Financial firms in Taiwan, Indonesia urged to open outlets after MOU

Taipei, March 12 (CNA) Taiwan’s top financial supervisor, the Financial Supervisory Commission (FSC), has urged financial institutions in Taiwan and Indonesia to open outlets in each other’s country after they signed an memorandum of understanding (MOU) to speed up cooperation in supervising financial businesses.

The FSC inked the cooperation MOU Friday with its Indonesian counterpart the Financial Services Authority of Indonesia or Otoritas Jasa Keuangan (OJK). The MOU focuses on supervision cooperation in banking, securities and insurance businesses between the two countries.

FSC Chairperson Wang Li-ling (王儷玲) told the CNA that the cooperation MOU will no doubt facilitate financial development between the two countries.

Wang, who signed the agreement on the behalf of the FSC in Jakarta, added that she believed Taiwan’s financial sector will benefit from the great growth potential in Indonesia, while the Southeast Asian country has expressed interest in Taiwan’s financial market openness.

Wang said financial institutions in Taiwan and Indonesia should take advantage of the MOU to explore the financial market in each other’s country.

She said that is especially true as many Indonesian workers are working in Taiwan and there is strong fund demand from ethnic Chinese investors in Indonesia, leading Indonesian banks to want to set up footholds in Taiwan.

As for the large number of Indonesian workers in Taiwan, the supervisory mechanism under the newly signed MOU is expected to help them in a wide range of financial services in Taiwan, such as money remittances, deposits and insurance.