The agency has been tasked with monitoring financial services providers' market conduct and educating people about financial literacy, as per Law Number 4 of 2023 about Financial Sector Development, which aims to track people's digital preferences.
"The Law on Financial Sector Development has entrusted OJK with a new responsibility regarding the monitoring of tech innovations in the financial sector," said Friderica Widyasari, OJK's Chief Executive of the Behavioral Supervisory of Financial Services Companies, during the virtual Indonesia Financial Literacy Conference on Friday.
OJK has developed a technological system for regulation and monitoring as a tool for supervising market conduct, particularly for instances of digital promotion of financial products or services, she informed.
It has also created a digital module on financial literacy, which it has shared through the Sikapiuangmu (Manage Your Money) app and on other educational media, such as games, videos, books, and more, she added.
The agency is also promoting financial inclusion by optimizing Regional Financial Access Teams to ensure access to financial services, including digital services, for everyone according to their needs, she said.
OJK also provides alternative financing that is fast, easy, and low-cost for MSMEs.
Still, the agency will continue to stress the consumer protection aspect in its pursuit of financial literacy and digital finance education, as outlined by the law, she said.
This is to ensure that responsible financial inclusion and financial empowerment can be achieved on digital platforms, she explained.
Widyasari said that the OJK is collaborating with 12 ministries and institutions on the Anti-Investment Scam Task Force (SWI) to consistently educate and remind people to check if digital investments or loans are legitimate.
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Translator: Agatha Olivia Victoria, Mecca Yumna
Editor: Anton Santoso
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