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Ada Pertanyaan? Hubungi Kami Christina Desy, Fathan Qorib
As a part of the implementation of the ASEAN Economic Community (AEC), ASEAN countries are now busy preparing banking sector integration, scheduled to be in place by 2020. To this end, governors of the central banks of the ASEAN member countries have established the ASEAN Banking Integration Framework (ABIF) to provide guidelines for the integration and at the same time establish the criteria for qualified ASEAN banks (QAB).
The ABIF has been signed by all ASEAN countries except Indonesia, as Indonesia sees it as disadvantageous due to a failure to incorporate the reciprocal principle. Past experience indicates that foreign banks can easily carry out business in Indonesia, but not vice versa.
As a solution, the Financial Services Authority (OJK) is taking the approach of implementing bilateral agreements between Indonesia and each ASEAN country to ensure that reciprocal principle is adopted. Once this is completed, the OJK is optimistic that Indonesia will sign the ABIF.
Nelson Tampubolon, OJK’s Executive Head of Banking Supervision, said that Indonesia has already entered into a bilateral agreement with Malaysia. Under this agreement, Indonesia is entitled to operate as many banks as Malaysia can in Indonesia. Currently this means that Indonesia will be able to operate three banks in Malaysia as there are three Malaysian banks operating in Indonesian.
According to Mr. Tampubolon, the OJK will first provide opportunities to state-owned banks, namely Bank Mandiri, Bank Nasional Indonesia (BNI), and Bank Rakyat Indonesia(BRI). The decision to do so is based on a concern that the competition in ASEAN market requires strong capital and human resources. To operate in Malaysia, each Indonesian bank will require capital of MYR 300 million.
“Fortunately, the bilateral agreement specifies that such capital can be stored in five stages,” said Mr. Tampubolon.
Adding to Mr. Tampubolon’s statement, Muliaman D. Hadad, OJK’s Head of Board of Commissioners, indicated that the OJK is currently working on concluding a bilateral agreement between Indonesia and Singapore. With the same objective of incorporating the reciprocal principle, the Indonesia-Singapore agreement is said to adopt similar provisions to the bilateral agreement between Indonesia and Malaysia.
(hot/kc)
Christina Desy, Fathan Qorib
As a part of the implementation of the ASEAN Economic Community (AEC), ASEAN countries are now busy preparing banking sector integration, scheduled to be in place by 2020. To this end, governors of the central banks of the ASEAN member countries have established the ASEAN Banking Integration Framework (ABIF) to provide guidelines for the integration and at the same time establish the criteria for qualified ASEAN banks (QAB).
The ABIF has been signed by all ASEAN countries except Indonesia, as Indonesia sees it as disadvantageous due to a failure to incorporate the reciprocal principle. Past experience indicates that foreign banks can easily carry out business in Indonesia, but not vice versa.
As a solution, the Financial Services Authority (OJK) is taking the approach of implementing bilateral agreements between Indonesia and each ASEAN country to ensure that reciprocal principle is adopted. Once this is completed, the OJK is optimistic that Indonesia will sign the ABIF.
Nelson Tampubolon, OJK’s Executive Head of Banking Supervision, said that Indonesia has already entered into a bilateral agreement with Malaysia. Under this agreement, Indonesia is entitled to operate as many banks as Malaysia can in Indonesia. Currently this means that Indonesia will be able to operate three banks in Malaysia as there are three Malaysian banks operating in Indonesian.
According to Mr. Tampubolon, the OJK will first provide opportunities to state-owned banks, namely Bank Mandiri, Bank Nasional Indonesia (BNI), and Bank Rakyat Indonesia(BRI). The decision to do so is based on a concern that the competition in ASEAN market requires strong capital and human resources. To operate in Malaysia, each Indonesian bank will require capital of MYR 300 million.
“Fortunately, the bilateral agreement specifies that such capital can be stored in five stages,” said Mr. Tampubolon.
Adding to Mr. Tampubolon’s statement, Muliaman D. Hadad, OJK’s Head of Board of Commissioners, indicated that the OJK is currently working on concluding a bilateral agreement between Indonesia and Singapore. With the same objective of incorporating the reciprocal principle, the Indonesia-Singapore agreement is said to adopt similar provisions to the bilateral agreement between Indonesia and Malaysia.
(hot/kc)