OJK And Ratu Maxima Agree On The Development Of Financial Health Program In Indonesia

Chairman of the OJK Board of Commissioners Mahendra Siregar (left). (Photo: Aris Nurjani/VOI)

The Financial Services Authority (OJK) supports financial health programs or financial welfare driven by the Special Advisor to the Secretary-General of the United Nations for Financial Health/United Nations Secretary-General's Special Advocate for Financial Health (UNSGSA) as a follow-up to the financial inclusion program that has been developed to date.

The Queen Maxima of the Kingdom of the Netherlands was also present in her capacity as Special Advisor to the Secretary General of the United Nations for Financial Health (UNSGSA) and Chief Executive of the Behavior Supervisory of Financial Services Business Actors, Education and Protection of OJK Consumers Friderica Widyasari Dewi.

Chairman of the OJK Board of Commissioners Mahendra Siregar said that the financial health program is expected to provide direct benefits for improving community welfare.

"We consider this approach to be very appropriate for Indonesia's needs. We are ready to cooperate with UNSGSA and of course in the future it will also involve various parties who have collaborated in literacy and financial inclusion programs, to jointly enter health programs or financial welfare for the entire community," he said in his statement, quoted Friday, November 28.

According to Mahendra, this financial health program is in line with the national priority program embedded in Indonesia's development agenda which focuses on increasing responsible financial management, protecting oneself from shocks, and planning the future.

Queen Maxima on that occasion explained that financial inclusion such as having a bank account is only a tool and is not the ultimate goal in achieving an increase in welfare.

"Because after everyone has access, now we have to help them use that access to improve their lives, such as helping manage their daily finances, managing income and expenses, helping to develop budgets, getting the right credit, or preparing tuition fees," said Maxima.

In addition, he conveyed that the financial health concept also encourages family financial resilience in dealing with shocks using financial products such as insurance and preparation of emergency funds.

According to Maxima, financial health will strengthen financial system stability, encourage long-term economic growth, and become a safety net for the Indonesian people who can encourage people to be more productive.

This is not only a macroeconomic issue, but is also relevant to banks and fintech. Yesterday we spoke with them. This is not just a CSR or social activity. This is an important need. In the long term, they will benefit more if their customers are financially healthy," said Maxima.

In the development of financial health, Ratu Maxima explained three things, namely first changing the perspective that financial literacy is not just an understanding of products, but must lead to financial health so that financial products must be according to the needs of the community.

Second, developing financial products that do not harm consumers, so innovation is needed in increasing consumer protection.

Furthermore, the Third is to direct a common understanding, especially financial services business actors, that financial health is not a CSR activity, but an important part of the long-term business model.

Government Support

During Queen Maxima's working visit, a meeting was also held with a number of heads of ministries and institutions attended by Coordinating Minister for the Economy Airlangga Hartarto, Chairman of the OJK Board of Commissioners Mahendra Siregar, Deputy Senior Governor of Bank Indonesia Destri Damayanti and Chairman of the LPS Board of Commissioners Anggito Abimanyu, Chief Executive of the Behavior Supervisory of Financial Services Business Actors, Education and Protection of OJK Consumers Friderica Widyasari Dewi, Director General of Stability and Development of the Financial Sector of the Ministry of Finance Masyita Crystallin and Expert Staff of the Minister of Foreign Affairs for Economic Diplomacy Zelda Wulan Kartika.

Airlangga explained the importance of financial welfare because it could have an impact on the stability of the financial sector and national development targets.

"When financial health decreases, families reduce consumption, spend savings, and return to expensive debts, making it increasingly difficult to survive. This has an impact on financial stability, labor productivity, and achieving long-term national development targets towards 2045. Therefore, strengthening financial health is very important," he said.

Fraud & Scam Focus Group Discussion

Ratu Maxima also participated in discussions about fraud and scam led by Friderica Widyasari Dewi and followed by representatives from members of the Pasti Task Force and the Indonesia Anti-Scam Center (IASC).

On that occasion, Friderica explained the role of the IASC founded by the OJK with members of the Pasti Task Force in November 2024 to fight fraud and fraud which is very widespread today.

According to him, in one year of IASC operations, the total loss reported to IASC reached nearly IDR 8 trillion.

OJK and IASC are currently developing an integrated information system to tackle fraud and fraud in Indonesia, strengthen prevention, and improve inter-institutional synergy and collaboration.

Ratu Maxima's series of activities closed with bilateral meetings with all members of the OJK Board of Commissioners who discussed the follow-up to the implementation of financial welfare programs in Indonesia.