OJK: Indonesian Financial Institution Ready for MEA

Eko Nordiansyah    •    Kamis, 03 Sep 2015 18:47 WIB
OJK: Indonesian Financial Institution Ready for MEA
Photo: Media Indonesia

Metrotvnews.com, Jakarta: The member of the Financial Services Authority Board of Commissioners (OJK) on the Education and Protection of Consumers, Kusumaningtuti S. Seotiono affirmed that the financial institutions in Indonesia have been prepared well in facing the openness in the ASEAN Economic Community (MEA)

"Prepared enough. It is in the process of multilateral agreements," he stated in Perbanas Institute, South Jakarta, Thursday (9/3/2015).

He added that the banking sector is still in process in ASEAN Banking Integration Framework (ABIF) which is being prepared for integration in the MEA.

"There is ABIF, and there are conducting the processes. But it is prepared. Because it is special for banking, it is actually a deal for 2020, not for 2015," he explained.

Meanwhile, the other sectors such as capital market and non-bank financial industries will still be integrated along with the MEA application in 2015.

"But the capital market and non-bank will (integrate) by the end of 2015. So it is still time for banking," he concluded.