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Ada Pertanyaan? Hubungi Kami Fathan Qorib, Andin Aditya Rahman
Preparations are continuing for the upcoming ASEAN Economic Community (AEC) due to commence in late 2015. This time it is the turn of the Financial Services Authority’s (OJK) which is drafting a policy to improve resilience and competitiveness in the domestic banking sector.
Mulya E. Siregar, Deputy Commissioner of Banking Oversight at the OJK, indicated that the policy will aim to establish an efficient banking system that is healthy and stable.
“It is also to encourage sustainable and noticeable economic growth,” asserted Mr. Siregar at the PricewaterhouseCoopers office in Jakarta last Wednesday.
The policy, according to Mr. Siregar, will focus on three aspects, the efficiency of contributions to the economy, governance to lessen risk, and capital capacity.
“We must realize that there are 31 conglomerates, and more significantly, there are 16 banking conglomerates, which we must oversee properly through integrated supervision,” elaborated Mr. Siregar.
Mr. Siregar further said that the new policy is also expected to support the banking sector in facing the upcoming AEC under the ASEAN Banking Integration Framework (ABIF) of Qualified ASEAN Banks (QAB).
The Indonesian government has yet to agree on the ABIF, as it believes that the domestic banking sector is not yet able to properly compete with foreign banks. The OJK shares the Government’s view, with the primary concern being that Indonesia’s banking sector will most likely fold against competition from foreign banks without proper preparation.
For the ABIF, the Government will continue to insist on the reciprocity principle with other ASEAN members. The reciprocity principle, explained Mr. Siregar, aims to demand equal treatment between Indonesia and other ASEAN member countries.
“This reciprocity is still being fought for. It doesn’t mean that we demand 400 branch offices and 400 overseas ATMs, but proportional treatment. This is what efforts are being made for by the OJK and BI,” he concluded.
(hot/kc)
Fathan Qorib, Andin Aditya Rahman
Preparations are continuing for the upcoming ASEAN Economic Community (AEC) due to commence in late 2015. This time it is the turn of the Financial Services Authority’s (OJK) which is drafting a policy to improve resilience and competitiveness in the domestic banking sector.
Mulya E. Siregar, Deputy Commissioner of Banking Oversight at the OJK, indicated that the policy will aim to establish an efficient banking system that is healthy and stable.
“It is also to encourage sustainable and noticeable economic growth,” asserted Mr. Siregar at the PricewaterhouseCoopers office in Jakarta last Wednesday.
The policy, according to Mr. Siregar, will focus on three aspects, the efficiency of contributions to the economy, governance to lessen risk, and capital capacity.
“We must realize that there are 31 conglomerates, and more significantly, there are 16 banking conglomerates, which we must oversee properly through integrated supervision,” elaborated Mr. Siregar.
Mr. Siregar further said that the new policy is also expected to support the banking sector in facing the upcoming AEC under the ASEAN Banking Integration Framework (ABIF) of Qualified ASEAN Banks (QAB).
The Indonesian government has yet to agree on the ABIF, as it believes that the domestic banking sector is not yet able to properly compete with foreign banks. The OJK shares the Government’s view, with the primary concern being that Indonesia’s banking sector will most likely fold against competition from foreign banks without proper preparation.
For the ABIF, the Government will continue to insist on the reciprocity principle with other ASEAN members. The reciprocity principle, explained Mr. Siregar, aims to demand equal treatment between Indonesia and other ASEAN member countries.
“This reciprocity is still being fought for. It doesn’t mean that we demand 400 branch offices and 400 overseas ATMs, but proportional treatment. This is what efforts are being made for by the OJK and BI,” he concluded.
(hot/kc)