The Financial Services Authority (OJK) and the Central Statistics Agency (BPS) have agreed to work together towards harmonious collaboration in supporting the main duties and functions of both parties in the fields of statistics and financial services.

The cooperation has been embodied in a memorandum of understanding signed by OJK Chairman of the Board of Commissioners Muliaman D. Hadad and BPS Head Suryamin on Wednesday, August 31, 2016, at OJK Office, Soemitro Djojohadikusumo Building.

BPS Head Suryamin said that for producing some financial statistics, the Agency needs important data from financial institutions so it will be able to illustrate the potential and the real development of the financial sector under national economy framework. As a G-20 member, Indonesia consequently should implement the 20 recommendations listed in Data Gaps Initiatives (DGI).

One of the recommendations is development of sectoral accounts and balance sheet (SAB) in each country. This is also a high priority among DGI's 20 recommendations. In Indonesia, the BPS has been assigned as the lead agency for the Sectoral Accounts and Balance Sheets (SAB) development, for the implementation of which it collaborates with the OJK, the Indonesian Central Bank (BI) and other ministries.

Like BPS Head, Muliaman D. Hadad said in his opening remarks that provision of accurate and real-time data and information plays a very strategic role for the OJK. Especially now when the OJK supervises approximately 5,000 financial services institutions, so it is fully aware that processing large amount of data into quality and up-to-date data and information is no easy task.

Therefore, the OJK considered that it was important to collaborate with the BPS concerning provision of data and information in the fields of statistics and financial services. The collaboration is expected to produce accurate, consistent and sustainable data that will support the strategic planning devised by institutions and the government in general.