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Mr. Pham Bao Lam - Chairman of the Board of Directors of the DIV presents a souvenir to Mr. Purbaya Yudhi Sadewa – Chairman of the IDIC
The workshop was attended by Mr. Purbaya Yudhi Sadewa – IDIC Chairman, speakers and representatives from the IDIC; Ms. Yati Marlinawati - First Secretary of the Embassy of the Republic of Indonesia.
On the Vietnamese side, the participants were Mr. Do Hoang Anh, Acting Director General of the Department for Banking Operation Safety Policies (Department II) of the State Bank of Vietnam (SBV); Ms. Vu Ngoc Lan, Deputy Director General, the SBV’s Department of Legal Affairs and other representatives of the SBV, the Ministry of Finance, and the Office of the National Assembly.
From the DIV, there were Mr. Pham Bao Lam - Chairman of the Board of Directors and members of the Board of Directors, Mr. Dang Duy Cuong - General Director and members of the Board of Management; Controllers, heads and staff of departments of the Headquarters, the regional branch in Hanoi; and other regional branches attending the workshop online.
Opening the workshop, DIV Chairman Pham Bao Lam emphasized that since the signing of the Memorandum of Understanding (MoU) in 2016, the DIV and IDIC have formed and developed a deep and strong cooperative relationship through exchanging information and sharing professional experience between the two sides. The DIV always highly appreciates the experience of the IDIC, an advanced deposit insurer in the region which is well-practised resolving financial institutions.
Currently, the DIV is focusing on conducting research to propose amendments and supplements to the Law on Deposit Insurance in order to better protect the interests of depositors, improve the DIV’s financial and operational capacity and further participate in the restructuring of weak credit institutions as prescribed in the 2024 Law on Credit Institutions. Through the workshop, the DIV expected to receive useful information and insights from the IDIC as a reference source for the DIV to make proposals to enhance the Law on Deposit Insurance in line with international practices.
Speaking at the workshop, IDIC Chairman Purbaya Yudhi Sadewa thanked the DIV for its warm welcome and hospitality, and congratulated the DIV on its 25th anniversary.
According to Mr. Purbaya Yudhi Sadewa, the IDIC was established in 2004, with the initial functions of making payouts and protecting depositors. Thanks to many financial system reforms and legal basis amendments, especially the enactment of the 2023 Financial Sector Omnibus Law No. 4 (FSOL), the IDIC has evolved from a loss minimizer to a risk minimizer, becoming a comprehensive bank resolution authority and an important member of the Indonesian financial safety net.
He expressed his honor to participate in the workshop and stressed that this was a great opportunity for the DIV and IDIC to share experience and practical lessons in resolving banks, thereby helping each other to develop and improve their organizational capacity.
“The cooperation between the DIV and IDIC is essential to promote financial stability in both Vietnam and Indonesia. Through this, we can create a more resilient, comprehensive, and active regional financial system that serves the interests of people and economies,” affirmed Mr. Purbaya Yudhi Sadewa.
At the workshop, the IDIC speakers made presentations on the overview of the banking industry in Indonesia; the IDIC's functions and coordination with other financial safety net members; the IDIC's experience in bank resolution; bank liquidation process.
After the presentations, the workshop organizers received many questions from participants, focusing on the IDIC's experience in assessing and rating financial institutions; examining weak financial institutions; capital injecting and coordinating with the Financial Services Authority (FSA), etc.
Closing the workshop, Mr. Dang Duy Cuong – DIV’s General Director thanked the IDIC’s representatives for sharing practical lessons and knowledge with the DIV. He expressed his impression of the IDIC's ability and experience in resolving banks in particular, as well as the synchronous coordination among Indonesia’s financial safety net members in maintaining the stability of the banking and financial system, preventing and handling financial crises, in general. These are an important reference source for the DIV in the process of amending and supplementing the Law on Deposit Insurance and implementing the Deposit Insurance Development Strategy in the coming period.
During the IDIC’s working visit in Vietnam, the IDIC and DIV also held a bilateral meeting to discuss the direction for cooperation between the two organizations in the coming time.
Department of Research and International Cooperation (translation)
