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S. Korea's financial regulator calls for financial cooperation with Indonesia

All News 17:30 April 12, 2017

SEOUL, April 12 (Yonhap) -- A senior South Korean financial regulator called Wednesday for increased financial cooperation with Indonesia amid growing efforts by banks to expand into the world's fourth most populous country.

Jeong Eun-bo, vice chairman of Seoul's Financial Services Commission (FSC), said that the two countries should expand their cooperation in building financial infrastructure, financing for small and medium-sized companies, as well as the new financial technology, or "fintech," sector.

The official made the proposal at a financial forum in Jakarta on Wednesday, noting Indonesia is a very crucial market as it serves as a bridgehead for South Korean financial firms seeking to make inroads into foreign countries.

Currently, 24 South Korean financial firms are operating in Indonesia, home to more than 1,000 South Korean companies.

Last week, the state-run Industrial Bank of Korea announced its intention to buy an Indonesian lender by next year as part of its efforts to secure a new growth driver in the emerging market.

Separately, Jeong met with Indonesia's central bank Governor Agus Martowardojo, a move that the FSC said further strengthened a channel for financial diplomacy between the two sides.

Earlier this week, Jeong also traveled to Singapore for talks with the economists of major global financial firms on a U.S. rate hike and other global risk factors.


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