As originally mandated under Regulation of the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) No. 11/POJK.03/2022 on the Organization of Information Technology by Commercial Banks (“Regulation 11/2022”),[1] the OJK is currently preparing a Draft Circular (“Draft Circular”), which, when it ultimately comes into force, will have to be applied by commercial banks (“Banks”) during assessments of their own digital maturity (“Maturity”) levels.[2] At its core, the aforementioned Maturity assessments reflect the compliance of Banks in relation to all aspects of Information Technology (“IT”), as specifically mandated under the framework of Regulation 11/2022, as well as their readiness to offer support for ongoing digital transformation.[3]
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