Fit and Proper Test in Parliament: Ary Zulfikar Presents Five OJK Strengthening Strategies
Jakarta — Ary Zulfikar, a prospective member of the Board of Commissioners of the Financial Services Authority (Otoritas Jasa Keuangan — OJK), has emphasised the importance of strengthening the supervisory system of the financial services sector to maintain the stability of the national financial system.
He made these remarks during his fit and proper test before Commission XI of the Indonesian Parliament on Wednesday, 11 March 2026.
In his presentation, Ary argued that the regulator’s role has become increasingly crucial amid the growing complexity of the financial industry. He noted that investors and consumers frequently face information asymmetry, necessitating regulatory intervention to maintain balance within the financial system.
“Investors and consumers receive asymmetric information. Therefore, a regulator is needed, in this case the OJK, to maintain equilibrium to ensure financial system stability remains intact,” Ary stated in his parliamentary presentation.
He also highlighted several global challenges that could potentially affect the stability of the domestic financial sector, including slowing global economic growth and increasing market uncertainty stemming from global geopolitical tensions.
According to Ary, global economic growth is projected to slow to approximately 3.3 per cent and 3.2 per cent over the coming years, a situation that could create pressure on the domestic economic and financial sectors.
Ary also noted that the Law on Development and Strengthening of the Financial Sector (UU P2SK) has expanded the OJK’s mandate and authority in supervision, allowing it to oversee a broader financial sector including fintech, digital financial assets, and cryptocurrency.
To strengthen this supervisory function, he proposed five strategic programmes encapsulated in the KAWAL concept.
The first programme involves strengthening the resilience of the financial sector through risk-based supervision and supervisory technology (suptech). This approach is expected to enable the OJK to integrate cross-sectoral data, allowing supervision to be conducted more rapidly and accurately.
“Cross-sectoral data integration is important because current data quality is not uniform. With technology-based supervisory systems, data can be analysed more quickly and accurately,” he explained.
The second programme involves accelerating oversight of financial conglomerates. Ary argued that supervision of financial business groups needs to be strengthened because their substantial asset base poses potential systemic risks to financial sector stability.
He noted that financial conglomerates represent only approximately 14.3 per cent of total industry participants, yet control assets amounting to Rp 10.4 trillion.