P2SK Bill: Many Savings And Loans Mode It Turns Out That Ponzi, OJK Supervised Cooperatives Will Be Supervised

Minister of Finance Sri Mulyani (Photo: Capture Youtube screen Commission XI DPR)

JAKARTA - The government through the Ministry of Finance together with Commission XI of the DPR today continue to discuss the Draft Law on the Development and Strengthening of the Financial Sector (RUU P2SK).

In a meeting held at the Jakarta Parliament Complex, the Minister of Finance (Menkeu) Sri Mulyani stated that the government proposed that the supervision of national cooperatives need to be under the Financial Services Authority (OJK) which is currently under the Ministry of Cooperatives.

These efforts are intended as a form of more comprehensive protection to the public as consumers of financial services.

"This is part of the reform of the financial services industry by strengthening supervision of cooperatives, especially savings and savings and loan units, will be at the OJK," he said on Thursday, November 10.

The Minister of Finance explained that there are at least four important things that the government aims at encouraging cooperatives to enter the radar of the authority. First, the implementation of a fair, transparent, and accountable financial sector.

Second, being able to realize a financial system that is able to grow sustainably and stably. Third, being able to protect the interests of the community and consumers. And the fourth is to minimize the practice of gaining profit from regulatory and supervision differences.

"Sectors whose regulations are the weakest will certainly become a breeding ground for instruments that endanger the community," he said.

The state treasurer added that the government's move to include cooperatives in the priority of the P2SK Bill could not be separated from the various criminal cases that are now rampant.

"Many ponzi schemes are currently developing under the guise of savings and loan cooperatives," he said.

For information, the Draft Law on the Development and Strengthening of the Financial Sector is expected to be a milestone for reform in the financial sector, so that Indonesia's financial system is built better in a regulatory manner.

The regulation will also become a big umbrella in regulating digital financial schemes that continue to emerge, such as fintech, crypto, and covering the Islamic economy, banking, and insurance.