Indonesia unveils five pillars of financial sector reform
The reformation of Indonesia’s financial sector through the implementation of the Law on Financial Sector Development and Strengthening (UU P2SK) will be based on five pillars, Vice Minister of Finance Suahasil Nazara has said.
Indonesia's Vice Minister of Finance Suahasil Nazara (Photo: ANTARA)
Jakarta (VNA)- The reformation of Indonesia’s financial sector through the implementation ofthe Law on Financial Sector Development and Strengthening (UU P2SK) will bebased on five pillars, Vice Minister of Finance Suahasil Nazara has said.
The first two pillars are strengthening public trust infinancial service institutions, and the development of digital financial sectorand its innovation, he said in astatement released on February 23.
The third involvesefforts to promote long-term fund accumulation, while the fourth pillar is the stateprotection of financial product consumers and the last is financial sector literacyand inclusion.
According to Sartono,managing partner of Hanafiah Ponggawa & Partners (Dentons HPRP), the UU P2SK is expected to bringlarger opportunities for adopting Environmental Social Governance (ESG) in thefinancial sector.
“The UU P2SK is expected to strengthen thegovernance of the financial sector and to improve public trust to achievewelfare and consumer protection,” Sartono was quoted by Antara news agency assaying.
Meanwhile, a senior executive analyst at theFinancial Services Authority (OJK), Greta Joice Siahaan, said OJK’s prioritiesin financial sector reform are the spin-off policy and the consolidation of banksharia units and insurance companies.
According to her, the reform priorities includeimplementing UU P2SK by 2028 and strengthening market conduct supervisory. UUP2SK also has a new mandate, namely to regulate cooperatives, digital financialassets and crypto assets.
Vice chairwoman of the Indonesian Chamber of Commerce andIndustry (Kadin) Shinta Kamdani said that the implementation of ESG isinevitable as business profits no longer solely rely on financial profits andperformance.
According to her, investo🍰rs see ESG as a keyfactor that reduces the risks of investment, along with inc𒈔reased awareness onclimate change, human rights, and transparency of consumer protection./.
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Indonesia's Vice Minister of Finance Suahasil Nazara (Photo: ANTARA) 
