Jakarta. Indonesia's financial regulator, the Financial Services Authority, known as OJK, has set a target to seal bilateral cooperations with two Association of Southeast Asian Nations in the first quarter of the new year.
Thailand and Myanmar will be the first two nations in the Asean bloc to form such cooperations with Indonesia ahead of the 2020 target of wider banking sector liberalization as set out by the Asean Banking Integration Framework.
OJK Chairman Muliaman D. Hadad said Indonesia is committed to solidifying bilateral cooperations with all countries in the bloc, so Asean members can enjoy reciprocal interactions.
By the first quarter of next year only two nations — Thailand and Myanmar — can settle banking sector bilateral cooperations with Indonesia, while the remaining nations still needing further discussions.
"Currently, we are awaiting for answers from Malaysia. There are things cannot be settled right now about the payment system. Overthere, the payment system also involves the private sector," Muliaman said recently.
The bloc — with a combined population of 600 million and a total gross domestic product of around $3 trillion — will roll-out economic integration on Jan. 1, 2016. (Courtesy of Jakarta Globe)
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