JAKARTA \u2014 Deputy Minister of Investment and Downstreaming\/Deputy Head\nof the Investment Coordinating Board (BKPM) Todotua Pasaribu has stated\nthat the financial industry will soon be integrated into the electronic\nintegrated business licensing system known as Online Single Submission\n(OSS).<\/p>\n
Todotua noted that there are approximately 1,700 types of licences\ninvolving 17 ministries and institutions within the OSS system, whilst\nseveral other institutions have expressed interest in joining.<\/p>\n
\u201cRecently, several more institutions will hopefully join the OSS\nsystem in the near future. That includes the financial industry,\u201d said\nTodotua in Jakarta on Thursday (3\/7).<\/p>\n
He revealed that his office had held meetings with the Financial\nServices Authority (OJK) several weeks ago to consolidate financial\nindustry matters with existing OSS regulations.<\/p>\n
Todotua further explained that investment realisation data in the\nfinancial sector \u2014 including insurance, banking and non-banking \u2014 had\nnot yet been incorporated into the OSS system. He also identified issues\nwithin the banking sector related to Business Identification Numbers\n(NIB), making it crucial for the financial industry to be integrated\ninto the OSS promptly.<\/p>\n
\u201cThe response from the OJK Chairman was very positive, and hopefully\nour ministry will follow up. We have already reached an agreement with\nthe financial industry and OJK to bring the financial industry into our\nOSS,\u201d he said.<\/p>\n
According to Todotua, the involvement of ministries and institutions\nis essential to achieving the target of 8 per cent economic growth.<\/p>\n
The Ministry of Investment and Downstreaming is currently drafting\namendments to BKPM Regulations Nos. 3, 4 and 5 of 2021 to improve the\nbusiness and investment climate in the country. The refinement of these\nthree regulations will serve as the foundation for risk-based corporate\nlicensing reform through the simplification of procedures, strengthening\nof the OSS system and enhancement of legal certainty.<\/p>\n
The amendments to BKPM Regulations 3\/4\/5 of 2021 are a follow-up to\nGovernment Regulation (PP) No.\u00a028 of 2025 on the Implementation of\nRisk-Based Business Licensing. The three regulations concern the OSS\nSystem, Licensing Services and Supervision, which are subsequently\nintegrated through PP 28\/2025.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/financial-industry-to-be-integrated-into-online-single-submission-licensing-system-1771252256", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }