Financial Industry Sector to Join Integrated Online Single Submission Licensing System
JAKARTA - The financial industry sector will be incorporated into the integrated electronic business licensing system, known as Online Single Submission (OSS).
Deputy Minister of Investment and Downstreaming, who also serves as Deputy Head of the Investment Coordinating Board (BKPM), Todotua Pasaribu, said that OSS currently covers 1,700 types of licences from 17 ministries and agencies. A number of other institutions have also expressed interest in joining, including the financial sector.
"Recently there have been several more institutions that will hopefully join the OSS system in the near future. That includes the financial industry," Todotua explained in a statement in Jakarta on Thursday (3 July).
Todotua revealed that his office had held discussions with the Financial Services Authority (OJK) to synchronise regulations and integrate data with OSS. Until now, investment data from the financial sector — including banking, insurance, and non-bank financial institutions — has not been recorded in the OSS system.
One issue identified is that not all banks use a Business Identification Number (NIB), despite NIB being a primary requirement under the risk-based licensing system. The inclusion of the financial industry in OSS is therefore considered important for improving licensing transparency and efficiency.
"The response from the OJK chairman has been very positive and hopefully our ministry will follow up. We have already reached an agreement with the financial industry and OJK for the financial industry to be incorporated into our OSS," Todotua said.
Todotua added that the involvement of ministries and agencies is crucial to supporting the national economic growth target of 8 per cent.
Deputy Minister of Investment and Downstreaming, who also serves as Deputy Head of the Investment Coordinating Board (BKPM), Todotua Pasaribu, said that OSS currently covers 1,700 types of licences from 17 ministries and agencies. A number of other institutions have also expressed interest in joining, including the financial sector.
"Recently there have been several more institutions that will hopefully join the OSS system in the near future. That includes the financial industry," Todotua explained in a statement in Jakarta on Thursday (3 July).
Todotua revealed that his office had held discussions with the Financial Services Authority (OJK) to synchronise regulations and integrate data with OSS. Until now, investment data from the financial sector — including banking, insurance, and non-bank financial institutions — has not been recorded in the OSS system.
One issue identified is that not all banks use a Business Identification Number (NIB), despite NIB being a primary requirement under the risk-based licensing system. The inclusion of the financial industry in OSS is therefore considered important for improving licensing transparency and efficiency.
"The response from the OJK chairman has been very positive and hopefully our ministry will follow up. We have already reached an agreement with the financial industry and OJK for the financial industry to be incorporated into our OSS," Todotua said.
Todotua added that the involvement of ministries and agencies is crucial to supporting the national economic growth target of 8 per cent.