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.

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)