Is it possible for Danantara to become a member of the KSSK?
Danantara is not a financial sector regulatory body. Therefore, according to Law No. 9/2016, Danantara cannot join the KSSK.
Kompas/Supriyanto
By Paul Sutaryono
04 Agt 2026 11:00 WIB · Artikel Opini
On July 27, 2026, the Investment Management Agency (BPI) Daya Anagata Nusantara (Danantara) participated in a meeting with the Financial System Stability Committee (KSSK). Could Danantara become a member of KSSK? What factors should be considered?
In fact, this is not a surprise. Why? Because previously, President Prabowo Subianto had directed the KSSK to strengthen inter-agency coordination while also involving Danantara in the process of national economic policy-making.
What is the legal basis for the establishment of KSSK? KSSK was established by Law Number 9 of 2016 concerning the Prevention and Handling of Financial System Crises, which came into effect on April 16, 2016.
There are three main tasks of KSSK. First, to coordinate in monitoring the maintenance of financial system stability. Second, to handle financial system crises. Third, to coordinate the handling of systemic banks both in normal financial system stability conditions and in financial system crisis conditions.
The members of the KSSK consist of the Minister of Finance as the coordinator who also serves as a voting member. In addition, the Governor of Bank Indonesia (BI), the Chairman of the Board of Commissioners of the Financial Services Authority (OJK), and the Chairman of the Board of Commissioners of the Deposit Insurance Corporation (LPS) each serve as voting members.
So, what factors are worth considering further?
First, it is clear that the members of KSSK are regulators in the financial sector. Is Danantara also a regulator? No. Danantara is an investment management body that handles, optimizes, and develops Indonesia’s strategic assets in line with the long-term agenda of national economic transformation.
Danantara has Danantara Asset Management (DAM), which is a strategic entity aimed at enhancing the value and competitiveness of state-owned enterprises (BUMN). Through DAM, Danantara revitalizes BUMN into institutions with global competitiveness and builds a national platform in crucial sectors. In addition, Danantara also mobilizes private and institutional capital to increase impact and accelerate growth.
Not only that, Danantara also has Danantara Investment Management (DIM) which carries a dual mandate, namely to provide sustainable returns that enhance intergenerational wealth while also creating positive economic impacts and ensuring national resilience.
Through the DIM, Danantara established an investment theme that guides national and global investment opportunities. Its strategic steps include: promoting downstream processing, building national resilience, developing domestic production, advancing large-scale renewable energy, capturing global competitiveness, and deepening the financial market.
The description emphasizes that Danantara is not a financial sector regulatory entity, but rather a business player in the financial sector. Danantara is a sovereign wealth fund, on par with Singapore’s Temasek and Malaysia’s Khazanah. Therefore, according to the law, Danantara cannot join the KSSK.
Second, one of the tasks of KSSK, which is to coordinate in monitoring the maintenance of financial system stability, already encompasses various fields: fiscal, monetary, macroprudential, microprudential financial services, and financial markets. This also includes financial infrastructure such as payment systems, deposit insurance, and bank resolution.
This means that the task of monitoring and maintaining financial stability encompasses all areas of the financial system. Each member has received various reports and data.
For example, BI has the Indonesian Economic and Financial Statistics (SEKI) which covers the monetary sector, government finance, the real sector, and external factors. SEKI is compiled using primary data from BI as well as secondary data from the Ministry of Finance, the Central Statistics Agency (BPS), and the Deposit Insurance Corporation (LPS) with standard international methodology.
The OJK also has banking and non-banking statistics, covering insurance, capital markets, guarantees, pension funds, financing institutions, and venture capital. In summary, the KSSK has complete data and information without input from Danantara.
Thirdly, is there a potential risk if Danantara is forced to become a member of KSSK? Certainly, there is. In addition to violating the law, Danantara’s entry could lead to a conflict of interest. Danantara would hold a dual position as both an actor and a regulator.
This position will attract the attention of international rating agencies such as S&P, Moody’s, and Fitch. As a result, Indonesia’s debt rating outlook is at risk of declining.
On February 5, 2026, Moody’s maintained Indonesia’s rating at Baa2, but the outlook changed from stable to negative. Meanwhile, Fitch and S&P maintained stable outlooks. The Japan Credit Rating Agency and Rating & Investment also maintained stable outlooks (kemenkeu.go.id, February 5, 2026).
Fourth, what is the practice in other countries? In Singapore, the KSSK is equivalent to the Monetary Authority of Singapore (MAS), which functions as both the central bank and the financial services authority. Temasek, as a sovereign wealth fund, is neither a regulator nor a member of the MAS.
Nevertheless, coordination continues as the Minister of Finance acts as the shareholder of Temasek. In times of crisis, coordination is carried out through government channels.
In Malaysia, KSSK is equivalent to the Financial Stability Committee (FSC). Its members include Bank Negara Malaysia, the Minister of Finance, the Securities Commission, and the Malaysia Deposit Insurance Corporation. Khazanah, like Temasek, is not a member of the FSC but remains connected through the Minister of Finance.
This best practice demonstrates a clear boundary between investo