Financial markets

OECD-Bank Indonesia International Conference on Financial Education


Bali, Indonesia, 21-22 October 2008


The conference, co-organised by the OECD and Bank Indonesia, is part of the OECD programme on financial education.  A main objective of this programme, set up 5 years ago, is to promote international cooperation among key financial education stakeholders, especially in the context of the rapid changes in emerging economies, resulting in a wider array of financial services (often credit products) now being offered to a large number of inexperienced consumers. The macro-economic implications of these new market realities are potentially significant if individuals are not provided with the tools they need to become financially literate.  The urgent need for financial education has recently been emphasised by developments in the mortgage and credit markets and, most notably, the subprime crisis.  Similarly, the Indonesian authorities have started paying close attention to issues related to financial literacy and education – having declared 2008 “the year of financial education”. 


Against this backdrop, the OECD-Bank Indonesia International Conference on Financial Education convened a wide international audience of governmental officials and experts from public and regulatory and supervisory authorities, as well as senior decision makers, industry experts and academics from OECD and non-OECD economies.  This event sought to advance and elevate dialogue on financial education in the international arena, with a special focus on South East Asian economies. In addition, the Conference shared country-specific experiences in implementing financial education strategies, reviewed applied research and discussed best practices. 


The Conference was organised with the sponsorship provided by the OECD, Bank Indonesia and the Government of Japan.




Opening remarks

  • Muliaman Hadad, Deputy Governor, Bank Indonesia
  • André Laboul, Head of the Financial Affairs Division, OECD
  • Erich Harbrecht, Vice-Chair of the OECD Committee on Financial Markets, Head of Division, Deutsche Bundesbank, Germany (Presentation)
  • Ross Jones, Vice-Chair of the OECD Working Party on Private Pensions, Deputy Chairman of the Australian Prudential Regulatory Authority (APRA) (Presentation)

Session I: Financial education strategies in Asia: Main challenges and goals

Moderator: José Alexandre Vasco, Brazilian Securities and Exchange Commission (CVM), coordinator of the working group on "Brazilian Financial Education Strategy"



Session II: Strengthening financial inclusion: Reaching a wide and targeted audience


Moderator: Ahmad Fuad Rahmany, Chairman of the Capital Market and Financial Institution Supervisory Agency of Indonesia



Session III: Empowering youth to be agents of economic change


Moderator: Ryouko Okazaki, Director, Promotion of Financial Education in Schools, Public Relations Department, Bank of Japan




Session IV: Role of financial institutions in financial education

Moderator: Agus Sugiarto, Executive Researcher, Bank Indonesia or Pungky P. Wibowo, Senior Researcher, Bank Indonesia




Session V: Understanding credit: Challenges and opportunities for the Asian region

Moderator: Erich Harbrecht, Vice-Chair of the OECD Committee on Financial Markets, Head of Division, Deutsche Bundesbank, Germany





Session VI: Enhancing risk awareness and risk reduction education on natural catastrophes: Focus on the Asian region

Moderator: André Laboul, Head of the Financial Affairs Division, OECD


  • Isa Rachmatarwata, Head of Insurance Bureau, the Capital Market and Financial Institution Supervisory Agency, Indonesia (Presentation)
  • Berna Ozsar Kumcu, EU & International Affairs, Association of the Insurance and Reinsurance Companies, Turkey (PresentationSummary)
  • Prof. Norio Okada, Disaster Prevention Research Institute, Kyoto University, Member of the Board of the International Network on the Financial Management of Large-Scale Catastrophes, Japan (PresentationSummary)


Session VII: Retirement and long-term savings: Enhancing knowledge and awareness

Moderator: Ross Jones, Vice Chair of the OECD Working Party on Private Pensions, Deputy Chairman of the Australian Prudential Regulatory Authority (APRA)



  • Mulabasa Hutabarat, Head of Pension Fund Bureau, Capital Market and Financial Institution Supervisory Agency (Bapepam LK), Ministry of Finance, Indonesia (Presentation)
  • Fiona Chan, Deputy Director, Member of Education Department, Central Provident Fund Board, Singapore (PresentationSummary)

Session VIII: Evaluating financial education programmes and measuring financial literacy


Moderator: Marc Lebrun, Acting Director General, Human Resources and Social Development Canada



Conclusion and closing remarks

  • Governor Boediono of Bank Indonesia
  • Thelma Askey, OECD Deputy Secretary-General (Speech)

See also




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