Indonesia's Economy Increasingly Underpinned by Financial Sector as Asset-to-GDP Ratio Hits 184%, Says OJK

Jakarta — Acting Chair of the Board of Commissioners of the Financial Services Authority (OJK), Friderica Widyasari, known as Kiki, has stated that the financial sector’s contribution to the national economy continues to grow.

She made the remarks during her address at the ‘Economic Outlook 2026’ webinar, hosted virtually by the OJK Institute.

“This increase in the financial sector’s contribution is reflected, for example, in the ratio of Indonesia’s financial assets and products, which has now reached 184 per cent of Indonesia’s GDP,” Kiki said on Thursday, 19 February 2026.

She explained that this development is in line with the growing role of the capital market in financing the national economy, as well as the increasingly broad diversification of financial products available to the public and business operators.

Kiki acknowledged that the domestic economic structure remains bank-led, with financial sector intermediation still heavily dominated by the banking sector.

“Efforts to deepen the financial market are therefore one of OJK’s primary focuses at present,” she said.

Steps towards financial market deepening include enhancing the role of the capital market, diversifying funding sources, and reducing maturity and funding mismatch risks within the national financial system.

Accordingly, Kiki expressed hope that efforts by the government and regulators to drive structural reform in Indonesia’s capital market would be properly implemented and meet their targets, thereby supporting financial market deepening.

“We are naturally following the latest capital market dynamics, which also underscore the inevitability of structural reform in Indonesia’s capital market to support financial market deepening,” Kiki said.

“This also addresses various fundamental issues related to transparency, ownership structures, and market integrity. Such reform is a key prerequisite for building a capital market that is credible, resilient, and competitive,” she added.