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Compliance Challenges in Digital Banking in Indonesia: OJK Issues Regulation to Support Sector’s Transformation
Jakarta, December 29, 2023 - The Indonesian Financial Services Authority (OJK) has issued a regulation and guideline aimed at supporting the country’s banking sector in its digital transformation journey.
Enhancing Competitiveness through Digital Services
The POJK Number 21 of 2023 on Digital Services by Common Banks and SEOJK Number 24/SEOJK.03/2023 on Digital Maturity Assessment for Bank are expected to enhance the competitiveness of banks by providing a level playing field for the development of digital services.
Adapting to Changing Landscape
The OJK’s move is in response to the growing trend of people shifting towards digital banking, driven by rapid technological advancements and financial developments. The authority has identified the need for banks to adapt to this changing landscape to stay competitive. To support this transformation, the OJK published the Blueprint of Banking Digital Transformation in 2021.
POJK Layanan Digital Regulation
The POJK Layanan Digital regulation refines previous guidelines on digital banking services, mandating a principle-based approach focusing on IT infrastructure and management rather than risk profile requirements. The regulation covers:
- Scope and requirements of digital services
- Procedures for permission, cooperation, IT utilization, e-signature, data protection, and customer protection
SEOJK DMAB Guideline
Meanwhile, the SEOJK DMAB guideline provides a framework for banks to assess their digital maturity rate, covering:
- Governance
- Architecture
- Risk management
- Cyber resilience
- Technology
- Data
- Collaboration
- Consumer protection
The self-assessment is required at least once a year, taking into account internal and external factors affecting the bank’s preparedness.
Encouraging Digitalization and Collaboration
The issuance of these regulations aims to encourage digitalization and collaboration among banks, enhancing their competitiveness and meeting stakeholders’ expectations. For more information on the regulation, infographics, and summaries are available through SIKePO app, accessible via browser or mobile app.
Contact Information
- Aman Santosa, Head of Literacy, Financial Inclusion and Communication Department, OJK
- Tel: (021) 29600000
- Email: humas@ojk.go.id