OJK Takes Three Strategic Steps To Maintain Financial System Stability

OJK (photo: dock. Antara)

JAKARTA - Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Mahendra Siregar said that in the future, OJK will take a number of strategic steps to anticipate various possibilities while maintaining financial system stability and service continuity to the community.

He conveyed that there are three main focuses that are of concern to the OJK, namely that first the OJK will carry out intensive coordination with financial service institutions and related parties to ensure that financial services continue to run optimally and until now, the infrastructure of financial service institutions is still well maintained.

"However, comprehensive data collection and assessment of the potential impact of domestic dynamics on financial service institutions continues," he said at a press conference, Thursday, September 4.

Therefore, he said the OJK also asked Financial Services Business Actors (PUJK) to proactively identify potential losses and risks, as well as speed up the assessment process.

According to him, claims that meet the provisions of the policy must be paid immediately after the verification process is complete and as a concrete form, compensation has also been distributed to the families of the victims who died.

Next is the second step, namely, OJK encourages the provision of payment services that are more accessible to the public, including MSME players.

Mahendra said that in the near future, OJK will issue provisions regarding ease of payment access for the MSME sector, and encourage PUJK to provide special policies or schemes in payment products.

He explained that for debtors who are materially affected by the current situation to affect the ability to pay, OJK encourages financial service institutions to provide relaxation, including through credit restructuring, while still upholding consumer precautionary principles and protection.

Furthermore, for the financing sector, Mahendra said that the OJK also regulates, such as providing convenience for potential customers of financing companies, infrastructure financing companies, and pawnshops that have non-material track records.

"As long as prospective customers are considered to still have the ability to pay installments and in accordance with the risk appetite of financial service institutions, financing can be given," he said.

Mahendra menyampaikan langkah yang ketiga yaitu OJK terus memantau perkembangan situasi guna menjaga stabilitas sektor keuangan dan lembaga jasa keuangan diminta untuk melakukan uji ketahanan (stress test) terhadap dampak pergerakan nilai pasar dari aset yang dimiliki, agar siap menghadapi berbagai skenario.

He conveyed that in the capital market, a number of fluctuation mitigation policies were available, such as buying backs without going through the GMS, delaying the implementation of short selling transactions, adjusting trading stops, and asymmetric auto rejection.

According to him, these policies continue to be evaluated periodically and the OJK also continues to monitor the condition of the financial market and will take the necessary policy steps.

"Hopefully, this policy can maintain investor confidence and optimize the intermediation function of the financial sector," he concluded.