OJK Introduces New Provisions on the Organization of Commercial Bank Products

In an effort to encourage the transformation of Indonesia’s banking services and to ultimately boost the competitiveness of the country's banking sector, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has issued Regulation No. 13/POJK.03/2021 on the Organization of Commercial Bank Products (“Regulation 13/2021”), which introduces a new set of guidelines that specifically address the organization of various products offered by commercial banks (“Banks”) to their customers.[1] These new guidelines address the following specific matters: