OJK Commissioner Candidate Targets Exchange Market Capitalisation of Rp 25,000 Trillion

The acting head of capital markets supervision, derivative financial, and carbon exchange regulation for the Financial Services Authority (OJK), Hasan Fawzi, has set a target for exchange market capitalisation to reach Rp 25,000 trillion by 2031. He presented this target whilst outlining projected performance during a five-year forward period in a fitness and propriety test as a candidate replacement for a member of the OJK Board of Commissioners at House of Representatives Commission XI.

“As a direction for implementing this vision, we have established strategic performance projections for the next five-year period until 2031, where market capitalisation is targeted to reach Rp 25,000 trillion or approximately 80 per cent of the national Gross Domestic Product figure,” Hasan said at the House of Representatives complex on Wednesday, 11 March 2026.

He also targeted average daily transaction value in the capital markets to reach Rp 35 trillion per day, in line with increases in the number of listed companies and the amount of funds managed by investors.

Before Commission XI members, Hasan stated that a market capitalisation target of Rp 25,000 trillion is not an easily achievable goal. However, he assessed that Indonesia’s capital markets still have opportunities to develop products outside equity-based offerings, such as debt instruments and derivative financial products. Hasan exemplified that 50 per cent of Singapore’s market capitalisation comprises debt instruments.

Apart from Hasan, nine other candidates for OJK Board of Commissioners member positions underwent fitness and propriety testing at the House of Representatives today. They are Friderica Widyasari Dewi, Agus Sugiarto, Hernawan Bekti Sasongko, Ary Zulfikar, Darmansyah, Dicky Kartikoyono, Danu Febrianto, Adi Budiarso, and Anton Daryono.

Hasan was appointed as acting head of capital markets supervision, derivative financial, and carbon exchange regulation at the OJK following Inarno Djajadi’s resignation in late January. Prior to his appointment as acting head, Hasan held the position of head of ITSK, digital financial assets, and crypto assets supervision at the OJK.