Featured Product

    OJK Launches OBOX Application to Strengthen Reporting and Supervision

    May 15, 2019

    OJK inaugurated the OJK-Box, or OBOX application, in an effort to strengthen "supervision of the information-technology-based financial services sector." According to Chairman of the Board of Commissioners of OJK, Wimboh Santoso, OBOX is an application that allows banks to improve the flow of information to OJK, especially transactional information. This information will complement the existing report so that OJK can increase attention to the potential risks that arise earlier.

    The development of the OBOX application was done in two phases. Phase 1 of the OBOX application pilot project is implemented in 10 banks, with the implementation beginning on May 13, 2019. The implementation of Phase 2, which will cover 104 other commercial banks, will be carried out until the end of December 2019. In addition, supervision activities can be more optimally performed because of the availability of historic data and information on OBOX application. In the future, on-site examination activities will focus more on confirmation of the results of the analysis of data and information that has been done previously. This application will benefit the financial services industry because it will reduce the burden and time of on-site inspection services, accelerate response to audit results, accelerate the development of early warnings and action plans, and build trust between supervisors and the financial services industry.

    This bank reporting integration is expected to help eliminate informational redundancies in data reported by banks to the authorities; it is also expected to help improve information accuracy for "policy formulation in each authority." The program to strengthen information technology-based supervision is one of the priority programs under the OJK strategic policy for 2019. Strengthening information technology-based supervision is also in line with the development of innovative financial products and services in the financial services industry that are increasingly complex and require a more responsive pattern of supervision to anticipate potential problems that can disrupt the health of the financial services industry. 

     

    Related Link (in Indonesian): Press Release

     

    Keywords: Asia Pacific, Indonesia, Banking, Fintech, OBOX, Regtech, Reporting, OJK

    Featured Experts
    Related Articles
    News

    EBA Finalizes Remuneration Standards for Investment Firms in EU

    EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).

    January 21, 2021 WebPage Regulatory News
    News

    ECA Recommends Actions to Enhance Resolution Planning for Banks

    EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.

    January 20, 2021 WebPage Regulatory News
    News

    BoE Publishes Key Elements of the 2021 Stress Testing for Banks in UK

    BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.

    January 20, 2021 WebPage Regulatory News
    News

    PRA Proposes Rules on Identity Verification of Depositor Protection

    PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).

    January 20, 2021 WebPage Regulatory News
    News

    FSB Publishes Work Program for 2021

    FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.

    January 20, 2021 WebPage Regulatory News
    News

    FCA Issues Update on Move to New Data Collection Platform

    FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.

    January 20, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Derivation Rules for Reporting by Banks

    Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.

    January 19, 2021 WebPage Regulatory News
    News

    FED Revises Capital Planning and Stress Testing Requirements for Banks

    FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.

    January 19, 2021 WebPage Regulatory News
    News

    ECB Releases Results of Bank Lending Survey for Fourth Quarter of 2020

    ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.

    January 19, 2021 WebPage Regulatory News
    News

    ESAs Publish Reporting Templates for Financial Conglomerates

    ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.

    January 18, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6484