Draft Amendment Bill on the Development and Strengthening of the Financial Sector: DPR Set to Tighten Grip over BI, LPS and OJK

In 2023, the Indonesian Government established Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (“Law 4/2023”), an omnibus law that set out to introduce comprehensive reforms to Indonesia’s financial sector and its accompanying regulatory framework. Law 4/2023 addresses efforts to strengthen the structure, institutions and overall resilience of the national financial system, while promoting greater financial deepening, innovation and consumer protection.[1]