Finance Minister: 17 points of P2SK Law vital for national economic growth

Jakarta - Finance Minister Purbaya Yudhi Sadewa has stated that 17 points in the revision of the Law on Amendments to Law Number 4 of 2023 concerning Financial Sector Development and Strengthening (P2SK) are important for driving national economic growth. “These seventeen topics are very important for promoting inclusive national economic growth as directed by President Prabowo Subianto,” said Purbaya during the DPR RI Plenary Session in Jakarta on Thursday. Three topics of amendment to the P2SK Law relate to institutional strengthening, namely for the Deposit Insurance Corporation (LPS), the Financial Services Authority (OJK), and Bank Indonesia (BI). The next topic concerns the performance evaluation of BI, OJK, and LPS by the DPR. The fifth topic is the expansion of the scope of banking and sharia banking businesses. Sixth, the demutualisation of the Indonesia Stock Exchange (BEI). Seventh, arrangements for margin transfers in financial market transactions. Eighth, the issuance of Danantara debt securities (Patriot Bond and Merah Putih Bond). Ninth, the regulation of insurance and sharia insurance companies in resolution. Tenth, compulsory traffic accident insurance coverage funds. Eleventh, a mineral and strategic commodity exchange. Twelfth, strengthening the regulation of crypto assets. Thirteenth, the establishment of a task force for the prevention and handling of online loans and online gambling. Fourteenth, the formation of an Indonesian International Financial Centre. Fifteenth, expanding the handling of non-performing loans for micro, small, and medium enterprises (MSMEs). Sixteenth, investigation and inquiry into the financial services sector as well as restorative justice mechanisms. Lastly, the seventeenth, strengthening banking supervision and recovery in maintaining financial system stability. The ratification of this P2SK Law revision is also part of efforts to strengthen coordination among authorities in the financial sector to maintain national financial system stability. More adaptive regulation is considered important for addressing financial market dynamics while enhancing the competitiveness of Indonesia’s financial sector at regional and global levels. The Finance Minister expressed his appreciation to the DPR RI, particularly Commission XI, for the initiative and cooperation in the synergistic deliberation of the Draft Law on Amendments to the P2SK Law conducted jointly with the government. “On behalf of the government, we express our deepest gratitude and highest appreciation to all members of the DPR RI, especially the leaders and members of Commission XI who initiated this Bill and worked together with the government in its deliberation process,” said the Finance Minister.