OJK Focuses On Office Transfers To IKN And Improvements Following The Issuance Of The P2SK Law

Photo: Doc. Antara

JAKARTA - The work focus of the Financial Services Authority (OJK) in 2023 can be said to increase by preparing the transfer of the head office to the capital city of Nusantara (IKN) and improving following the issuance of the Financial System Development and Strengthening Law (UU P2SK).

Understandably, the Government has targeted to move the capital city to the archipelago in Sepaku, North Penajam Paser Regency, East Kalimantan, from DKI Jakarta in 2024. The government has also confirmed that around 16,900 ASN, TNI, and Polri will move to the Central Government Core Area (KIPP) IKN.

Therefore, based on a law stating that OJK must be domiciled in the nation's capital, the movement preparations must be carried out immediately.

This year, OJK is also focused on following up on Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (PPSK) which was issued in 2023. The authority must prepare the organization and prepare a number of supporting regulations for the P2SK Law.

In order to discuss with the mass media in Balikpapan, East Kalimantan, last weekend, Deputy Chairman of the OJK Board of Commissioners Mirza Adityaswara took the time to visit Nusantara Zero Point and KIPP at IKN and see the progress of development in the area that will become the center of Indonesia's government.

According to Mirza, OJK has submitted a request for a 1.5 hectare land requirement to build an office in IKN to the IKN Authority. The area of land is outside the need for housing areas for OJK employees.

However, until now the OJK has not received a response regarding the location of the office construction. OJK has budgeted Rp47 billion this year for the construction of the office. OJK has also proposed an allocation of funds for the construction next year.

Reporting from Antara, Monday, March 6, the former Deputy Governor of Bank Indonesia (BI) estimates that it is likely to be close to the location of the BI office. BI already has a location because the application has been made from the start.

Meanwhile, the Head of OJK Regional 9 Kalimantan Darmansyah believes that IKN development will have a positive impact on the surrounding economy. The transfer of people to IKN will increase demand and drive the economy in the region.

Regarding the implementation of the P2SK Law, OJK implements internal reorganization to strengthen the supervisory function and regulation of the financial services industry. For OJK, the ratification of the PPSK Law has provided more detailed guidelines regarding the reorganization that must be carried out by the OJK.

This reorganization is ongoing and has not yet been completed. For this reason, OJK has created its own department for the market conduct, monitoring the behavior has its own department.

OJK also added department units to the modal market industry's supervisory function. Strengthening the supervision, among others, separates the supervisory function of the Investment Manager (MI) and supervision of securities agencies.

Meanwhile, in the supervisory function of the Non-Bank Financial Industry (IKNB), OJK will provide a department for insurance supervision and supervision of pension funds to be more optimal.

In the banking surveillance function, OJK established a department for monitoring banking conglomerates. The supervision of this conglomerate is also a mandate from the PPSK Law.

Meanwhile, the OJK has inaugurated and taken the oath of office of 22 heads of the work unit of officials at the level of the deputy commissioner and the head of the department.

The inauguration is an effort by the OJK to continue to strengthen and develop organizations to adjust the new OJK tasks in accordance with the mandate of the P2SK Law in the field of supervision of the financial services sector (SJK), including to increase consumer protection education.

Regarding the supporting rules for the P2SK Law, OJK has identified 216 mandates in the law in various sectors, approximately it will be translated into 53 strengthening OJK (POJK) regulations.

Therefore, there will be rules that are prioritized to be completed more quickly, according to the provisions in the PPSK Law. There are those that regulate the law in six months that has been completed, some say one year, some say two years. The OJK team works based on the direction of the law.

As stated by the Chairman of the OJK Board of Commissioners Mahendra Siregar, the authority he leads is preparing to transition the application of the P2SK Law so that it runs smoothly and does not cause shocks, especially in the midst of uncertainty in the global financial market.

For OJK, the ratification of the P2SK Law requires a large resource allocation in its follow-up. For this reason, comprehensive reform is needed within the institution in high intensity.

OJK also expects the active involvement of all policy makers in the process of implementing the P2SK Law, including synergies with relevant authorities and institutions. This involvement is needed in the transition process to control the new powers mandated to the OJK by the P2SK Law.

Reorganization and additional work focus are routine things in an organization. Moreover, it is done according to needs. For OJK, it is hoped that what is being done is in accordance with the needs of the organization at this time and the future.

The world's financial system has shown that developments occur in a very fast and dynamic time. Imagine, who could predict, for example, the development of cryptocurrencies, digital banks, and online loans will spread in Indonesia.

The ability to be on guard in case of possible developments in the financial system in the world seems necessary in making regulations that support the implementation of the P2SK Law. Don't let Indonesia be late in anticipating its development.