The Future of Financial Services Aggregation: Draft OJK Regulation Sets out New Framework

The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) is currently preparing and promoting the Draft Regulation (“Draft Regulation”) on Organizers of Aggregations of Financial Services (Penyelenggara Agregasi Jasa Keuangan – “PAJK”) which, among other goals, is aiming to strengthen the supervision of aggregations of financial services, an area which has been developing rapidly due to the increasing use of new technologies within the financial sector.[1] Once the Draft Regulation comes into force, it will set out a clear framework for relevant stakeholders who provide comparison platforms and distribute financial products, and will also strengthen supervision of consumer data protection.[2]