OJK Issues POJK 3/2024, This Is The Reason

Head of the Department of Financial Sector Technology Arrangement and Licensing, Digital Financial Assets and Crypto Assets, Djoko Kurnijanto. (Photo: Aris Nurjani/VOI)

JAKARTA - The Financial Services Authority (OJK) issued OJK Regulation Number 3 of 2024 (POJK 3/2024) concerning the Implementation of Financial Sector Technology Innovation (ITSK).

Meanwhile, POJK 3/2024 is to strengthen the financial ecosystem that utilizes technological innovation, including financial technology (fintech) and digital financial assets such as crypto.

Head of the Department of Financial Sector Technology Arrangement and Licensing, Digital Financial Assets and Crypto Assets, Djoko Kurnijanto conveyed the background for the issuance of POJK 3/2024 because OJK needs to create a regulatory environment that supports innovation and risk mitigation effectively, one of which is through 1 sandbox implementation.

According to Djoko, article 6 letter e and article 216 of the P2SK Law give a mandate to the OJK to regulate and supervise activities in the Financial Sector Technology Innovation (ITSK) sector as well as digital financial assets and crypto assets.

"One of the scopes of the regulation is related to the provision of space and/or facilitation of trial/innovation development (sandbox)." he explained on Tuesday, March 26, 2024.

In addition, based on the provisions regarding digital financial innovation as stipulated in the Financial Services Authority Regulation Number 13/POJK.02/2018 concerning Digital Financial Innovation in the Financial Services Sector needs to be adjusted to the latest developments.

Djoko said that sandbox is not only a means and mechanism to facilitate innovation trials, but also includes providing 4 facilities to develop ITSK in the early stages.

According to Djoko, there are three important points in the sandbox implementation, namely the existence of an eligibility criteria, the testing plan is prepared by prospective sandbox participants and approved by the OJK, as well as the results of the sandbox.