Jakarta, February 17, 2017 – The main mission of Indonesia Financial Sector Assessment Program (FSAP) was concluded by a wrap-up meeting, which was held at the office of Indonesia Ministry of Finance on Thursday, February 16, 2017. The meeting was attended by Finance Minister, Bank Indonesia Governor, Financial Services Authority (OJK) Chairman, Temporary Replacement Official of Indonesia Deposit Insurance Corporation (LPS) Chairman and the FSAP Team, which consisted of International Monetary Fund (IMF) and World Bank representatives.

The main mission was the last part of FSAP series, which had been carried out since 2016. The series began with the scoping mission (May 30 – June 3, 2016) then continued with mission I (September 21 – October 5, 2016) and the main mission.

Other than discussions with the government and related authorities, during the main mission, the FSAP team also had highly intensive and productive discussions with other institutions, such as the financial services industry, financial conglomerates, financial services industry associations, remittance companies, financial technology companies, law firms, the Financial Transaction Reports and Analysis Centre (PPATK), law enforcement authorities and scholars.

At the wrap-up meeting on the main mission, the FSAP Team presented a summary and key findings from results of the assessment of Indonesian financial services sector's condition, which included:

• risk analysis and stress testing,
• macroprudential policy framework,
• liquidity management,
• microprudential oversight,
• capital market development and long-term infrastructure financing,
• financial market deepening, and
• financial inclusion and digital financial services.

In addition, the FSAP team also presented results of the discussion in relation to issues of accounting and auditing of banks and of anti-money laundering/prevention against terrorism financing.

In response to the assessment results, Finance Minister Sri Mulyani Indarwati, Bank Indonesia Governor Agus D.W. Martowardojo, OJK Chairman Muliaman D Hadad, and Temporary Replacement Official of (LPS) Chairman Destry Damayanti, expressed their appreciation of the observation made by the FSAP team. The observation results are expected to build the quality and capacity of the government and related authorities, for the purpose of regulation, supervision, and development of the financial services sector and the right policies formulation in anticipation of crisis.  

The publication of FSAP Indonesia 2016/2017 results from the IMF and the World Bank is expected to raise awareness among the stakeholders on the financial services sector's condition in Indonesia. The growing and solid trust of national and international communities is expected to attract more investments—including capital inflow—to Indonesia and bring positive impacts on economic growth and public welfare.

                                                                                                                       ***

For more information:
Imansyah
Deputy Commissioner for Strategic Management IA
Tel +62 21 2960 0000
E-mail imansyah@ojk.go.id
www.ojk.go.id