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    OJK Chairman Says Banks Are Ready to Implement Basel III Standards

    November 29, 2018

    The OJK Chairman Wimboh Santoso participated as a panelist at the 20th International Conference of Banking Supervisors (ICBS) on Navigating the Post- Basel III Banking System. He highlighted that national banks in the country are in good condition and ready to implement the continuation of Basel III standards. He also mentioned that banks are well-capitalized, with the capital adequacy ratio (CAR) reaching 23% and dominated by core capital.

    Mr. Santoso explained that the implementation of Basel III would be proportional to the conditions of the national banking system. Unlike Basel I and II, which are being applied in all commercial banks, several Basel III standards are only applied to certain bank groups. He also said that BCBS must begin to pay attention to the risks that can arise from the development of fintech. He shared experiences on how Indonesia has responded to the development of fintech in the country. He added that Indonesia has set up a regulatory umbrella to mitigate potential risks, such as cyber risk, money laundering, and terrorist funding, and to promote adequate market conduct to protect consumers.

    ICBS, which was attended by more than 200 participants from more than 100 countries, was held to build cooperation among the international financial sector supervisory authorities.

     

    Related Link (in Indonesian): Press Release

    Keywords: Asia Pacific, Indonesia, Banking, Basel III, CAR, Fintech, Proportionality, OJK

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