New Board Of Commissioners: OJK Now More Transparency, Once A Press Conference

OJK Commissioner during a press conference (Photo: Screenshot of OJK digital channel)

JAKARTA - The Financial Services Authority (OJK) for the 2022-2027 period stated that it will continue to open itself to change and be committed to encouraging the domestic financial sector to achieve optimal growth.

The statement was made by Member of the Board of Commissioners and concurrently Chief Executive of Non-Bank Financial Industry Supervisory (IKNB) OJK Ogi Prastomiyono at a press conference today.

"This meeting illustrates that the current OJK is more transparent, open to the condition of the financial services industry," he said on Tuesday, September 13.

According to Ogi, the authorities have high hopes for the mass media in the country to be able to convey the latest developments in the financial sector correctly. The reason is, the achievement of the right information can support OJK's work in building public trust.

One thing we hope too, the media can help in conveying correct information and provide motivation for the community if the condition of our financial services sector is under control. For this reason, OJK will hold a press conference once a month in general, and then it will be attended by each Chief Executive," he said.

Ogi added that the current economic situation is still filled with uncertainty due to global factors. Various threats such as inflation, high interest rates to inflation threats make it necessary for authorities to provide proper understanding to the public.

The current situation has many challenges. But we can see, Indonesia is still in quite good condition. Economic growth is still above 5 percent. This means that we still have the potential to continue to grow, and the financial industry sector certainly contributes to the economy," he said.

On this occasion, it was also stated that IKNB was in good condition with the assets of commercial insurance companies (life insurance, general insurance and reinsurance) as of July 2022 of IDR 834.52 trillion, an increase of IDR 64.67 trillion (8.40 percent yoy) from the position in July 2021 of IDR 769.85 trillion.

Meanwhile, the accumulation of life insurance premium income for the January July 2022 period decreased by Rp9.30 trillion ( minus 8.65 percent) compared to the same period in 2021.

In terms of claims, in life insurance in the January period July 2022 there was an increase of IDR 3.50 trillion (4.11 percent). Then, the accumulated general insurance premiums and reinsurance for the January July 2022 period recorded an increase of IDR 9.93 trillion (17.11 percent) compared to the same period in the previous year.

For the financing sector, it is known that until July 2022, financing receivables before deducting reserves increased by Rp. 23.99 trillion or equivalent to 6.24 percent year on year (yoy).

Meanwhile, the ratio of non-performing financing (NPF) gross as of July 2022 decreased to 2.72 percent from 3.95 percent in July 2021. The NPF net financing company also decreased to 0.75 percent in July 2022 from 1.23 percent in July 2021.

Meanwhile, for the pension fund sector, investment in pension funds grew positively on an annual basis of 2.99 percent. The total investment value of pension funds as of July 2022 reached Rp322.51 trillion.

For fintech peer to peer (P2P) lending, in July 2022 it continued to record growth, where outstanding financing grew by 88.84 percent compared to July 2021 to Rp45.73 trillion.