Signing ceremony June 9 will formalize TC-OJK partnership for capacity development in financial services supervision in Indonesia
BALI, Indonesia and TORONTO, Canada, June 8, 2015 /CNW/ - Toronto Centre and the Indonesia Otoritas Jasa Keuangan (Financial Services Authority - OJK) will formalize their longstanding partnership with the signing of a memorandum of understanding June 9 in Bali, Indonesia. The MOU outlines how the two organizations will collaborate over the next four years to deliver capacity development programs that enhance the efficiency and effectiveness of financial system supervision and regulation in Indonesia to promote financial stability and inclusion.
Toronto Centre, an independent non-profit agency that receives funding from Foreign Affairs, Trade and Development Canada, the Swedish International Development Cooperation Agency, the Australian Department of Foreign Affairs and Trade, and the International Monetary Fund, is dedicated to developing the capacity of financial system regulators to promote financial stability and inclusion around the world.
Indonesia, a country of 250 million, is a country of focus for Canada's international development efforts, an important regional leader in the Association of Southeast Asian Nations (ASEAN) bloc, and a major destination of Canadian foreign investment. Enhancing Indonesia's supervisory capacity has important ramifications for global financial stability.
This MOU comes after three years of close engagement between Toronto Centre and OJK, during which time Toronto Centre provided training programs on banking, insurance, pensions, and securities supervision. Toronto Centre has also trained Indonesian supervisors through programs with Bank Indonesia and the Southeast Asian Central Banks Research and Training Centre (the SEACEN Centre). Toronto Centre has trained more than 650 Indonesian supervisors and regulators.
"This is a wonderful moment to solidify our long-standing, important partnership with OJK," says Toronto Centre President and CEO, Babak Abbaszadeh. "We are delighted to have had the opportunity to deliver so many capacity development programs in Indonesia, and look forward to collaborating with OJK to enhance financial system oversight in this key regional economy."
OJK Chairman Muliaman Hadad agrees that Toronto Centre programs have made an important contribution to the Indonesian financial supervisory and regulatory system.
Under this MOU, Toronto Centre's involvement will expand to provide new, integrated capacity development programs in micro and macroprudential surveillance, consolidated supervision, crisis preparedness, market conduct, banking supervision and development, and microfinance. Toronto Centre and OJK will also collaborate on development of consumer protection supervision and financial literacy.
Over the course of the MOU, Toronto Centre will assist with capacity development activities including helping to identify and address gaps in legislation and regulation in order to meet international standards, and provide training seminars and workshops for OJK staff.
The signing ceremony will take place at Laguna Resort, Nusa Dua on Bali, Indonesia, June 9 at 14:00. Brief remarks will be made by OJK Chairman, Mr. Muliaman Hadad; Mr. Jacob Thoppil, senior Canadian Embassy official who oversees Canada's development assistance in Indonesia; and Toronto Centre President and CEO, Mr. Babak Abbaszadeh. There will be opportunities for photographs and media questions after the signing.
Where: Laguna Resort, Kawasan Pariwisata Nusa Dua, Lot N2, Bali, Indonesia
When: June 9, at 14:00
Toronto Centre Sponsors:
Department of Foreign Affairs, Trade and Development Canada
Swedish International Development Cooperation Agency (Sida)
International Monetary Fund (IMF)
Australian Government - Department of Foreign Affairs and Trade
About Toronto Centre
Established in 1998 in the aftermath of the Asian financial crisis, Toronto Centre is an independent non-profit organization founded by the Government of Canada, the World Bank and the Schulich School of Business, with the mission to enhance the capacity of financial sector regulators and supervisors from around the world, primarily from low income countries and emerging markets. Our unique, highly interactive training programs help these officials develop the financial sector supervisory knowledge and the leadership skills they need to better deal with crisis situations and promote change that will lead to more efficient, stable, and inclusive financial systems, which in turn are vital enablers of poverty reduction.
Toronto Centre trains regulators and supervisors across a broad spectrum of financial sectors, including banking, insurance, pensions, securities, microfinance, and microinsurance, at programs hosted around the globe. Since our inception, we have trained more than 9,000 mid-to-senior level officials from over 190 countries and territories.
Training is typically conducted through intensive, week-long programs using highly interactive teaching methodologies, including case studies and simulations. The quality and effectiveness of our training has meant demand for our programs has been sharply on the rise. Our training programs are conducted around the world primarily in Africa, Asia, the Caribbean, Latin America, and Eastern Europe.
Toronto Centre is grateful for support from its above-mentioned founders and from the IMF, the Swedish International Development Cooperation Agency (Sida), AusAid, and other valued international partners. We also maintain a close relationship with several standard-setting bodies including the International Association of Deposit Insurers (IADI), International Association of Insurance Supervisors (IAIS), International Organization of Securities Commissions (IOSCO), and International Organization of Pension Supervisors (IOPS), and Stefan Ingves, Chair of the Basel Committee on Banking Supervision and Governor of the Swedish Central Bank is a member of the Toronto Centre Board of Directors.
SOURCE Toronto Centre
Image with caption: "Otoritas Jasa Keuangan (CNW Group/Toronto Centre)". Image available at: http://photos.newswire.ca/images/download/20150608_C8299_PHOTO_EN_17773.jpg
Image with caption: "Toronto Centre (CNW Group/Toronto Centre)". Image available at: http://photos.newswire.ca/images/download/20150608_C8299_PHOTO_EN_17774.jpg
For further information: TORONTO CENTRE MEDIA CONTACT: Rob Salerno, Toronto Centre Communications Coordinator, [email protected], 416-996-7643 (cell); OJK, INDONESIA MEDIA CONTACT: Dody Ardiansyah, Communication Department Analyst Otoritas Jasa Keuangan, [email protected], +628129619968 (cell)