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    OJK Issues Regulations to Strengthen Banks and Bank Product Licensing

    August 27, 2021

    The Financial Services Authority of Indonesia (OJK) issued three regulations (POJK) on commercial banks (POJK No. 12/POJK.03/2021), operation of commercial bank products (POJK No. 13/POJK.03/2021), and reassessment of main parties of financial services institutions (POJK No. 14/POJK.03/2021). The issuance of regulations on commercial banks and operation of bank products emphasizes the importance of accelerating digital transformation; both these regulations shall come into force three months from the date of promulgation.

    The regulation on commercial banks focuses on strengthening institutional rules starting from the requirements for the establishment of new banks and operational aspects; it also reaffirms the understanding of digital banks. The regulation on the operation of commercial bank products focuses on strengthening the licensing and operation of bank products. In addition, OJK and the Indonesian Ministry of Communication and Information have agreed to strengthen digitalization in the financial services sector, at a virtual meeting in August 2021.

     

    Related Links (in Indonesian)

    Effective Date: Promulgation Date+3 Months

    Keywords: Asia Pacific, Indonesia, Banking, Product Licensing, Digitalization, Digital Banks, Fintech, Regtech, Technology Risk, OJK

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