The first strategy involves the internal strengthening of non-bank financial services institutions (LJKNB), he informed at the Fintech Policy Forum 2023, held here on Tuesday.
Such strengthening can be done by implementing good corporate governance, effective risk management, a checks and balances mechanism, and internal dispute resolution (IDR).
The second strategy concerns the strengthening of the profession and associations. The strategy begins with the strengthening of supporting professionals in the IKNB sector, such as public accountants and actuaries.
OJK urged associations and supporting professionals to also help financial service actors so that there is a minimum standard for reliable and trusted finance, he said.
The third strategy pertains to the strengthening of the OJK itself. The strengthening of OJK's role in carrying out its regulatory and monitoring function through internal reformation can lead to more effective regulation, licensing, and supervision.
In carrying out its monitoring, the OJK optimizes information technology support (sup-tech) and human resource capacity improvement.
The implementation of these strategies would be supported by the Financial Sector Development and Strengthening Law (UU PPSK) as a strong legal foundation for the growth and competition of fintech in the market.
During the forum on Tuesday, Budiawan also highlighted that Indonesia has currently become one of the countries in Asia with a relatively high potential for digital economic growth.
According to the Indonesian Internet Service Operator Association's (APJII's) data, the penetration of Indonesian Internet users has continued to rise to reach 215.6 million users as of March 2023. The figure reflects an annual increase of 2.67 percent.
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Translator: Bayu Saputra, Fadhli Ruhman
Editor: Rahmad Nasution
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