(PRESS RELEASE) RDKB JUNE 2024 FINANCIAL SERVICES SECTOR MAINTAINS STABLE

THE FINANCIAL SERVICES SECTOR WAS STABLE
AMIDST STILL HIGH GLOBAL ECONOMIC UNCERTAINTY

Financial Services Sector Stability
On July 3 2024, the OJK Monthly Board of Commissioners Meeting concluded that the financial services sector remained stable and supported national growth amidst global economic uncertainty. This condition is supported by a high level of solvency and a manageable risk profile.

Global Economy
The global economy weakened, with US economic data coming in lower than expected and inflation remaining high. The US labor market continues to decline and conditions for households, especially in the lower middle segment, are weakening.

Development of Regulations and Supervision
In June 2024, OJK will coordinate with CoFTRA to prepare for the transfer of tasks for regulating and supervising crypto assets. Apart from that, OJK carried out three activities at the Financial Services Industry Communication Forum in Surabaya and the Digital Financial Literacy Program in Malang.

Financial Ecosystem Development
OJK recorded 968 partnerships between ITSK organizers and various financial institutions. The number of crypto asset investors decreased to 19.75 million in May 2024 with a transaction value of IDR 49.8 trillion, but the cumulative value in 2024 will reach IDR 260.9 trillion.

Supervision of Insurance Companies and Pension Funds
OJK monitors insurance companies that have not fulfilled their actuarial obligations and imposes administrative sanctions on financial services institutions. In June 2024, OJK approved the dissolution of six Employer Pension Funds.

Financial Technology Innovation
OJK developed a Regulatory Sandbox with 3 entities registering and 10 entities consulting. The SPRINT application was launched to speed up communication between OJK and ITSK organizers.

Consumer Protection
OJK and related parties will form an anti-scam center to protect consumers from online fraud.

Sharia Finance Development
OJK is holding the Indonesia Sharia Financial Olympiad (ISFO) 2024 and the Sharia Financial Literacy and Inclusion Working Group Meeting to increase sharia financial literacy and inclusion among pupils and students.

READ IN FULL: RDKB PRESS RELEASE JUNE 2024