OJK Issues Regulations to Strengthen Banks and Bank Product Licensing
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)
- Press Release on Issuance of Regulations
- Regulation on Operation of Commercial Bank Products
- Regulation on Commercial Banks
- Regulation on Reassessment for Main Parties of Financial Services Institutions
- Press Release on Collaboration on Digitalization
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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