Overview

On 31 December 2024, the Financial Services Authority (Otoritas Jasa Keuangan - “OJK”) issued two updated frameworks that specifically address the management and organization of financing institutions, venture capital companies, microfinance institutions and other financial services institutions (collectively referred to as “PVML”). Broadly speaking, these frameworks have been introduced in order to accommodate increasing levels of industrial development, an area that requires superior risk management, as mandated under Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector.