OJK, FSS, and IFEC Collaborate to Boost Financial Literacy for Migrant Workers

As part of general strategies for fraud prevention, the meetings delved into the specific measures financial service providers can adopt to safeguard customer assets. These include the implementation of more robust monitoring systems, as well as efforts to detect and prevent illegal financial activities before they escalate into larger-scale fraud.

Both the OJK and IFEC highlighted the importance of cross-border cooperation in enhancing financial literacy programs.

The Indonesian financial services authority is especially keen on reaching out to migrant workers in South Korea, many of whom face language barriers and limited access to financial education, making them vulnerable to exploitation.

The meetings concluded with the hope that this ongoing cooperation would lead to stronger policies and better practices in fraud prevention. OJK, FSS, and IFEC all expressed their commitment to working together to improve financial protection and education for vulnerable populations.

OJK’s initiatives are part of a broader effort to enhance consumer protection in the financial services sector. This includes not only tackling fraud but also empowering consumers with the knowledge and tools they need to make informed financial decisions. Through collaboration with global financial regulators, OJK aims to strengthen its programs and ensure safer, more transparent financial environments for all.

In the coming months, further dialogues are expected between the OJK, South Korea’s FSS, and Hong Kong’s IFEC, with a focus on refining recommendations for best practices and policies aimed at preventing financial fraud, protecting consumers, and improving financial literacy across the region. (Uki Ruknuddin)