Financial Sector Set to Be Integrated into Online Single Submission System
Todotua also highlighted that there are currently around 1,700 types of permits involving approximately 17 ministries and agencies. Unfortunately, the financial industry sector, including banking and insurance, has yet to be integrated into the Online Single Submission (OSS) system.
"Approximately one to two weeks ago, we held a meeting with the OJK Chairman and we provided an explanation, we gave input on why it is important for us to consolidate," he said.
Until now, investment data from the financial sector has not been recorded in investment realisation figures because it has not been connected to the OSS system. Yet this integration is crucial for creating transparency and efficiency in licensing.
"Because all this time, the financial industry — both banking, insurance and others, both banking and non-banking — their data has never been visible to us. It has never been included in investment realisation. And indeed, the licensing processes there have not been either."
Todotua conveyed that his office has begun consolidation efforts, including addressing technical issues such as Business Identification Numbers (NIB) in the banking sector.
"But I noticed there was a problem in banking — I won't name the bank — the issue concerned NIB. So this actually underscores the need for consolidation into OSS. The response from the OJK Chairman was very positive, and hopefully our ministry will follow up on this."
He expressed optimism that the collaboration would yield tangible results in the near future.
"Within the next one to two weeks, we should be able to reach an agreement with the financial industry, with OJK, so that the financial industry can be incorporated into our OSS," he affirmed.
"Approximately one to two weeks ago, we held a meeting with the OJK Chairman and we provided an explanation, we gave input on why it is important for us to consolidate," he said.
Until now, investment data from the financial sector has not been recorded in investment realisation figures because it has not been connected to the OSS system. Yet this integration is crucial for creating transparency and efficiency in licensing.
"Because all this time, the financial industry — both banking, insurance and others, both banking and non-banking — their data has never been visible to us. It has never been included in investment realisation. And indeed, the licensing processes there have not been either."
Todotua conveyed that his office has begun consolidation efforts, including addressing technical issues such as Business Identification Numbers (NIB) in the banking sector.
"But I noticed there was a problem in banking — I won't name the bank — the issue concerned NIB. So this actually underscores the need for consolidation into OSS. The response from the OJK Chairman was very positive, and hopefully our ministry will follow up on this."
He expressed optimism that the collaboration would yield tangible results in the near future.
"Within the next one to two weeks, we should be able to reach an agreement with the financial industry, with OJK, so that the financial industry can be incorporated into our OSS," he affirmed.