Financial Industry to Join Indonesia's Online Single Submission Licensing System
Jakarta (ANTARA) - Deputy Minister of Investment and Downstreaming/Deputy Head of the Investment Coordinating Board (BKPM) Todotua Pasaribu has indicated that the financial industry will soon be integrated into the electronic integrated business licensing system known as Online Single Submission (OSS).
Todotua noted that the OSS currently encompasses approximately 1,700 types of permits involving 17 ministries and institutions, whilst several other agencies have expressed interest in joining the system.
"Recently, several more institutions will hopefully join the OSS system in the near future. That includes the financial industry," said Todotua in Jakarta on Thursday.
He disclosed that several weeks ago he held a meeting with the Financial Services Authority (OJK) to consolidate regulations within the OSS framework.
Todotua explained that investment realisation data in the financial sector — including insurance, banking and non-banking — has not yet been incorporated into the system. He also identified issues within the banking sector related to Business Identification Numbers (NIB), making it essential for the financial industry to be integrated into the OSS.
"The response from the OJK Chairman was very positive, and hopefully our ministry will follow up. We have already reached an agreement with the financial industry through OJK to bring the financial industry into our OSS," he said.
According to Todotua, the cooperation of ministries and institutions is vital to achieving 8 per cent economic growth. The Ministry of Investment and Downstreaming is currently drafting amendments to BKPM Regulations Numbers 3, 4 and 5 of 2021 to improve the business and investment climate.
The refinement of these three regulations will serve as the foundation for risk-based corporate licensing reform through the simplification of procedures, strengthening of the OSS system and enhancement of legal certainty.
The amendments to BKPM Regulations 3/4/5 of 2021 are a follow-up to Government Regulation (PP) Number 28 of 2025 concerning the Implementation of Risk-Based Business Licensing. The three regulations pertain to the OSS System, Licensing Services and Supervision, which are subsequently integrated through PP 28/2025.
Todotua noted that the OSS currently encompasses approximately 1,700 types of permits involving 17 ministries and institutions, whilst several other agencies have expressed interest in joining the system.
"Recently, several more institutions will hopefully join the OSS system in the near future. That includes the financial industry," said Todotua in Jakarta on Thursday.
He disclosed that several weeks ago he held a meeting with the Financial Services Authority (OJK) to consolidate regulations within the OSS framework.
Todotua explained that investment realisation data in the financial sector — including insurance, banking and non-banking — has not yet been incorporated into the system. He also identified issues within the banking sector related to Business Identification Numbers (NIB), making it essential for the financial industry to be integrated into the OSS.
"The response from the OJK Chairman was very positive, and hopefully our ministry will follow up. We have already reached an agreement with the financial industry through OJK to bring the financial industry into our OSS," he said.
According to Todotua, the cooperation of ministries and institutions is vital to achieving 8 per cent economic growth. The Ministry of Investment and Downstreaming is currently drafting amendments to BKPM Regulations Numbers 3, 4 and 5 of 2021 to improve the business and investment climate.
The refinement of these three regulations will serve as the foundation for risk-based corporate licensing reform through the simplification of procedures, strengthening of the OSS system and enhancement of legal certainty.
The amendments to BKPM Regulations 3/4/5 of 2021 are a follow-up to Government Regulation (PP) Number 28 of 2025 concerning the Implementation of Risk-Based Business Licensing. The three regulations pertain to the OSS System, Licensing Services and Supervision, which are subsequently integrated through PP 28/2025.