REPUBLIKA.CO.ID, JAKARTA - Commissioner of the Japan Financial Services Agency (FSA), Ryutaro Hatanaka met with Chairman of Indonesian FSA (OJK), Muliaman D Hadad in Jakarta on Tuesday. Both of them exchanged information about financial services sector in each country, including setting and monitoring system in Indonesia and Japan.

"Japan FSA and OJK plans to improve institutional cooperation in the form of exchange letters (EoL). The agreement discussion will begin in the second half of this year," Director of Communication and International Cooperation at OJK, Gonthor R Azis on Tuesday.

Azis explains at least there are three priorites in EoL. First, both sides will cooperate in financial supervision of conglomerates. Second, they will supervise effectiveness of integrated control system. Third, both will increase coordination on cross border supervision.

Both sides will sign EoL in two stages, the first stage will be signed in October 2013. This Eol will regulate supervision towards non-banking sector, such as capital markets, insurance, and financial companies.

Indonesia and Japan then will sign the second stage of EoL in January 2014. This part will regulate the supervision for bankon sector.

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