Gold Bullion Banking Business Remains Slow, OJK Reveals Reasons
Jakarta – The Financial Services Authority (OJK) has disclosed that to date, no other financial services institutions (LJK) have applied for a licence to conduct bullion banking business, despite opportunities remaining available for industry players to enter the sector.
Over the past year, only PT Pegadaian (Persero) and PT Bank Syariah Indonesia (Persero) Tbk (BSI) have received bullion banking licences from OJK.
Agusman, Head of Executive Supervisor for Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Services Institutions at OJK, stated that besides Pegadaian and BSI, no other business operators have applied for a bullion banking licence.
“Currently, there are no other LJKs that have submitted applications for licences to conduct bullion business,” he said in written response to the OJK’s Commission Meeting on Institutional Business February 2026, Thursday (5/3/2026).
Beyond capital, bullion business operators must also prepare various supporting infrastructure, including operational systems and adequate risk management.
“(Capital and infrastructure) serve to maintain the performance of the financial industry that operates them and strengthen consumer protection,” he noted.
Nonetheless, OJK stressed that opportunities to develop bullion business remain open to financial services institutions capable of meeting all regulatory requirements.
“Opportunities remain open for LJKs that meet the applicable requirements and provisions,” he said.
Bullion business activities refer to business activities related to gold conducted by financial services institutions, whether in the form of gold deposits, gold financing, gold trading, or gold safekeeping.
Under the relevant financial services authority regulation, business operators wishing to apply for a bullion business licence must have a minimum core capital of 14 trillion rupiah. However, financial services institutions operating bullion business activities that only conduct gold safekeeping activities are exempted from the obligation to maintain core capital or equity of 14 trillion rupiah.