TheJakartaPost

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post

House ratifies protocol on financial services in ASEAN region

Marchio Irfan Gorbiano (The Jakarta Post)
Jakarta
Thu, April 26, 2018 Published on Apr. 26, 2018 Published on 2018-04-26T15:23:56+07:00

Change text size

Gift Premium Articles
to Anyone

Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
House ratifies protocol on financial services in ASEAN region Finance Minister Sri Mulyani Indrawati (Antara/Muhammad Adimaja)

T

he House of Representatives has ratified a protocol to implement the Sixth Package of Commitments on Financial Services under the ASEAN Framework Agreement on Services (AFAS).

“In the plenary session, we officially turned the AFAS bill into law,” said House deputy speaker Taufik Kurniawan, who led the plenary session at the House building, attended by Finance Minister Sri Mulyani Indrawati.

On Mar 20, 2015, then-finance minister Bambang Brodjonegoro signed a commitment to ratify the protocol, along with the finance ministers of other ASEAN countries. Nine other ASEAN countries have ratified the protocol.

Sri Mulyani tanked lawmakers for ratifying the AFAS, saying it would help Indonesian banks operate in other ASEAN countries.

“This protocol will help Indonesian banks to expand their business abroad, but still they have to maintain the interests of the Indonesian people,” said Sri Mulyani in her speech after the bill’s ratification.

House Commission XI, which oversees financial affairs, had approved the bill at a meeting on April 11. However, all factions in the commission gave their notes before agreeing to the ratification of the bill.

They urged the government to expedite the process for a planned amendment of the Banking Law. “After the ratification of the AFAS bill, we need to immediately amend the Banking Law,” said Commission XI member Ana Nurita Muchtar, a lawmaker of the NasDem Party, on April 11.

Meanwhile, United Development Party (PPP) lawmaker Elviana warned the government to watch out for any negative effects of the AFAS ratification, particularly with regard to a possible dominance of foreign banks in the country. (bbn)

Your Opinion Matters

Share your experiences, suggestions, and any issues you've encountered on The Jakarta Post. We're here to listen.

Enter at least 30 characters
0 / 30

Thank You

Thank you for sharing your thoughts. We appreciate your feedback.

Share options

Quickly share this news with your network—keep everyone informed with just a single click!

Change text size options

Customize your reading experience by adjusting the text size to small, medium, or large—find what’s most comfortable for you.

Gift Premium Articles
to Anyone

Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!

Continue in the app

Get the best experience—faster access, exclusive features, and a seamless way to stay updated.