The government is preparing strategic measures to expand the reach of\nthe integrated electronic business licensing system, known as Online\nSingle Submission (OSS). In the near future, the Ministry of\nInvestment\/BKPM will incorporate the financial industry sector,\nincluding banking and insurance, into the OSS system.<\/p>\n
Deputy Minister of Investment Todotua Pasaribu revealed that data\nfrom the financial industry has not yet been fully integrated into the\nnational investment realisation system. This means the financial\nsector\u2019s contribution has not been fully reflected in official\ninvestment figures.<\/p>\n
\u201cThe financial industry, both banking and non-banking \u2014 including\ninsurance and others \u2014 their data has never been captured or included in\ninvestment realisation figures. And indeed, the licensing processes\nthere have not been integrated either,\u201d said Todotua during a Public\nConsultation on Thursday (3 July).<\/p>\n
According to Todotua, his office met with the Financial Services\nAuthority (OJK) two weeks ago and received a positive response regarding\nthe prompt inclusion of the financial sector into OSS. The plan is\nexpected to be realised within one to two weeks.<\/p>\n
\u201cThe response from the OJK chairman was very positive, and hopefully\nwe will follow up within one to two weeks and reach an agreement with\nthe financial industry and OJK, so that the financial industry can be\nincorporated into our OSS,\u201d he said.<\/p>\n
With the inclusion of the financial industry sector into OSS,\nbusiness licensing in this sector will become more standardised and\ntransparent. This also opens opportunities for the Ministry of\nInvestment to obtain more accurate investment realisation data from all\nsectors, including financial services.<\/p>\n
\u201cI recently observed a banking issue \u2014 I shall not name the bank \u2014\nthe problem concerned the Business Identification Number (NIB). This\nactually highlights the need for consolidation into OSS,\u201d Todotua\nexplained.<\/p>\n
The integration is considered essential to ensure that high\ninvestment targets are not only achieved in nominal terms but also have\na tangible impact on national economic growth.<\/p>\n
\u201cWe must not allow a situation where investment realisation targets\nare met but economic growth figures remain stagnant,\u201d he concluded.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/investment-ministry-to-integrate-banking-and-insurance-sectors-into-oss-licensing-system-1771252480", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }