The Monetary Authority of Singapore (MAS) and Indonesia’s Otoritas Jasa Keuangan (OJK) have renewed their commitment to enhancing collaboration in financial technology by signing a new Memorandum of Understanding (MOU) on Cooperation in Financial Technology.

This latest MOU builds upon an earlier agreement from 2018, marking a new phase in bilateral cooperation to drive technological innovation in financial services across the region.

Renewed Partnership to Advance Innovation in Digital Finance

The partnership aims to help financial institutions and FinTech firms in both nations seize opportunities in digital financial assets, artificial intelligence, and emerging FinTech developments.

Both regulators will also work to strengthen their countries’ roles as leading financial technology hubs within the ASEAN digital economy.

Key Initiatives Under the 2025 FinTech Cooperation MOU

The renewed agreement introduces several new initiatives to deepen cross-border collaboration. These include:

• Knowledge-sharing and exchange of best practices between MAS and OJK.
• Promoting cooperation among industry participants, including active involvement of FinTech associations and other bodies.
• Referring high-potential FinTech firms to participate in each other’s regulatory sandboxes.
• Facilitating cross-border information exchange, ensuring FinTech firms operate within licensed activities under relevant regulations.

Leaders Emphasize Shared Vision for Innovation and Financial Stability

Mr. Leong Sing Chiong, Deputy Managing Director of MAS, said,

“The OJK and MAS have maintained a strong, longstanding bilateral partnership, and have also worked closely to advance regional financial cooperation over the years. This MOU marks a significant step forward in modernising our FinTech collaboration to pursue joint innovative initiatives and support economic growth in both countries.”

He added that both authorities share the same commitment to fostering innovation, addressing barriers, and developing FinTech ecosystems to better serve markets across ASEAN.

Mr. Hasan Fawzi, Chief Executive of Financial Sector Technological Innovation, Digital Financial Asset and Crypto Asset Supervision, and member of the OJK Commissioner Board, said,

“Building on our close ties with MAS, this MoU underscores OJK’s commitment to responsible innovation—advancing cross-border digital finance while upholding strong consumer protection, market integrity, and financial stability.”

He further explained that through joint pilots and knowledge-sharing in areas such as regulatory sandboxes, digital financial assets, the use of AI in financial services, and sustainable innovations, the MOU aims to foster innovation, ensure consumer protection, support MSMEs and financial inclusion, and promote sustainable growth across Indonesia, Singapore, and the wider ASEAN region.

The MOU signing took place during a bilateral meeting in Singapore on 10 November 2025.

PHOTO: FREEPIK

This article was created with AI assistance.