OJK looks to PFII for local banks to expand their services - Regulations - The Jakarta Post

Regulations

The Financial Services Authority (OJK) has proposed implementing universal banking in the planned Indonesia International Financial Center (PFII) to streamline business licensing and boost the country’s investment appeal.

On the rise: High-rise buildings are illuminated by the sunset on Aug. 2, 2024, in the Sudirman Central Business District (SCBD) in South Jakarta. (Reuters/Ajeng Dinar Ulfiana)

The Financial Services Authority (OJK) has proposed implementing universal banking in the planned Indonesia International Financial Center (PFII) to streamline business licensing and boost the country’s investment appeal.The move could help to make the country’s financial sector more competitive, analysts say, but many local banks are not yet ready.

During a hearing with House of Representatives on July 8, OJK chief executive for banking supervision Dian Ediana Rae said regulating universal banking in the financial center could serve as “one of the instruments to attract international investment while maintaining prudence and risk management principles”.