OJK: Until March 2024 The Sandbox Regulatory Reaches 52 Participants

Illustration. (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) reports that the organizers of Financial Sector Technology Innovation (ITSK) in the sandbox regulation reached 52 participants as of March 2024. This figure was reduced by 108 participants in August 2023.

For information, there are 52 participants who are currently still in the sandbox regulatory, including 36 participants, 2 participants in funding agents, 7 participants in financing agents, 2 participants in wealth technology, 3 other agents in financing agents, and 4 participants in financial planner.

Chief Executive of ITSK Supervisory, Digital Financial Assets, and OJK Crypto Assets Hasan Fawzi said the decrease in sandbox regulatory participants was because OJK had implemented an acceleration program to evaluate sandbox regulatory participants.

According to Hasan, previously many participants were in the OJK trial room and some even reached four years who had not received permits.

"Because there are limitations in the OJK, because previously the scope in the OJK could not then regulate and supervise this new sector without being monitored first by the existing ones," he said in Media Briefing, Tuesday, March 26.

Hasan explained that through the Law (UU) on the Development and Strengthening of the Financial Sector (P2SK), Bank Indonesia (BI) and OJK can regulate and supervise the implementation of ITSK in accordance with their respective scopes and authorities.

Hasan added that there were several sandbox regulatory participants who passed and were recommended for licensing at the OJK. Some who escaped the sandbox regulatory, namely the scoring credit business model from 17 participants, there were 10 recommended and licensed by the OJK.

Meanwhile, according to Hasan, there are still participants who are recommended without new permits at the OJK. In addition, there are also those who are not recommended, so the participants concerned must stop their business.

Hasan explained that participants who graduated but did not have to have to be licensed by the OJK. Because the participants can form partnerships with the Financial Services Institution (LJK).

"Therefore, it is still recommended and continuing its business by partnering with LJK which already exists in banks, capital markets, PVML, as well as insurance and pension funds," Hasan said.

Nevertheless, Hasan conveyed that of course there is an obligation to ensure the feasibility and appropriateness of what is done by financial sector partners.