MSCI Appreciates Indonesian Capital Market Reforms, Here's OJK's Response
Jakarta - The Financial Services Authority (OJK) has positively welcomed the MSCI 2026 Market Classification Review announcement released on 24 June 2026. In the review, MSCI maintained Indonesia’s status in the Emerging Markets category.
Chairman of the OJK Board of Commissioners, Friderica Widyasari Dewi, stated that this decision reflects global investor confidence in the resilience of the national economy, the stability of the financial services sector, and the various reforms continuously undertaken to strengthen the transparency, integrity, and competitiveness of the Indonesian capital market.
“We also note MSCI’s recognition of the various capital market integrity reform measures that have been implemented. As for a number of areas that remain of concern, they are part of a constructive evaluation process and we will continue to follow up on them together with all stakeholders,” said Friderica on Wednesday (24/6/2026).
Previously, on 19 June 2026, MSCI released the Global Market Accessibility Review 2026 report. The evaluation results placed Indonesia’s market accessibility as one of the best among Emerging Markets countries in the Asia-Pacific region.
Chief Executive of Capital Market, Derivative Finance, and Carbon Exchange Supervision at OJK, Hasan Fawzi, conveyed that the assessment results also demonstrate recognition from the global index provider of the Indonesian capital market reform agenda implemented by OJK and Self-Regulatory Organizations (SRO), with the support of all stakeholders, since the beginning of 2026.
“We certainly welcome this recognition of the capital market reform achievements positively. MSCI not only maintained Indonesia’s status as an Emerging Market but also provided recognition that the various reform measures we have and are currently undertaking are on the right track. This is reflected in the well-maintained market accessibility assessment results for Indonesia,” said Hasan.
According to Hasan, recognition of the reform agendas is an important asset for the domestic capital market to continue growing with an increasingly strong foundation of transparency, integrity, and governance.
“Of course, we see there is still room for improvement and various inputs that need to be examined constructively. Therefore, we are committed to continuously strengthening engagement with global index providers, global investors, and all relevant stakeholders to further enhance the credibility, integrity, and investability of the Indonesian capital market going forward,” said Hasan.
Hasan noted that this MSCI market classification announcement is in line with the evaluation results of another global index provider, FTSE Russell, some time ago.
“In April 2026, FTSE Russell already placed Indonesia in the Secondary Emerging Markets group, on par with several major markets such as China and India. Indonesia was also not placed on the Watch List for further review by FTSE Russell,” he said.
“This time MSCI announced a similar outcome and maintained our status in Emerging Markets, even specifically highlighting the capital market reform initiatives we have and are currently rolling out,” said Hasan.
Hasan also emphasised that maintaining the Emerging Markets status is not the end goal. OJK and SRO will continue to strengthen and accelerate the implementation of reform agendas in the domestic capital market, with the support of close coordination and synergy with all stakeholders.
This step is also aimed at following up on input and concerns from relevant parties in an effort to strengthen the credibility and integrity of the domestic capital market.
Going forward, efforts to strengthen the relevance and role of the Indonesian market on a global scale will also continue to be reinforced. This is underpinned by Indonesia’s strong economic performance and domestic market growth in line with its fundamental conditions.
“We believe the Indonesian capital market remains very prospective and attractive, both for domestic and global investors. This is supported by well-maintained domestic economic fundamentals, a continuously growing investor base, competitive stock valuations, and the fundamentally positive performance of listed companies,” said Hasan.
OJK expressed its highest appreciation and gratitude for the invaluable support from the Government, Commission XI of the House of Representatives (DPR) RI, SROs, industry players, investors, and all stakeholders for the strong synergy and support in advancing the Indonesian capital market reform agenda.
This achievement is the result of collective work reflecting a shared commitment to building a capital market that is increasingly transparent, has integrity, and is globally competitive.