Selasa, Januari 19, 2021

OJK Introduces Five Stimulus Policies Aimed at National Economic Recovery During 2021

The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has compiled a comprehensive set of policies aimed at the development of the financial services sector. These policies encompass the Masterplan for the Indonesian Financial Services Sector (Masterplan Sektor Jasa Keuangan Indonesia – “MPSJKI”) 2021 - 2025 which will help the government to accelerate the handling of the Corona Virus Disease 2019 (“COVID-19”) pandemic and which include efforts to boost market demand as well as the further digitization of the economy in order to support a national economic recovery.
The new stimulus policies break down as follows: 1) Extension of credit restructuring efforts until 2022 for any debtors that are being affected by COVID-19; 2) Provision of sovereign ratings for calculations of risk-based capital if financial service institutions purchase securities issued by Investment Management Institutions (Lembaga Pengelola Investasi/LPI) or sovereign wealth funds in accordance with the objectives set out under Law No. 11 of 2020 on Job Creation; 3) Temporary relaxation of prudential policies that address credit restructuring or recurring financing during the relaxation period and without the imposition of any excessive fees; 4) Facilitation and acceleration of access to financing for business players, particularly micro-, small- and medium-scale enterprises (“MSME”), through an expansion of the pilot project for the Small-Scale Business Credit (Kredit Usaha Rakyat – “KUR”) cluster; 5) Expansion of the MSME digitalization ecosystem from upstream to downstream, including through the development of micro-scale waqf banks (Bank Wakaf Mikro/BWM), securities crowdfunding platforms, KUR and the UMKM-MU digital marketplace platform.
In addition, Wimboh Santoso, Chairman of OJK’s Board of Commissioners, stated recently that the MPSJKI 2021 - 2025 also sets out various policies aimed at strengthening the resilience and competitiveness of the financial services sector. These policies encompass accelerated consolidation throughout the financial services industry through the implementation of minimum capital policies. Moreover, in terms of nonbank financial institutions (Institusi Keuangan Non-Bank/IKNB), the OJK is hoping to strengthen its current governance and risk-management regimes through the introduction of several new policies, including limiting investment and the provision of large funds, as well as improving capital regulations and the status and monitoring of follow-up and exit policies.
For more on this story, see Hukumonline: “5 Kebijakan Stimulus OJK untuk Dorong Pemulihan Ekonomi 2021”.

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The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has compiled a comprehensive set of policies aimed at the development of the financial services sector. These policies encompass the Masterplan for the Indonesian Financial Services Sector (Masterplan Sektor Jasa Keuangan Indonesia – “MPSJKI”) 2021 - 2025 which will help the government to accelerate the handling of the Corona Virus Disease 2019 (“COVID-19”) pandemic and which include efforts to boost market demand as well as the further digitization of the economy in order to support a national economic recovery.
The new stimulus policies break down as follows: 1) Extension of credit restructuring efforts until 2022 for any debtors that are being affected by COVID-19; 2) Provision of sovereign ratings for calculations of risk-based capital if financial service institutions purchase securities issued by Investment Management Institutions (Lembaga Pengelola Investasi/LPI) or sovereign wealth funds in accordance with the objectives set out under Law No. 11 of 2020 on Job Creation; 3) Temporary relaxation of prudential policies that address credit restructuring or recurring financing during the relaxation period and without the imposition of any excessive fees; 4) Facilitation and acceleration of access to financing for business players, particularly micro-, small- and medium-scale enterprises (“MSME”), through an expansion of the pilot project for the Small-Scale Business Credit (Kredit Usaha Rakyat – “KUR”) cluster; 5) Expansion of the MSME digitalization ecosystem from upstream to downstream, including through the development of micro-scale waqf banks (Bank Wakaf Mikro/BWM), securities crowdfunding platforms, KUR and the UMKM-MU digital marketplace platform.
In addition, Wimboh Santoso, Chairman of OJK’s Board of Commissioners, stated recently that the MPSJKI 2021 - 2025 also sets out various policies aimed at strengthening the resilience and competitiveness of the financial services sector. These policies encompass accelerated consolidation throughout the financial services industry through the implementation of minimum capital policies. Moreover, in terms of nonbank financial institutions (Institusi Keuangan Non-Bank/IKNB), the OJK is hoping to strengthen its current governance and risk-management regimes through the introduction of several new policies, including limiting investment and the provision of large funds, as well as improving capital regulations and the status and monitoring of follow-up and exit policies.
For more on this story, see Hukumonline: “5 Kebijakan Stimulus OJK untuk Dorong Pemulihan Ekonomi 2021”.

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