Awaiting Five Selected Financial Services Authority Board Members
On Wednesday (11 March), the House of Representatives held fit-and-proper tests for ten candidates to replace members of the Financial Services Authority (OJK) Board of Commissioners. These ten names were submitted by President Prabowo Subianto from the twenty candidates who passed the administrative screening.
Given current requirements, the vacant positions include Chairman of the Board of Commissioners, Vice Chairman of the Board of Commissioners, Chief Executive for Capital Market, Derivatives Finance and Carbon Exchange Supervision, Chief Executive for Financial Sector Technology Innovation Supervision, Digital Financial Assets and Crypto Assets, and Chief Executive for Conduct of Supervisory Business Conduct, Financial Services Education and Consumer Protection.
The candidates undergoing fit-and-proper tests for these positions are:
Friderica Widyasari Dewi – Chief Executive for Financial Services Business Conduct Supervision, Education and Consumer Protection, OJK
Agus Sugiarto – Independent Commissioner, PT Danantara Asset Management
Hernawan Bekti Sasongko – Member of OJK Supervisory Board
Ary Zulfikar – Executive Director of Law, Deposit Insurance Agency (LPS)
Hasan Fawzi – Chief Executive for Financial Sector Technology Innovation Supervision, Digital Financial Assets and Crypto Assets, OJK
Darmansyah – Deputy Commissioner for Strategic Financial Planning, Board of Commissioners Secretariat and Logistics, OJK
Dicky Kartikoyono – Head of Payment System Policy Department, Bank Indonesia
Danu Febrianto – Senior Executive Vice President, LPS
Adi Budiarso – Director of Banking Development for Financial Markets and Other Financing, Directorate General for Stability and Financial Sector Development, Ministry of Finance
Anton Daryono – Executive Director/Head of Payment System Surveillance and Consumer Protection Department, Bank Indonesia
The OJK suitability examination process has been accelerated. The government, through the Finance Minister, identified an urgent need arising from global developments deemed force majeure by various stakeholders, particularly investors and financial sector participants.
“There are no interim appointments. The process is accelerated because the situation is volatile. War turbulence affects markets and oil prices, so we need definitive OJK leadership faster,” said the Finance Minister when reached at his office in Central Jakarta on Tuesday (10 March 2026).
This was reinforced by the statement of Commission XI Chairman Misbakhun, who sees the urgency of maintaining market participant confidence during difficult conditions.
“We must make rapid decisions in this situation as a response to uncertainty. We must provide certainty to the market regarding what decisions need to be made quickly, so they can lead the institution promptly,” said Misbakhun.
The rapid appointment process reflects broader concerns about maintaining financial stability as geopolitical tensions between Iran and the United States in early March 2026 triggered market volatility, with the Indonesian composite index (IHSG) experiencing significant declines. Financial sector leaders emphasised the need for swift institutional leadership to reassure investors and traders making critical investment decisions during uncertain times.