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Muliaman Hadad, Chairman of OJK Board of Commissioners. Photo by: RES
Support from the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) for the development of Indonesia’s domestic economy remains ongoing, and in the near future the OJK is planning to roll out a Financial Services Sector Master Plan across the country. This Master Plan is expected to offer support for the government's development programs, with the eventual goal in mind of boosting public welfare.
“During the fourth quarter of 2015, the OJK plans to launch the Financial Services Sector Master Plan, which will cover the Financial Services sector here in Indonesia,” explained the Chairman of the OJK’s Board of Commissioners, Muliaman D. Hadad, in a keynote address delivered at the recent Economic and Capital Market Outlook 2016 event, which was held in Jakarta on Thursday 19 November 2015.
The new master plan will introduce a series of policies and initiatives aimed at bolstering the main pillars of the Indonesian financial-services sector. These pillars relate to matters of economic development, endurance, stability, financial inclusion, and equity.
Support from the OJK for increasing economic stimulus across Indonesia was formalized through the publication of 52 stimulus policies aimed at the financial services sector between June and October of 2015. According to Mr. Hadad, these policies are not only intended to increase consumption in the country, but also to help the government as regards the financing of its infrastructure development program.
The expansion of Indonesia’s capital markets is also being targeted. During his address, Mr. Hadad stated that the OJK would continue to develop infrastructure that supported industrial development across the country’s capital market. In 2016, for example, provisions pertaining to repo transactions and bond trading through the organized OTC market will be introduced.
“Through these measures, liquidity in the trading of debenture will hopefully increase,” asserted Hadad.
Firdaus Djaelani, a Chief Executive Supervisor for the Non-Bank Financial Industry at the OJK, also made a recent statement on the Indonesian economy in which he declared that the current slump in the Indonesian economy could not be separated from the prevailing global economic climate, and that this also applied to the insurance industry.
However, Djaelani also stressed that these problems had already been anticipated by the government and the OJK, who had been working together to introduce several policies that should prove productive in terms of fundamentally transforming the national economy.
Mr. Djaelani also affirmed in his address that a number of stakeholders predict that Indonesia’s prevailing economic conditions would improve during 2016. This prediction is based on the ongoing results of the various economic-policy packages which have already been introduced.
“Economic growth over the next year is likely to be driven by increases in public and private investment, as well as by a variety of incentives outlined in the economic-policy packages that have already been issued,” explained Mr. Djaelani at the Insurance Outlook 2016 Seminar.
Mr. Djaelani also stated that despite the fact that there were still many economic opportunities out there, the national insurance industry still had many challenges ahead of it.
The Indonesian public’s limited understanding of insurance, for example, is currently hampering growth within the industry, as is low accessibility and an inadequate distribution of insurance products throughout the community. Product innovation within the insurance sector is also an impediment to growth, as are limited risk coverage and the difficulties involved in making an insurance claim.
“These insurance-industry challenges are an ongoing concern and something that we regulators should be making a concerted effort to tackle,” concluded Mr. Djaelani.
(sp)
Ari Pramuditya, Fathan Qorib
Muliaman Hadad, Chairman of OJK Board of Commissioners. Photo by: RES
Support from the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) for the development of Indonesia’s domestic economy remains ongoing, and in the near future the OJK is planning to roll out a Financial Services Sector Master Plan across the country. This Master Plan is expected to offer support for the government's development programs, with the eventual goal in mind of boosting public welfare.
“During the fourth quarter of 2015, the OJK plans to launch the Financial Services Sector Master Plan, which will cover the Financial Services sector here in Indonesia,” explained the Chairman of the OJK’s Board of Commissioners, Muliaman D. Hadad, in a keynote address delivered at the recent Economic and Capital Market Outlook 2016 event, which was held in Jakarta on Thursday 19 November 2015.
The new master plan will introduce a series of policies and initiatives aimed at bolstering the main pillars of the Indonesian financial-services sector. These pillars relate to matters of economic development, endurance, stability, financial inclusion, and equity.
Support from the OJK for increasing economic stimulus across Indonesia was formalized through the publication of 52 stimulus policies aimed at the financial services sector between June and October of 2015. According to Mr. Hadad, these policies are not only intended to increase consumption in the country, but also to help the government as regards the financing of its infrastructure development program.
The expansion of Indonesia’s capital markets is also being targeted. During his address, Mr. Hadad stated that the OJK would continue to develop infrastructure that supported industrial development across the country’s capital market. In 2016, for example, provisions pertaining to repo transactions and bond trading through the organized OTC market will be introduced.
“Through these measures, liquidity in the trading of debenture will hopefully increase,” asserted Hadad.
Firdaus Djaelani, a Chief Executive Supervisor for the Non-Bank Financial Industry at the OJK, also made a recent statement on the Indonesian economy in which he declared that the current slump in the Indonesian economy could not be separated from the prevailing global economic climate, and that this also applied to the insurance industry.
However, Djaelani also stressed that these problems had already been anticipated by the government and the OJK, who had been working together to introduce several policies that should prove productive in terms of fundamentally transforming the national economy.
Mr. Djaelani also affirmed in his address that a number of stakeholders predict that Indonesia’s prevailing economic conditions would improve during 2016. This prediction is based on the ongoing results of the various economic-policy packages which have already been introduced.
“Economic growth over the next year is likely to be driven by increases in public and private investment, as well as by a variety of incentives outlined in the economic-policy packages that have already been issued,” explained Mr. Djaelani at the Insurance Outlook 2016 Seminar.
Mr. Djaelani also stated that despite the fact that there were still many economic opportunities out there, the national insurance industry still had many challenges ahead of it.
The Indonesian public’s limited understanding of insurance, for example, is currently hampering growth within the industry, as is low accessibility and an inadequate distribution of insurance products throughout the community. Product innovation within the insurance sector is also an impediment to growth, as are limited risk coverage and the difficulties involved in making an insurance claim.
“These insurance-industry challenges are an ongoing concern and something that we regulators should be making a concerted effort to tackle,” concluded Mr. Djaelani.
(sp)