The Hong Kong Monetary Authority signed a memorandum of understanding with Indonesia's IFG to deepen the interconnection between Hong Kong and ASEAN financial markets

The Hong Kong Financial Development Council and PT Bahana Pembinaan Usaha Indonesia (Persero), also known as Indonesia Financial Group (IFG), signed a memorandum of cooperation today (10th) aimed at strengthening financial cooperation between Hong Kong and Indonesia, promoting closer connections between the two markets, deepening cross-border collaboration, and driving growth in diverse financial sectors.

According to the memorandum, the Financial Development Council and IFG will jointly explore diverse cooperation opportunities in the financial sector, covering areas such as capacity building and market development, and facilitating the exchange of experiences and best practices in policies, markets, and systems. The areas of cooperation that both parties are interested in include capital markets, insurance, financial technology, and sustainable finance.

The Executive Director of the Financial Development Council, Au King-Lun, stated that the financial industry in ASEAN and Indonesia continues to develop, bringing numerous potential cooperation opportunities. By integrating Hong Kong's global connectivity advantages with Indonesia's market dynamics, this cooperation will help build a more integrated regional financial ecosystem. Both parties will work together to promote innovation and development of financial institutions in both markets, setting a new benchmark for regional cooperation and consolidating Hong Kong's position as a leading global international financial center.

Ibrahim Kholilul Rohman, Head of IFG Progress, stated that this cooperation with the Hong Kong Financial Development Council aims to draw on global best practices, expand market reach, and accelerate innovation in areas such as ESG, digitalization, and Islamic finance. At the same time, the cooperation strongly aligns with the Indonesian government's AstaCita agenda, promoting the cultivation of world-class talent, enhancing the value chain of industries, and fostering sustainable growth. This initiative not only deepens market connectivity but also builds knowledge bridges in areas such as sustainable finance, cross-border market integration, and risk governance. As Indonesia's capital market development shifts from quantity to quality, this cooperation provides both parties with a platform that combines cost-effectiveness and strategic value, further strengthening thought leadership and international influence.

This strategic alliance marks an important step forward in financial cooperation between Hong Kong and Indonesia, laying a solid foundation for collaborative growth and the close connection of Hong Kong with the ASEAN financial ecosystem