OJK released its 2020 Strategic Policy, which Wimboh Santoso, the Chair of the OJK Board of Commissioners, presented at the 2020 Financial Services Industry Annual Meeting in Jakarta. The focus will be on digitalization of financial products and services, the use of technology to support regulatory compliance, and development of Islamic economic and financial ecosystems are some additional focus areas. Some other focus areas will be increasing the economies of scale in the financial industry and narrowing the regulatory and supervisory gap between the financial services sectors.
The policy on digitalization of financial products and services covers the following:
- Building a digital financial ecosystem in the financial services industry, including fintech start-ups
- Accelerating digitalization efforts in the financial services sector by facilitating licensing of digital-based financial products and services
- Reviewing virtual banking licensing
- Developing technology-based arrangements and supervision to support early warning and forward-looking supervision
- Develop integrated licensing between institutions with the use of technology to accelerate the licensing process across ministries and institutions
Related Link (in Indonesian): Press Release
Keywords: Asia Pacific, Indonesia, Banking, Strategic Policy, Fintech, Regulatory Compliance, OJK
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