About OJK
The Financial Services Authority (OJK) is established in a bid to ensure that the overall activities within the financial services sector are: implemented in an organized, fair, transparent and accountable manner; able to realize the financial system that grows in a sustainable and stable manner; and capable of protecting the interests of consumers and the society.

The main function of OJK is to promote and organize a system of regulations and supervisions that is integrated into the overall activities in the financial services sector. OJK performs its regulatory and supervisory duties over financial services activities in banking, capital markets, and non-bank financial industries sectors.

The Financial Services Authority (OJK) has a vision to become a trustworthy monitoring institution that oversees financial services industry, in order to protect the interests of consumers and public, and to be able to bring about the financial services industry into becoming a pillar of national economy with global competitiveness as well as capability to promote public prosperity.

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About FSC
The Financial Services Commission is a government agency with the statutory authority over financial policy and regulatory supervision. The FSC’s functional responsibilities are shared among the Securities and Futures Commission (SFC) and subordinate bureaus.

Korea’s financial supervisory structure underwent major changes following the Asian financial crisis in 1997. To ensure effective and efficient supervision of all financial sectors, the Financial Supervisory Commission was established in April 2008 as an integrated supervisory agency with consolidating financial supervisory authorities across all financial sectors.

The Financial Supervisory Commission was reorganized into the current Financial Services Commission (FSC) on February 29, 2008 with the integration of the Financial Policy Bureau of the former Ministry of Finance and Economy. The FSC thus has the statutory authority to draft and amend financial laws and regulations and issue regulatory licenses to financial institutions.

In addition, the FSC oversees cross-border matters such as supervising foreign exchange transactions conducted by financial institutions to ensure their financial soundness. Korea Financial Intelligence Unit (KoFIU), which was also integrated into the FSC as part of the reorganization, leads the government’s anti-money laundering and counter-terrorism financial efforts.

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About CIFC
In October 2011, the Financial Services Commission took the initiative in establishing the 1st meeting of a Council on International Financial Cooperation to facilitate systematic overseas expansions and financial cooperation. Comprised of the heads of domestic financial institutions, the council examined the current status of international financial cooperation and discussed ways to support financial institutions’ overseas expansions based on sharing Korea’s experience in financial development.

At the 2nd meeting held in November 2012, it was decided that a secretariat be established under the Korea Institute of Finance to exclusively handle work related to international financial cooperation so as to support Korean financial institutions’ expansion overseas, and revitalize international cooperation in the financial sector.

In February 2013, the official Council, ‘Council on International Financial Cooperation’ was launched as it established its secretariat office, the Center for International Financial Cooperation. Since then, as a non-profit voluntary organization, CIFC has actively carried on its cooperation businesses to strengthen bases for global financial cooperation by sharing Korea’s financial experiences and best practices to the world.

As of 2023, CIFC is comprised of 25 major public and private financial institutions and financial associations in Korea.

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Indonesia-Korea Financial Cooperation Forum

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E-mail : cifc@kif.re.kr