OJK Chief Reveals MSCI Has Received Indonesian Capital Market Reform Proposal

Jakarta — Friderica Widyasari Dewi, the newly appointed Chairman of the Financial Services Authority (OJK) Board of Commissioners, has stated that Morgan Stanley Capital International (MSCI) has received Indonesia’s capital market reform proposal. However, she noted that the global rating agency will not simply accept it without seeing consistent implementation of the proposals.

Dewi made these remarks during her fit and proper test hearing as a candidate member of the OJK Board of Commissioners at Commission XI of the House of Representatives on Wednesday, 11 March 2026.

“We have already met with them and MSCI has received the proposal we submitted. However, they cannot immediately accept it; they need to see how consistent we are in fulfilling the proposal we have put forward,” Dewi said at the House of Representatives building on Wednesday, 11 March 2026.

Dewi, commonly known as Kiki, stated that the OJK’s challenge is to ensure fulfilment of the reform proposals.

Beyond MSCI, Dewi noted that other global rating agencies such as Fitch have also received the proposals. She stated that the global raters have expressed appreciation for the OJK’s reform plans.

“And we hope that going forward we can maintain the rating and reverse it for Indonesia to become more investable in the future,” Dewi added, referring to the need to change outlooks from negative back to positive.

Commission XI of the House of Representatives has appointed five candidates to the OJK Board of Commissioners for the 2026-2031 period following today’s fit and proper test. Three of them will fill vacant positions as Chairman of the Board of Commissioners, Vice Chairman of the Board, and Head of the Executive of Capital Market, Derivative Finance and Carbon Exchange Supervision for the 2022-2027 period, positions that have been vacant since late January.

Dewi, who currently serves as a Board member and Head of the Executive for Supervision of Financial Services Provider Conduct, Education and Consumer Protection for the 2022-2027 period, became acting OJK Chairman after Mahendra Siregar resigned in late January.

The temporary leadership vacuum at the OJK followed the sharp decline of the Composite Stock Index (IHSG), which experienced a two-day trading halt following MSCI’s announcement. The index fell sharply by more than 8 per cent.