BRI Supports The Implementation Of The P2SK Law For The Progress Of The Financial Sector

Illustration (Photo: Doc. BRI)

JAKARTA PT Bank Rakyat Indonesia Tbk. (BRI) supports the government which has officially stipulated Law No. 4 of 2023 concerning the Development and Strengthening of the Financial Sector (P2SK) on January 12, 2023.

BRI Compliance Director Achmad Solichin Lutfiyanto said the P2SK Law regulates at least five crucial things for financial sector reform.

Starting from strengthening sectoral institutions while still paying attention to independence, strengthening governance and public trust, encouraging the sustainability of community fundraising, consumer protection, and literacy, inclusion and innovation of the financial sector.

"Of course we in the financial services industry really appreciate this law which fully regulates from institutions to the role per each industry," he said in a written statement quoted on Sunday, June 18.

According to Ahmad, the latest regulation brings a very positive spirit, both in terms of regulators and business actors. He added that there are advantages for the banking industry and financial technology (Fintech), such as opportunities for expanding cooperation, product development, and licensing.

"So that everyone gets the same understanding, and the playing field is the same, so there is no need for dichotomy and jealousy between fellow industry players," he said.

The P2SK Law also provides legal certainty (rule of law) related to service provider institutions by prioritizing the principle based.

"From here there is clarity on the scope of all organizers, legal sanctions to legal forms," he said.

Prior to that, the Minister of Finance (Sri Mulyani) revealed that the presence of this law was a response to the growing digital innovation in the financial sector.

The digital technology sector is increasingly providing enormous input in the financial sector. This is the foundation and opportunity to face the biggest challenge Indonesia Maju to become a Golden Indonesia. As the president's vision for 2045, Indonesia's economy is growing rapidly. Many rules are outdated by technology," said Minister of Finance Sri Mulyani.