SINGAPORE: Singapore and Indonesia deepen collaboration in FinTech and digital financial assets

As published on: technode.global, Tuesday 11 November, 2025.

The Monetary Authority of Singapore (MAS) and the Otoritas Jasa Keuangan (OJK) have renewed their commitment to deepening collaboration in FinTech and strengthening financial cooperation by signing a memorandum of understanding (MOU) on cooperation in financial technology.

MAS said in a statement on Monday that this builds on the previous MOU signed in 2018, and expands existing cooperation to support the continued growth of technological innovation in the financial sector.

This partnership will help financial institutions and FinTech firms in both countries harness opportunities arising from FinTech developments, which include digital financial assets and artificial intelligence in financial services, as well as promote both countries as key nodes and contribute to the growth of ASEAN’s digital economy.

Specific initiatives under the renewed MOU include sharing of knowledge and best practices between MAS and the OJK; promoting cooperation between the relevant financial industries in both countries, including the active engagement of industry bodies; referring promising FinTech firms to participate in each other’s regulatory sandboxes; and facilitating the flow of information across borders when FinTech firms conduct business within their licensed scope of activities, in accordance with applicable laws and regulations.

“The OJK and MAS have maintained a strong, longstanding bilateral partnership, and have also worked closely to advance regional financial cooperation over the years,

“We share the same commitment to fostering innovation, addressing barriers, and developing FinTech ecosystems to better serve our markets and across ASEAN,” said Leong Sing Chiong, Deputy Managing Director, MAS.

According to him, this MOU marks a significant step forward in modernizing their FinTech collaboration to pursue joint innovative initiatives and support economic growth in both countries.

Hasan Fawzi, Chief Executive of Financial Sector Technological Innovation, Digital Financial Asset and Crypto Asset Supervision, and member of the OJK Commissioner Board, said building on their close ties with MAS, this MoU underscores OJK’s commitment to responsible innovation—advancing cross-border digital finance while upholding strong consumer protection, market integrity, and financial stability.

“Through joint pilots and knowledge-sharing in areas such as Regulatory Sandboxes, digital financial assets, the use of artificial intelligence (AI) in financial services, and sustainable innovations, we aim to foster innovations, ensure consumer protection, support MSMEs and financial inclusion, and help catalyze sustainable growth through digital finance across Indonesia, Singapore, and the wider ASEAN region,” he added.

The MOU signing took place on the sidelines of a bilateral meeting on November 10, 2025.