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

    APRA Consults on Standard for Reporting of COVID-19 Loans

    APRA issued a letter to authorized deposit-taking institutions announcing its intent to formalize the capital measures and reporting requirements for COVID-19 loans through temporary legislative instruments.

    August 13, 2020 WebPage Regulatory News
    News

    EBA Consults Industry on Use and Uptake of Regtech Solutions Across EU

    EBA is inviting relevant stakeholders, such as financial institutions and information and communication technology (ICT) third-party providers, to share their views and experience on the use of regtech solutions through its regtech industry survey.

    August 12, 2020 WebPage Regulatory News
    News

    BoE Clarifies Approach to Treatment of Payment Holidays on Form PL

    BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.

    August 11, 2020 WebPage Regulatory News
    News

    FASB to Conduct Post-Implementation Review of CECL Standard

    FASB announced the launch of its new Post-Implementation Review (PIR) web portal.

    August 11, 2020 WebPage Regulatory News
    News

    EBA Guidance on Impact of CRR Quick-Fix on Reporting and Disclosures

    EBA revised the draft implementing technical standards on supervisory reporting as part of the reporting framework 3.0.

    August 11, 2020 WebPage Regulatory News
    News

    ECB Examines ICAAP Practices of Banks in EU

    ECB published report that presents a summary of the analysis conducted on the internal capital adequacy assessment process (ICAAP) practices of a sample of 37 "significant" banks.

    August 11, 2020 WebPage Regulatory News
    News

    BoE Provides Reporting Update on Form AS and Form FV

    BoE updated the known issues document for the statistical reporting Forms AS and FV.

    August 10, 2020 WebPage Regulatory News
    News

    FED Announces Capital Requirements for Large Banks

    FED announced individual capital requirements for 34 large banks and these requirements go into effect on October 01, 2020.

    August 10, 2020 WebPage Regulatory News
    News

    SRB Publishes Guidance on Implementation of Bail-In Tool

    SRB published a set of documents to give operational guidance to banks on implementation of the bail-in tool.

    August 10, 2020 WebPage Regulatory News
    News

    BIS Publishes Update on G20 TechSprint Initiative

    BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.

    August 10, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5658