Indonesian Financial Services Sector Master Plan 2015-2019

Jan 29 2016
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​Pursuant to Act Number 21 of 2011 concerning the Financial Services Authority, OJK was established in Indonesia to ensure all activities in the financial services sector are managed in an orderly, fair, transparent and accountable manner; to create a sustainable and stable financial system; and to protect the interests of consumers and the public alike.

Given the broad scope of OJK objectives as well as the authority mandated by the OJK Act, the public have naturally placed high expectations on the financial services sector in terms of enhancing its strategic role to bolster domestic economic activities. In addition, domestic financial services sector development will also be determined by OJK’s success in regulating and supervising the sector. To support the execution of the OJK’s duties and function, a clear direction is required to safeguard the future development of the national financial services sector.

However, we at OJK are also fully aware the recent global developments have exposed escalating headwinds and ubiquitous uncertainty that have blighted the domestic economy. The resultant economic downturn, which has been experienced by nearly all economies around the world, demands an unconventional response to prevent a further deterioration in economic conditions. As such, the development direction of the Indonesian financial services sector should address the onerous short-term challenges, in particular to back the national exit strategy from the lingering financial sector turbulence.

Against such as inauspicious backdrop, OJK prepared an integrated and comprehensive blueprint for the development of the national financial services sector through the 2015-2019 Indonesian Financial Services Sector Master Plan. The Master Plan consists of three primary focuses, namely optimizing the supporting role of the financial services sector in accelerating domestic economic growth (contributive), safeguarding financial system stability as a foundation of sustainable development (stable) as well as attaining public financial well-being and nurturing equitable development (inclusive).

The preparation of the Master Plan was also aligned with the national economic development programs set forth in the 2005-2025 National Long-Term Development Plan and the 2015-2019 National Medium-Term Development Plan. The development direction of the national financial services sector, according to the Master Plan, will be further elaborated through initiatives and programs contained in roadmaps for each respective financial sector.

OJK is avowedly committed to achieve the objectives and goals stipulated in the Master Plan. We are well aware that implementation will require effective coordination with all relevant stakeholders. Furthermore, the financial industry is also expected to participate in creating innovative and incremental breakthroughs to develop the financial services sector. The attainment of such worthy goals will not be easy but neither impossible.

In closing, on behalf of the Board of Commissioners, I would like to express my utmost appreciation to all those who participated in the preparation of the Master Plan. We sincerely hope that the Master Plan will be used as a reference for all industry players and other relevant parties in terms of advancing the financial sector, thereby allowing the sector to provide greater value added to the national economy and, in turn, improve public prosperity.

Muliaman D. Hadad, Chairman of the Board of Commissioners

The Indonesia Financial Services Authority (OJK)

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