JAKARTA - The Financial Services Authority (OJK) has officially launched OJK Infinity 2.0 as part of a strategic step to encourage the acceleration of digital innovation in the financial services sector. This initiative is a form of renewal from the innovation center that has been established since August 20, 2018.
From the start, OJK Infinity has served as a platform for industry players and financial technology innovators to develop and test digital products. In its latest version, OJK expands its scope and program approaches by emphasizing more structured and sustainable cross-sector synergies.
OJK's Chief Executive of Financial and Financial Assets Technology Innovation Supervision Hasan Fawzi explained that this revitalization aims to accelerate digital transformation in the financial sector through a new approach that is more strategic, adaptive, and collaborative can create an innovative, inclusive and sustainable digital financial ecosystem.
"In order to accelerate technological innovation and digital transformation in the financial sector, OJK revitalizes OJK Infinity 2.0, with a more strategic, adaptive, and cross-sectoral and cross-institutional collaboration spirit, and approach and new work programs," he said in his remarks, Thursday, April 24.
This collaborative approach is realized through the concept of Pentahelix, which involves five main elements, namely regulators, business people, academics, the media, and the public.
Hasan said that apart from being a forum for testing financial technology through the sandbox mechanism, OJK Infinity 2.0 was also developed into a research center, exchange of ideas, and policy formation that supports the ITSK ecosystem (Financial Sector Technology Innovation).
"OJK Infinity 2.0 applies the Pentahelix Concept approach, which emphasizes synergy and collaboration among five main elements, namely the Government and Regulators as policymakers and regulators, Business Actors (ITSK, Associations, and Financial Services Institutions) as innovators and market drivers, Academics as centers for science and research development, Media as a channel for dissemination of information to build public literacy, as well as Communities/Consumers as users and beneficiaries," he explained.
In addition to the launch of a new innovation center, OJK also introduced a number of flagship programs for 2025, such as the development of Web3-based creative industry funding targeting game sub-sectors, music, films, and animation of collaboration with the Ministry of Tourism and Creative Economy.
Then other programs include the Infinity Hackathon competition with blockchain themes with the Indonesian Blockchain Association, as well as the digitization of the dairy cow industry involving ILO and the Swiss Government.
As part of the communication initiative, the OJK launched its first edition of the Beyond Infinity bulletin, focusing on the issue of cybersecurity of increasingly important topics amid increasing digital threats in the financial sector.
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"A very important and relevant topic to continue to be put forward in the midst of increasing cyber threats and attacks in the financial sector," Hasan said.
Along with the enactment of Law no. 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK), OJK now also has a mandate to regulate and oversee financial technological innovation, including digital assets and crypto. This responsibility is implemented through POJK Number 3 of 2024.
Hasan emphasized the importance of providing sufficient space for the development of financial technology innovation in a safe, controlled, and supervised environment, in order to remain in line with the principles of prudence, consumer protection, and stability of the national financial system.
"This technological innovation in the financial sector needs to continue to be provided with adequate space to be tested in a limited, safe, controlled, and carefully supervised environment to ensure the creation of innovations that can provide great benefits, but we still make sure they are in line with good governance, prudential principles, consumer protection, and maintain the stability of the national financial system," he stressed.
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