Fit and proper test: Hasan Fawzi targets Indonesian capital market capitalisation of Rp25 quadrillion by 2031
Jakarta - Hasan Fawzi, a candidate for the Financial Services Authority (OJK) Board of Commissioners, has set a target for Indonesia’s capital market capitalisation to reach Rp25 quadrillion (Rp25,000 trillion) by 2031, equivalent to approximately 80 per cent of the nation’s Gross Domestic Product (GDP).
Fawzi presented this target during his fit and proper test before Parliament’s Commission XI at the Parliamentary Complex in Jakarta on Wednesday. As part of implementing this vision, he outlined strategic performance projections over the next five years through 2031, with the market capitalisation target representing a significant expansion of Indonesia’s capital market role.
During the hearing, Fawzi presented his vision, mission, and strategic programmes to strengthen the integrity of Indonesia’s capital market sector, derivative finance, and carbon exchange. He emphasised the importance of capital market integrity reform as a foundation for investor confidence and financial system stability.
“Capital market integrity is the primary foundation in maintaining stability and strengthening the market’s role as an engine for national development financing,” Fawzi stated.
Despite positive performance indicators—including rising investor numbers, record daily transaction values, and continuous market capitalisation growth—Fawzi identified structural challenges in the Indonesian capital market. These challenges include price manipulation practices, coordinated trading, use of nominee accounts, and insufficient investor literacy, all requiring serious attention.
The derivatives and carbon exchange sectors also face limitations in product offerings and market participant participation, he noted.
As a solution, Fawzi introduced a strategic framework called “Integralitas” (Integrity), which orchestrates eight market integrity reform action plans through five clusters: integration, granularity, liquidity, transparency, and accountability. These clusters encompass strengthened cross-institutional coordination, development of share ownership data and investor classification into 28 subtypes, increasing minimum free float to 15 per cent, disclosure of major shareholders, and strengthening listed company governance alongside preparations for exchange demutualisation.
Initial steps have been implemented since March 2026, including publication of shareholding structures above 1 per cent, refinement of investor classification, and formation of a dedicated task force to oversee the reform.
“The combination of the Integralitas clusters and four supporting pillars—OJK strengthening, human resources, infrastructure, and budget—will form a credible, modern, and globally competitive transformation architecture for the capital market sector,” Fawzi explained.
By 2031, Fawzi targets Indonesia’s capital market capitalisation at Rp25,000 trillion, with 30 million investors and average daily transaction value (RNTH) of Rp35 trillion.
“Capital market integrity reform will not only generate quantitative growth figures but also ensure this sector is credible, liquid, and sustainable,” Fawzi said.
Fawzi currently serves as Executive Head of Innovation Technology Supervision in the Finance Sector, Digital Financial Assets and Crypto Assets at the OJK, and also serves as Alternate Board Member Executive Head of Capital Market, Derivative Finance, and Carbon Exchange Supervision.
Ten candidates competed for five positions during Wednesday’s fit and proper test, including positions of Board Chairman, Board Vice-Chairman, Executive Head of Capital Market Supervision, Executive Head of Digital Assets Supervision, and Executive Head of Conduct Supervision for Financial Services Business Operators, Education, and Consumer Protection. The other nine candidates were Friderica Widyasari Dewi, Hernawan Bekti Sasongko, Ary Zulfikar, Agus Sugiarto, Darmansyah, Dicky Kartikoyono, Danu Febrianto, Adi Budiarso, and Anton Daryono.