OJK Strengthens Integrated Licensing And Supervision Of The Financial Services Industry

OJK illustration (Photo: Doc. Antara)

Chairman of the OJK Board of Commissioners Mahendra Siregar said the OJK continues to improve coordination, integration and cooperation among various organizational fields in the OJK to further strengthen cross-field supervision in the financial services industry.

"Currently a special unit for integrated licensing and supervision has been formed and has been working to see how cross-field supervision can be carried out and will be more effective. Likewise with licensing, so that the licensing process does not repeat itself for different fields," Mahendra said in his official statement, Tuesday, November 5.

Mahendra added, to increase licensing and integrated supervision, an integrated data management work unit has also been formed and integrated reports to further facilitate reporting mechanisms from the financial services industry.

According to him, the various strengthening organizational structures are part of the organizational reform program carried out in terms of business processes, human resources and organizational structures to further improve integration, coordination and efficiency.

On that occasion, Mahendra also conveyed the development of the Indonesian financial services sector in the midst of the dynamics of global economic conditions during 2023.

"If we look at the global economy in 2023, although growth is slowing down, there is a risk of uncertainty and high inflation and interest rates, but in general it is better than we were worried at the end of last year," Mahendra said.

Mahendra conveyed OJK's accountability from the input submitted by the financial services industry at a meeting with IJK in 2022.

In line with that, Deputy Chairman of the OJK Board of Commissioners Mirza Adityaswara said this meeting was a means for the OJK to hear input and views from players in the financial services industry.

"We will seriously listen to and seriously study which ones we can follow up. So if regulators will listen and find solutions, we will try to move forward together, hopefully it can be useful for this country," said Mirza.

The OJK Year-End Dialogue with the Financial Services Industry is an activity carried out every year as a means of direct communication of the OJK Board of Commissioners with financial service industry players.

The activity was carried out in two discussion sessions, namely the Capital Market, Derivative Finance, and Carbon Exchange; and the Banking Sector which was held on Friday, December 1.

As for the Supervision of Insurance, Guarantee and Pension Funds; Financing Institutions, Venture Capital Companies, LKM and Other LJK; as well as the Financial Sector Technology Innovation Sector, Digital Financial Assets and Crypto Assets were carried out on Monday 4 December.