Overview

With the ultimate goal of bolstering national economic development and reforming Indonesia’s financial service sector, the government has begun development of the Draft Bill on the Development and Strengthening of the Financial Sector (“Draft Bill”), which is expected to be passed by the end of this year (2022).[1] In this regard, the Ministry of Finance along with Bank Indonesia (“BI”), the Indonesia Deposit Insurance Corporation (Lembaga Penjamin Simpanan – “LPS”) and the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) are currently gathering inputs, not only from the general public but also from professionals, industry associations, the chamber of commerce and academics.[2]