The Financial Services Authority of Indonesia (OJK) issued a statement confirming IndONIA as overnight tenor Rupiah interest rate reference as well as a statement on the launch of OJK Suptech Integrated Data Analytics (OSIDA), which will automate the analysis of financial services industry report data.
Below are key details of the recent updates:
- The National Working Group on Benchmark Reform (NWGBR) agreed to establish IndONIA as the reference for the overnight tenor rupiah interest rate. IndONIA will be the basis for establishing the rupiah interest rate reference in the 1-week to 12-month tenor. Furthermore, to strengthen the availability of rupiah interest rate references in tenors of 1 week to 12 months, the Working Group will conduct assessments to be able to provide recommendations regarding the choice of interest rate references. The selection of the reference interest rate will be carried out according to the principles that apply internationally. The Ministry of Finance, Bank Indonesia, OJK, and the Indonesian Foreign Exchange Market Committee are members of the Working Group.
- The statement on suptech platform OSIDA explains that the use of OSIDA will detect early warning signals and compliance checks as early indications of governance weaknesses in bank business activities, potential for fraud, data manipulation, and non-compliance with regulations. In this way, the OSIDA will help the OJK Supervisors to intervene and take supervisory actions early as an anticipatory step. “In the early stages of implementation, OSIDA's analytics scenario is still in the scope of analysis per individual bank and industry-wide banking.” Further development of OSIDA will include capital market and insurance data so that an integrated cross-sectoral analysis can be carried out. In addition, the development of capabilities to process unstructured data from external sources such as Reuters, social media, and online news, will be able to further enhance OSIDA's ability to provide more in-depth insights and red flags related to the financial services industry being monitored.
Related links (in Indonesian)
Keywords: Asia Pacific, Indonesia, Banking, IndONIA, Interest Rate Benchmarks, Reference Rates, Securities, Suptech, Regtech, OSIDA, Data Analytics, OJK
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