ASIATODAY.ID, SINGAPORE — The Financial Services Authority of Indonesia (OJK) and the Monetary Authority of Singapore (MAS) have renewed their commitment to enhance cooperation in the development of the FinTech sector and to strengthen financial collaboration through the signing of a Memorandum of Understanding (MoU) on Financial Technology Cooperation.
The signing of this MoU took place during a bilateral meeting held on 10 November 2025.
This MoU builds upon the previous agreement signed in 2018 and expands joint efforts to foster innovation and technological growth within the financial sector.
The renewed partnership aims to encourage financial institutions and FinTech players in both countries to capitalize on opportunities arising from FinTech advancements — including digital financial assets and artificial intelligence (AI) — in financial services. It also supports Indonesia and Singapore’s shared vision of becoming key hubs for the ASEAN digital economy.
Key Initiatives under the MoU include:
1. Exchange of ideas and best practices between OJK and MAS;
2. Strengthening collaboration among financial industries in both countries, including active participation in industry bodies;
3. Referrals of potential FinTech firms for participation in regulatory sandboxes in each jurisdiction; and
4. Facilitating cross-border information exchange for FinTech companies operating in compliance with applicable laws and licensing frameworks.
MAS Deputy Managing Director Leong Sing Chiong stated:
“OJK and MAS have established a strong and long-standing partnership, working closely over the years to promote regional financial cooperation. Both institutions share a deep commitment to fostering innovation, addressing challenges, and advancing the FinTech ecosystem to serve markets across ASEAN. This MoU marks a significant milestone in modernizing FinTech collaboration, continuing our joint innovation efforts, and supporting economic growth in both countries.”
Hasan Fawzi, Chief Executive of Digital Financial Innovation, Digital Financial Assets, and Crypto Assets Supervision (IAKD) at OJK, emphasized:
“Through close collaboration with MAS, this MoU reinforces OJK’s commitment to responsible innovation — promoting cross-border digital finance while maintaining consumer protection, market integrity, and financial stability. By conducting joint trials and knowledge sharing in areas such as regulatory sandboxes, digital assets, AI applications in financial services, and sustainable finance innovation, we aim to strengthen innovation, protect consumers, support MSMEs and financial inclusion, and accelerate sustainable growth through digital finance in Indonesia, Singapore, and the wider ASEAN region.” (AT Network)
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