Networking Inputs From Various Parties, Government Holds Dialogue On P2SK Bill

Illustration (Photo: Doc. Antara)

JAKARTA – The government through the Ministry of Finance (Kemenkeu) held a public consultation forum in order to receive input from stakeholders related to the Draft Law on Development and Strengthening of the Financial Sector (RUU P2SK).

Secretary of the Financial System Stability Committee (KSSK) Suminto revealed that the P2SK Bill is a milestone in reform in the financial sector, so that Indonesia's financial system must be well developed in a regulatory way. Therefore, through this activity, all inputs will be properly recorded for later consideration in the P2SK Bill.

"Obviously, on this occasion, we are very willing to listen to input, feedback, aspirations from the public for all areas related to banking, both specifically regarding the banking industry itself and in the context of the relationship between authorities in the banking sector, both in the context of supervision arrangements as well as in the context of crisis protocols," he said in a written statement, Tuesday, October 11.

According to Suminto, specifically the public consultation activities this time were divided into five sessions, including those related to changes to banking laws, changes to insurance laws, and carbon stock markets. Then, technological innovations in the financial sector and financial instrument management bodies (SPVs).

The external parties who attended were representatives from associations and industries related to banking, insurance, carbon markets, fintech, and other financial institutions.

On this occasion, Tigor M. Siahaan, representing the Association of Indonesian Sharia Banks (ASBISINDO) expressed his aspirations regarding spin-off regulations and the taxation sector for Islamic banking.

"We hope that Islamic banking will receive special attention from the Government, as well as special policies in the taxation sector that support Islamic banks," he said.

Regarding insurance, Adiwarman Karim as a member of the National Sharia Council - Indonesian Ulema Council (DSNMUI) said that the spin off obligation must be carried out in accordance with the direction of Vice President K.H. Ma'ruf Amin, as well as the sharia business unit (UUS) must also have a time limit because it is considered a learning process.

"There is a need for convenience in terms of capital deposit for companies, there is also a need for regulations on insurance business groups," he said further.

Meanwhile, issues related to the Self Regulatory Organization (SRO) were most highlighted in the Financial Sector Technology Innovation session. Triyono Gani from the Financial Services Authority (OJK) hopes that this bill will provide clarity on SROs from a regulatory perspective and have a legal basis.

"The SRO that we have appointed is a mandate to us, therefore we hope that this will be the forerunner that this association becomes legitimate and becomes the legal basis," he concluded.