The Australian Securities and Investments Commission has announced a cooperative agreement with Indonesia’s Otoritas Jasa Keuangan to promote fintech development.

An agreement between the Australian Securities and Investments Commission (ASIC) and Indonesia’s Otoritas Jasa Keuangan (OJK) is being used for the establishment of a cooperation framework between the nations to better promote innovation in financial services across the respective markets.

Signed in Melbourne last Friday, the agreement had seen the two nations commit to sharing information on market trends, regulatory concerns and policy issues around fintech.

ASIC commissioner, John Price, said Australia would benefit from a technology partnership with South-East Asia’s largest economy.

“We look forward to working more closely with OJK on the exciting fintech developments in both our countries,” he said.

“This agreement is also a further reflection of the deep ties between ASIC and OJK.”

Price said the future of innovation within the financial technology space relied heavily on international cooperation and collaboration.

“Many fintechs are not constrained by national borders and it is fundamental that we leverage this to share views, exchange information and to discuss some of the challenges that this can create for fintech businesses and the community,” he said.