Government to Integrate Financial Sector Licensing into OSS Risk-Based System
Jakarta, FORTUNE - The government will integrate all licensing processes in the financial sector, encompassing both banking and non-banking, into the Risk-Based Online Single Submission (OSS-RBA) system. This strategic move aims to improve the accuracy of national investment realisation data and ensure its contribution aligns with economic growth.
The announcement was made by Deputy Minister of Investment and Downstreaming, Todotua Pasaribu, in Jakarta on Thursday (3/7). He stated that the Ministry of Investment is finalising an agreement with the Financial Services Authority (OJK) as a follow-up to the implementation of Government Regulation (PP) Number 28 of 2025.
According to Todotua, investment data from the financial sector has never been properly recorded in the national monitoring system, creating bias in investment realisation data.
"Approximately one to two weeks ago, we met with the OJK Chairman. We explained the importance of consolidation so that the financial sector can be incorporated into OSS. Until now, financial industry data has never appeared in investment realisation figures, even though this sector is extremely important," said Todotua.
The integration is considered crucial for bridging the gap between investment target achievements and the pace of economic growth. "We need to see this clearly. We cannot have investment targets being met whilst economic growth remains stagnant. Therefore, consolidation through OSS becomes highly strategic," he said.
Todotua added that the response from OJK leadership has been very positive and an agreement is expected to be reached in the near future. He also affirmed that the government will continue to encourage other sectors not yet fully integrated so that OSS truly becomes a unified platform for services and policy analysis.
This integration initiative is grounded in PP Number 28 of 2025 on the Implementation of Risk-Based Business Licensing, which replaces PP 5/2021. The new regulation strengthens the risk-based licensing approach and introduces the "fictitious positive" principle, whereby licence applications are deemed approved if there is no response from the authority within the stipulated timeframe, thereby providing legal certainty.
The announcement was made by Deputy Minister of Investment and Downstreaming, Todotua Pasaribu, in Jakarta on Thursday (3/7). He stated that the Ministry of Investment is finalising an agreement with the Financial Services Authority (OJK) as a follow-up to the implementation of Government Regulation (PP) Number 28 of 2025.
According to Todotua, investment data from the financial sector has never been properly recorded in the national monitoring system, creating bias in investment realisation data.
"Approximately one to two weeks ago, we met with the OJK Chairman. We explained the importance of consolidation so that the financial sector can be incorporated into OSS. Until now, financial industry data has never appeared in investment realisation figures, even though this sector is extremely important," said Todotua.
The integration is considered crucial for bridging the gap between investment target achievements and the pace of economic growth. "We need to see this clearly. We cannot have investment targets being met whilst economic growth remains stagnant. Therefore, consolidation through OSS becomes highly strategic," he said.
Todotua added that the response from OJK leadership has been very positive and an agreement is expected to be reached in the near future. He also affirmed that the government will continue to encourage other sectors not yet fully integrated so that OSS truly becomes a unified platform for services and policy analysis.
This integration initiative is grounded in PP Number 28 of 2025 on the Implementation of Risk-Based Business Licensing, which replaces PP 5/2021. The new regulation strengthens the risk-based licensing approach and introduces the "fictitious positive" principle, whereby licence applications are deemed approved if there is no response from the authority within the stipulated timeframe, thereby providing legal certainty.