BALI, RAKYAT NEWS – On November 4th and 5th, 2024, Indonesia’s Financial Services Authority (OJK) hosted a meeting with the Financial Supervisory Service (FSS) of South Korea and the Investor & Financial Education Council (IFEC) of Hong Kong at OJK’s Regional Office in Bali.

The gathering aimed to foster international cooperation among financial regulators and strengthen consumer protection and financial literacy programs across borders.

OJK’s Executive Director for Behavior Supervision, Education, and Consumer Protection, Friderica Widyasari Dewi, emphasized that combating financial fraud in an interconnected world cannot be the responsibility of a single organization.

She stressed that collaborative efforts across countries are essential for addressing fraudulent activities in the financial sector, as these crimes often span multiple jurisdictions.

The discussions focused on sharing experiences and best practices for detecting financial fraud and illegal financial activities. One of the key topics was the role of financial service providers (PUJK) in identifying and preventing fraud, and how regulators can support these efforts through better collaboration with law enforcement agencies.

During the meeting, the South Korean delegation, led by FSS Senior Deputy Governor Miyoung Kim, shared insights on their country’s approach to tackling financial fraud.

The representatives from South Korea also included major financial institutions such as Woori Bank, Shinhan Bank, Mirae Asset Securities, and Hanwha Life Insurance. Their experiences and strategies were viewed as valuable by the Indonesian and Hong Kong representatives.

OJK’s collaboration with IFEC, which took place on November 5th, focused on improving financial literacy among Indonesian migrant workers in South Korea. IFEC’s General Manager, Dora Li, joined the meeting, where discussions centered on enhancing consumer protection for these workers, many of whom face financial challenges while living abroad.