JAKARTA - The Financial Services Authority (OJK) has officially launched OJK BOX or OBOX services for People's Development Banks (BPR) and Sharia People's Development Banks (BPRS) as part of risk mitigation efforts.
The Chief Executive of OJK Banking Supervision Heru Kristiyana said this initiative was also a step to increase supervision of BPRs and BPRSs in line with the 2020-2025 Indonesian Banking Development Roadmap.
"OJK hopes to be more responsive in preventing various potential problems and various conditions that need to be improved, where previously we were only 'firefighters', which means that events have occurred and have only made repairs," he said in a virtual press conference, Tuesday. , November 2nd.
According to Heru, BPR and BPRS business actors can directly place regular data and data requested by the authorities in the OBOX system. Then, OJK will periodically analyze the data for further communication to business actors if there are things that need to be improved.
“So when OJK supervisors come to the bank, they no longer need to ask for onside supervision data from the bank because they have received it in OBOX. This can save time and resources, and our supervisors can immediately work on where to fix things with the bank,” he said.
Heru added that the OJK BOX system had previously been applied to commercial bank services in 2019. The expansion to BPR and BPRS is a form of strategic policy for the authorities in strengthening supervision in the financial services industry more broadly.
"We encourage banks to place data in the OBOX application that is up-to-date and in accordance with what is needed, so that we can quickly draw conclusions and take action," he said.
Meanwhile, the implementation of OBOX in BPR and BPRS is carried out in two phases. First, the trial phase for 44 institutions as pilot projects that will take place from August to September 2021. Second, is the phase of implementing the OBOX application in all Rural Banks and Islamic Rural Banks starting November 1, 2021.
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