DPR: Appointment of OJK Commissioners a moment to strengthen quality of financial services
Jakarta — The Chair of Commission XI of the Indonesian House of Representatives, Mukhamad Misbakhun, has stated that the appointment of five members of the Financial Services Authority (OJK) Board of Commissioners for the 2026-2031 period represents a crucial moment to strengthen the quality of oversight in the financial services sector, thereby safeguarding the stability of the national financial system amid increasing complexity in global risks and digital transformation within the financial sector.
He assessed that the OJK’s responsibilities going forward will be increasingly demanding given the expanding scale of the national financial services industry and rising exposure to global risks, including financial market volatility, fintech development, and increasingly complex consumer protection challenges.
“Our financial services industry is no longer small. The scale of oversight is substantial and the risks are becoming increasingly complex. Therefore, the OJK going forward must act as a regulator that is firm, but also adaptive to change,” Misbakhun said in Jakarta on Friday.
He stated that oversight of the rapidly growing digital financial sector is particularly important. According to him, online lending, crypto assets, and other financial technology innovations require a balance between innovation and risk management.
“Innovation must be protected, but risk discipline cannot be relaxed. If oversight is weak, the public are the first to suffer,” he said.
He assessed that the level of public financial literacy, currently at around 50 per cent, demonstrates that half of Indonesia’s population remains vulnerable to risks associated with financial products they do not fully understand, making the OJK’s role in education and oversight strategically vital.
“Regulators cannot fall behind the pace of business actors. Education must be aggressive, oversight must be progressive, and consumer protection must be tangible,” he said.
To this end, he stressed that Commission XI of the House of Representatives will closely monitor the performance of the new OJK Board of Commissioners in ensuring that the mandate to strengthen the financial sector can be implemented effectively and deliver tangible impact on national economic stability.
“We want this OJK period to truly demonstrate the quality of strong, independent regulatory leadership that is committed to financial system stability and the interests of the broader public,” he said.