- In an effort to encourage players operating within the financial services sector (specifically within the field of banking) to become more efficient, competitive and able to adapt to the needs of the general public, the Financial Service Authority (Otoritas Jasa Keuangan – "OJK") has issued three new regulations, specifically: 1) Regulation No. 12/POJK.03/2021 on Commercial Banks ("Regulation 12/2021"); 2) Regulation No. 13/POJK.03/2021 on Commercial Bank Products Organization ("Regulation 13/2021"); and 3) Regulation No. 14/POJK.03/2021 on the Amendment to Regulation No. 34/POJK.03/2018 on the Reassessment of the Main Parties of the Financial Services Authority ("Regulation 14/2021").
- Regulation 12/2021 specifically addresses the following matters: 1) Simplification and acceleration of licensing procedures for the establishment of banks and office networks; 2) Acceleration of digital transformation within the banking sector; 3) Clearer definitions of digital banking; 4) Efforts to encourage greater efficiency and the optimization of bank resources within bank business groups; and 5) The redefinition of bank groups.
- Meanwhile, Regulation 13/2021 specifically addresses the following matters: 1) Strengthening of the licensing system and the operations of banking products through a shift from capital-based approvals to risk-based approvals; 2) Planning, implementation and discontinuation of banking products; and 3) Acceleration of banking product licensing processes.
- Meanwhile, Regulation 14/2021 focuses upon strengthening efforts to deal with financial services-related problems by widening the scope of said problems as well as the scope of efforts to accelerate the solving of said problems. The ultimate goal is to ensure that financial services are always owned and managed by parties who meet fit-and-proper requirements that encompass integrity, financial feasibility, financial reputation and/or competence.
- For more on this story, see Hukumonline: “OJK Terbitkan Tiga Aturan Terkait Bank Umum dan Bank Digital”.
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