New Task for OJK: Pulling Indonesian Mineral Commodities from the Singapore Exchange
Jakarta, CNBC Indonesia - The Financial Sector Development and Strengthening Law (UU P2SK), recently passed by the House of Representatives (DPR), provides a new mandate for the Financial Services Authority (OJK) to establish a Mineral and Strategic Commodities Exchange in Indonesia.
Finance Minister Purbaya Yudhi Sadewa explained that under this new provision, the OJK will have a board of commissioners serving as the executive heads responsible for supervising the mineral and strategic commodities exchange.
“The OJK commissioners will be the ones supervising their exchange,” said Purbaya at the DPR Building area, Jakarta, on Thursday (4/6/2026).
According to Purbaya, the primary task of the OJK commissioners overseeing the Mineral and Strategic Commodities Exchange must be to bring Indonesia’s flagship commodities back to the homeland, rather than having them traded abroad.
“For instance, many of our mineral products are currently traded on exchanges in Singapore or other foreign countries, even though we are a primary producer. That must be brought back here,” P/urbaya noted.
As is well known, the provision regarding the formation of the Mineral and Strategic Commodities Exchange is part of dozens of new provisions within the latest UU P2SK. There are at least 15 new regulations in the financial sector outlined in the UU P2SK, detailed as follows:
Strengthening the status of the Deposit Insurance Corporation (LPS) as an independent legal entity and state institution, refining regulations regarding the selection, dismissal, and replacement of Board of Commissioners members, and strengthening the budget preparation mechanism for the LPS.
Expanding the duties of the Financial Services Authority (OJK) to include the supervision and regulation of activities in the capital market sector, derivative finance, carbon exchanges, and mineral and strategic commodities exchanges, including other public fund management activities.
Strengthening the mandate of Bank Indonesia (BI) in implementing policies and policy mixes conducive to real sector growth, and refining governance and accountability regulations regarding Bank Indonesia’s annual budget.
Increasing the duties of the LPS, OJK, and Bank Indonesia (BI) to conduct inclusive community and environmental education and empowerment programmes.
Expanding the scope of business activities for commercial and Sharia commercial banks, adjusting bad debt handling regulations for micro, small, and medium enterprises to expand access to financing, and strengthening bank consolidation regulations through the development of a roadmap for commercial and Sharia bank consolidation.
Strengthening the Indonesian Capital Market through the demutualisation of the Indonesia Stock Exchange (BEI) to enhance governance, increase investor confidence, and expand stakeholder participation.
Adding regulations regarding margin transfers in financial market transactions using a mechanism for the transfer of ownership of the margin.
Strengthening the crypto-asset industry, which is expected to increase the attractiveness and competitiveness of crypto-assets, allowing them to contribute significantly to the national economy.
Changing the concept of the policy guarantee programme mechanism, so that the LPS, as the provider of the policy guarantee programme, has the option to either rescue or not rescue insurance and Sharia insurance companies designated by the OJK as being in resolution.
Refining regulations regarding mandatory traffic accident insurance funds to provide optimal protection to the public, particularly accident victims, including coverage for single-vehicle accidents, while avoiding moral hazard.
Refining regulations on investigation and prosecution in the financial services sector, as well as restorative justice mechanisms, aligned with the Criminal Procedure Code.
Refining regulations regarding bank adjustments during recovery and the period of fund placement by the LPS to align with bank recovery practices.
Establishing and strengthening task forces to prevent and handle unauthorised business activities in the financial sector, licensed activities that indicate violations of regulations or consumer protection, and the use of financial technology innovations for activities suspected of gambling.
Regulations regarding the mineral and strategic commodities exchange.
The mandate to establish Indonesia’s international financial centre.