OJK Launches OBOX Application to Strengthen Reporting and Supervision
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
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