OJK Board Commissioner Candidate Dicky Proposes UMKM Credit Securitisation Policy During Fit and Proper Test
Jakarta — Dicky Kartikoyono, a candidate for the Financial Services Authority (OJK) Board of Commissioners, has advocated for UMKM credit securitisation as a key mechanism to equalise financing sources during his fit and proper test examination held today.
Dicky, currently Head of the Payment System Policy Department at Bank Indonesia (BI), previously underwent fit and proper tests for the position of Deputy Governor of BI in July 2025 and January 2026. This fit and proper test for the OJK Board Commissioner position marks his third examination in the past year.
“At present, securitisation appears highly feasible given quality data, credit ratings, and payment history. We can securitise quality UMKM credit portfolios,” Dicky stated in Jakarta on Wednesday.
He highlighted that Himbara member banks, which typically have targets for UMKM credit distribution, whilst non-Himbara banks continue to face challenges in meeting such quotas.
Under the proposed scheme, UMKM credit portfolios from Himbara banks that have exceeded their targets could be securitised into asset-backed securities, which could then be purchased by non-Himbara banks.
“When I was previously a supervisor, there were money market securities (SBPU) for small business credit. Banks that typically focused on retail operations, once meeting certain thresholds, could securitise or sell their remaining portfolios to banks oriented towards corporate or wholesale operations,” Dicky explained.
Generally, he cautioned that financial system stability must contribute optimally to economic growth. This, he argued, is insufficient if supported only by credit growth in the range of 8–10 per cent.
“Credit growth must expand significantly. We must address this challenge by offering a vision and several strategic policy directions,” Dicky said.
He stressed the importance of optimising credit distribution and encouraging capital market financing. In this regard, credit distribution must be supported by demand-side factors, not solely by supply-side considerations.
“Our banking supply must be strengthened through universal banking. We must also facilitate financing syndication and UMKM distribution based on quality data. We see this as an opportunity we must pursue. The demand side is most crucial,” Dicky explained.
He proposed strengthening pentahelix collaboration, including synergies between Bank Indonesia (BI) and OJK for debottlenecking, public-private industry cooperation, strengthened banking roles in financing, and reinforced legal frameworks to clarify policy direction.
During the same occasion, before members of Commission XI of the House of Representatives, Dicky stated that this third fit and proper test reflects the considerable confidence placed in him by the Governor of BI and the President of Indonesia. He currently serves as Head of the Payment System Policy Department at Bank Indonesia (BI).
“Naturally, it is for your honourable selves to assess whether I am qualified to carry out this task according to the competencies and challenges it presents,” Dicky said.
In addition to Dicky, nine other candidates underwent the fit and proper test for OJK Board Commissioner positions, including Friderica Widyasari, Agus Sugiarto, Hernawan Bekti Sasongko, Ary Zulfikar, Hasan Fawzi, Darmansyah, Danu Febrianto, Adi Budiarso, and Anton Daryono.
The fit and proper test was conducted in a single day. Following this, Commission XI of the House of Representatives will submit the names of those deemed qualified to the House leadership for discussion in plenary session on Thursday (12 March).