OJK Set to Update Legal Framework on the Development of the Quality of the Human Resources of Commercial Banks

In order to reflect various advances and innovations that have been introduced concerning banking activities, the Indonesian Government has decided that the quality of human resources within the country’s banking sector should be improved. In order to encourage such improvements, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) is currently in the process of preparing a Draft Regulation on the Development of the Quality of the Human Resources of Commercial Banks (“Draft Regulation”),[1] which will repeal and replace the following legal frameworks when it is ultimately promulgated and comes into force:[2]