OJK Eases Regulations to Support Digital Innovation


Indonesia is accelerating national digitalization and digital innovation, including in the financial sector. Recently, the Financial Services Authority (OJK) provides easy and accommodating regulations for entrepreneurs.

Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Wimboh Santoso strongly supports digital innovation in the financial sector.

“We have conveyed this commitment to the Bali Fintech Agenda, especially now that life cannot be separated from technology, not least in the financial sector,” said Wimboh in his remarks at the webinar themed Opportunities, Challenges & Impacts of Utilizing New Tech in Strengthening The AML/CFT Regime, Wednesday (23/2/2022).

This time, OJK also opened a Fintech Center if there are millennials who want to learn or try a business in the financial technology field. According to him, OJK pays more attention to the development of technology and digitalization in various aspects, such as finance.

This is also supported by the existence of a pandemic that “forces” people to carry out various activities online. This is what accelerates digitization.

Previously, the government, OJK, and Bank Indonesia (BI) affirmed their commitment to continue support the development and contribution of the fintech industry to strengthening the national digital economy through regulations that can spur the birth of digital financial service innovations.

Furthermore, regarding this support, the government hopes that the community will get optimal protection through fintech services and their ecosystem

In addition to continuing provide support through accommodative regulations, the government has also invested in information and communication technology (ICT) infrastructure development one of the main priorities apart from health and education to accelerate the provision of equitable internet network access throughout Indonesia.

The 2022 state budget has allocated IDR 25.4 trillion to continue various ICT infrastructure development programs.

On the other hand, Minister of Finance Sri Mulyani Indrawati explained “Along with the acceleration of adoption of Digital Financial Services and changes in people’s behavior towards a digital economy, the digital financial sector, including fintech, has enormous potential.”

She added, the government and relevant regulators will continue to support innovation in the digital financial services sector to make a greater positive contribution to the Indonesian economy.

“On the other hand, we must all anticipate new business models from digital financial services in order to provide better consumer protection,” he concluded.