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In addition to international engagements for core business purposes, APRA undertakes targeted technical assistance activities, primarily in the Asia-Pacific region. These activities support whole-of-Government initiatives that seek to improve governance in the region, and provide valuable interactions with the partner countries involved, including in respect of Australian institutions operating in those jurisdictions. Most of these activities are funded under programs agreed with agencies responsible for administering international aid, particularly the Department of Foreign Affairs and Trade (DFAT) and, to a lesser extent, the International Monetary Fund (IMF) and the World Bank.
With very limited employee resources available for these activities, APRA favours multilateral initiatives and can only accommodate a small number of the requests it receives. As well as strengthening the prudential frameworks and activities of the partner agencies involved, these activities offer APRA valuable employee development and retention benefits.
APRA engages with two key financial regulators in Indonesia – Otoritas Jasa Keuangan and Bank Indonesia – under the DFAT-funded PROSPERA program. PROSPERA is a three-year funding facility that commenced 1 July 2018 to assist with government-to-government technical assistance. During 2019/20, four secondments of Indonesian officials to APRA needed to be postponed due to COVID-19 travel restrictions.
APRA also plays its part in supporting the training activities of the Financial Stability Institute and various regional groups in the Asia-Pacific region, such as the Asian Development Bank, SEACEN and SEANZA.
Over the year, APRA provided speakers to two regional conferences in Thailand and the Philippines. APRA participated in the International Monetary Fund’s technical assistance mission assisting Samoa, Tonga and Fiji.