
In terms of policy-making, Mr. Hadad confirmed that the OJK has already taken a number of preparatory measures. One fundamental measure is to revise or issue regulations related to financial institutions to protect the interests of the domestic financial industry.
“The OJK has revised a number of new regulations on non-bank financial institutions, such as financing companies and insurance,” said Mr. Hadad in Palembang last Thursday.
Other than regulations, the OJK is also attempting to establish cooperation with other ASEAN countries under the reciprocal principle. The OJK is currently focusing on establishing cooperation with Malaysia and Singapore, as Indonesian financial institutions often complain of the unfair treatment they face in attempting to penetrate the Malaysian and Singaporean markets.
“We are now currently negotiating this, and it is estimated that a memorandum of understanding with Malaysia will be concluded by the end of this year,” said Mr. Hadad.
On the bigger picture, Mr. Hadad emphasized that AEC should act a medium for cooperation amongst ASEAN countries under the spirit of mutualism. By doing so, no country will be left behind as all ASEAN countries can gain equal benefits from integration under the AEC.
Accordingly, Mr. Hadad believes it important to support this vision with capacity building in each ASEAN country. In Indonesia, for instance, capacity building is prioritized on improving and increasing the competitiveness of Indonesian human resources.
Sharing Mr. Hadad’s view, Farid Rahman, Deputy Chairman of the National Banks Association (Perhimpunan Bank Nasional), also believes that Indonesia must be armed with certain strategies to deal with the AEC, especially in the case of banking integration in 2020. Mr. Rahman suggests that national banks develop their products in accordance with consumer needs and technological developments.
“Financial institutions must be open to current developments and must be adaptive in terms of strategy,” said Mr. Rahman.
If national banks are able to provide innovative products and services, Mr. Rahman is optimistic that they can increase profits under market liberalization which will also further increase Indonesia’s economic growth.
(hot/kc)
Christina Desy, Fathan Qorib
As the start of the ASEAN Economic Community (AEC) draws nearer, the Financial Services Authority (OJK) is striving to properly prepare domestic financial institutions to be able to deal with the consequent market liberalization. It is also hoped that Indonesian financial institutions will be able to better compete at the regional and international levels.
Muliaman D. Hadad, Chairman of OJK’s Board of Commissioners, is encouraging financial institutions to better manage their internal matters, such as strengthening their capital flow and updating their technology, while the OJK manages the external factors.
In terms of policy-making, Mr. Hadad confirmed that the OJK has already taken a number of preparatory measures. One fundamental measure is to revise or issue regulations related to financial institutions to protect the interests of the domestic financial industry.
“The OJK has revised a number of new regulations on non-bank financial institutions, such as financing companies and insurance,” said Mr. Hadad in Palembang last Thursday.
Other than regulations, the OJK is also attempting to establish cooperation with other ASEAN countries under the reciprocal principle. The OJK is currently focusing on establishing cooperation with Malaysia and Singapore, as Indonesian financial institutions often complain of the unfair treatment they face in attempting to penetrate the Malaysian and Singaporean markets.
“We are now currently negotiating this, and it is estimated that a memorandum of understanding with Malaysia will be concluded by the end of this year,” said Mr. Hadad.
On the bigger picture, Mr. Hadad emphasized that AEC should act a medium for cooperation amongst ASEAN countries under the spirit of mutualism. By doing so, no country will be left behind as all ASEAN countries can gain equal benefits from integration under the AEC.
Accordingly, Mr. Hadad believes it important to support this vision with capacity building in each ASEAN country. In Indonesia, for instance, capacity building is prioritized on improving and increasing the competitiveness of Indonesian human resources.
Sharing Mr. Hadad’s view, Farid Rahman, Deputy Chairman of the National Banks Association (Perhimpunan Bank Nasional), also believes that Indonesia must be armed with certain strategies to deal with the AEC, especially in the case of banking integration in 2020. Mr. Rahman suggests that national banks develop their products in accordance with consumer needs and technological developments.
“Financial institutions must be open to current developments and must be adaptive in terms of strategy,” said Mr. Rahman.
If national banks are able to provide innovative products and services, Mr. Rahman is optimistic that they can increase profits under market liberalization which will also further increase Indonesia’s economic growth.
(hot/kc)