Indonesia’s OJK Issues Regulation and Guidelines to Support Banking Sector Digital Transformation
The Indonesian Financial Services Authority (OJK) has issued a new regulation and guideline aimed at supporting the digital transformation of the banking sector in Indonesia. The regulation, known as POJK Number 21 of 2023 on Digital Services by Common Banks, is designed to provide a level playing field for banks to develop digital services while ensuring customer protection and data privacy.
Regulation Focuses on IT Infrastructure and Management
According to OJK Chief Executive of Banking Supervision Dian Ediana Rae, the new regulation focuses on IT infrastructure and management that can support optimum implementation of digital services. The regulation covers:
- Scope and requirements of digital services
- Procedures for permission and cooperation in implementing digital services
- IT utilization and e-signature
- IT adoption that supports bank business functions
Guideline for Banks to Assess Digital Maturity Level
In addition to the regulation, OJK has also issued a guideline for banks to assess their digital maturity level. The guideline, known as SEOJK Number 24/SEOJK.03/2023 on Digital Maturity Assessment for Bank, aims to help banks determine, assess, and evaluate their digitalization rate.
The assessment includes factors such as:
- Governance
- Architecture
- Risk management
- Cyber resilience and safety
- Technology
- Data
- Collaboration
- Consumer protection
Key Step in Banking Sector’s Digital Transformation
The issuance of the regulation and guideline is seen as a key step in supporting the banking sector’s digital transformation, which has become increasingly important in today’s digital age. Banks that fail to adapt to digital transformation may struggle to stay competitive and meet the changing needs of customers.
OJK Launches SIKePO App
OJK has also launched an app called SIKePO, which provides information on POJK, SEOJK, infographics, and regulation summaries. The app can be downloaded from Google Playstore and Apple App Store.
Contact Information
For more information, please contact Head of Literacy, Financial Inclusion and Communication Department Aman Santosa at (021) 29600000 or humas@ojk.go.id.