Jakarta, June 20, 2017 — The Financial Services Authority (OJK) launched the Integrated Licensing Information and Registration System (SPRINT) for publicly listed banks' Bonds and Sukuk (Islamic Bonds) Issuance, as an effort to speed up and simplify the licensing process, by integrating such process run separately by the capital market and banking departments.

Through SPRINT, a listed lender now spends less time for completing the process to receive approvals for bonds and sukuk issuance, from 105 working days to merely 22.

Deputy Chairman of the OJK's Board of Commissioners Rahmat Waluyanto, in his opening remarks at the launch of the SPRINT for Bonds and Sukuk Issuance by Listed Banks on Tuesday (Jun. 20), described that the licensing process for bonds and sukuk issuance by listed lenders, which had been done in a sequential manner, now was transformed into a one-stop licensing process and they have also simplified documents required for license applications.

"This measure has enabled the OJK to process applications in a much shorter time without abandoning consideration of prudential aspects over the submitted applications," Rahmat Waluyanto said.

He shared that the system was the result of the OJK's concrete effort to develop an integrated, one-stop licensing mechanism for publicly listed banks that wish to issue bonds and sukuk. The OJK made such effort in order to maintain the momentum of improving national economy.

The SPRINT has also been set as a virtual single window for financial services companies, when they go through the licensing process taken place within the OJK.

"We hope SPRINT will offer a TUNTAS (Transparent, TerpadU-Integrated, AccouNTable, Cepat-Fast, and Simple) licensing process," Rahmat Waluyanto said.

Not only will it lower the risk of differing policies issued by each department, but the SPRINT also reduces duplication of application documents that applicants have to submit. The system is also equipped with a tracking feature that highlights the licensing process' transparency nature.

As a transparent licensing process, the SPRINT is also equipped with a tracking feature, so Applicants can always monitor progress of their license applications or submitted registrations. In addition to its role as a transparency tool, the tracking feature was also designed to reduce interactions between Applicants and the Regulator, in order to lessen potential moral hazard, both on applicants' and the regulator's sides, and also to raise good governance quality within the OJK.  

Previously, in 2016, the OJK also launched the Bancassurance SPRINT for marketing licensing of insurance products, the SPRINT for licensing of mutual funds sales through banks as Mutual Fund Selling Agents (APERD) and the SPRINT for Registration of Public Accountants/Public Accounting Firms, and both have been implemented in full since 2017.

Looking ahead, the OJK will continue developing the SPRINT for other types of licensing, to provide better licensing services.

***

For more information:

Asep Iskandar, Director of Non-Bank Financial Industry Institutions and Products

Tel +62 21 2960 0000 E-mail: asep.iskandar@ojk.go.id Website: www.OJK.go.id