Financial Services Authority, October 1st 2014: Financial Services Authority (OJK) and China Banking Regulatory Commission (CBRC) signed a pre-memorandum of understanding (MoU) during Chairman of OJK Board of Commissioners Muliaman D. Hadad`s attendance in Basel Committee on Banking Supervision (BCBS) assembly and International Conference of Banking Supervision (ICBS) in Tianjin, People`s Republic of China, on September 22-25, 2014.

Chairman of OJK Board of Commissioners Muliaman D. Hadad and Chairman of CBRC Shang Fulin agreed to build cooperation in supervision over financial services industry in both countries. This cooperation will be built upon a balanced, reciprocal and mutually beneficial relationship.

Moreover, both authorities agreed to sign MoU on future cooperation. The MoU will emphasize mainly on inter-country cooperation and programs on improving supervision capability.

Additionally, the MoU will open opportunities for Indonesian banking to exist in China as full branch the way Chinese financial institutions have existed in Indonesia.