OJK Boss Calls The Growth Room Of The Financial Services Sector Still Large

Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Mahendra Siregar said the growth space of Indonesian financial services sector institutions was still large.

"The contribution of the financial services sector to the national economy, when compared to other countries, especially major Asian countries, still shows that there is a lot to be pursued," Mahendra said as quoted by Antara, Thursday, February 23.

The contribution of the financial sector such as domestic loans, stock market capitalization, outstanding bonds, corporate sukuk, penetration of insurance, and pension fund assets is still low on gross domestic product (GDP).

OJK, he said, compiled a number of policies to optimize the potential of the financial services sector so that Indonesia could get out of the trap of middle-income countries and become high-income countries.

"OJK strengthens the resilience of financial services sector institutions, creates growth opportunities for the financial sector and for the national economy, as well as strengthens services and strengthens OJK's own capacity," he said.

OJK, the government, and the public will also continue to pay close attention to the transmission of monetary policy, especially regarding the adjustment of interest rates in both third party funds (DPK) and loans.

"With the hope that financial service institutions will be able to play a more optimal role in supporting the growth and improvement of people's welfare," he said.

Previously, the OJK targeted the financial services industry to grow with bank credit growing by 12 percent in 2023, capital market emissions reaching Rp200 trillion, and financing receivables for finance companies grew by 15 percent.

In addition, life insurance and general insurance assets are expected to grow by 5 to 7 percent in 2023.