Investment Ministry to Integrate Banking and Insurance Sectors into OSS Licensing System
The government is preparing strategic measures to expand the reach of the integrated electronic business licensing system, known as Online Single Submission (OSS). In the near future, the Ministry of Investment/BKPM will incorporate the financial industry sector, including banking and insurance, into the OSS system.
Deputy Minister of Investment Todotua Pasaribu revealed that data from the financial industry has not yet been fully integrated into the national investment realisation system. This means the financial sector's contribution has not been fully reflected in official investment figures.
"The financial industry, both banking and non-banking — including insurance and others — their data has never been captured or included in investment realisation figures. And indeed, the licensing processes there have not been integrated either," said Todotua during a Public Consultation on Thursday (3 July).
According to Todotua, his office met with the Financial Services Authority (OJK) two weeks ago and received a positive response regarding the prompt inclusion of the financial sector into OSS. The plan is expected to be realised within one to two weeks.
"The response from the OJK chairman was very positive, and hopefully we will follow up within one to two weeks and reach an agreement with the financial industry and OJK, so that the financial industry can be incorporated into our OSS," he said.
With the inclusion of the financial industry sector into OSS, business licensing in this sector will become more standardised and transparent. This also opens opportunities for the Ministry of Investment to obtain more accurate investment realisation data from all sectors, including financial services.
"I recently observed a banking issue — I shall not name the bank — the problem concerned the Business Identification Number (NIB). This actually highlights the need for consolidation into OSS," Todotua explained.
The integration is considered essential to ensure that high investment targets are not only achieved in nominal terms but also have a tangible impact on national economic growth.
"We must not allow a situation where investment realisation targets are met but economic growth figures remain stagnant," he concluded.
Deputy Minister of Investment Todotua Pasaribu revealed that data from the financial industry has not yet been fully integrated into the national investment realisation system. This means the financial sector's contribution has not been fully reflected in official investment figures.
"The financial industry, both banking and non-banking — including insurance and others — their data has never been captured or included in investment realisation figures. And indeed, the licensing processes there have not been integrated either," said Todotua during a Public Consultation on Thursday (3 July).
According to Todotua, his office met with the Financial Services Authority (OJK) two weeks ago and received a positive response regarding the prompt inclusion of the financial sector into OSS. The plan is expected to be realised within one to two weeks.
"The response from the OJK chairman was very positive, and hopefully we will follow up within one to two weeks and reach an agreement with the financial industry and OJK, so that the financial industry can be incorporated into our OSS," he said.
With the inclusion of the financial industry sector into OSS, business licensing in this sector will become more standardised and transparent. This also opens opportunities for the Ministry of Investment to obtain more accurate investment realisation data from all sectors, including financial services.
"I recently observed a banking issue — I shall not name the bank — the problem concerned the Business Identification Number (NIB). This actually highlights the need for consolidation into OSS," Todotua explained.
The integration is considered essential to ensure that high investment targets are not only achieved in nominal terms but also have a tangible impact on national economic growth.
"We must not allow a situation where investment realisation targets are met but economic growth figures remain stagnant," he concluded.