OJK Prepares Special Education Platform for Financial Influencers

The Financial Services Authority (OJK) is preparing a Learning Management System (LMS) platform specifically aimed at influencers or content creators in the financial services sector. Acting Head of the OJK’s Financial Literacy and Education Directorate, Andi Muhammad Yusuf, stated in Tangerang on Tuesday that this facility is being introduced to equip influencers with a proper basic understanding of financial products and services. This step is being taken to prevent the spread of incorrect or misleading information among the public. “This LMS is not a certification, but a learning system. The goal is for them to at least have a basic standard of knowledge. They must not make mistakes when speaking to the public and then face criticism, which ultimately embarrasses and harms themselves,” Andi said after the 12th batch of the Jurnalis Class event. The initiative to provide the LMS aligns with the OJK’s ongoing efforts to regulate the phenomenon of influencers who often promote specific financial products, including stock pumping practices that frequently lack transparency. Furthermore, Andi emphasised that the OJK demands honesty from content creators by dividing their activities into three mandatory categories. First, education, which focuses on explaining the characteristics, benefits, risks, and comparisons of financial service products objectively without promotional elements. Second, marketing. If an influencer collaborates with, receives an endorsement from, or is paid by a specific Financial Services Business Actor (PUJK), they are required to openly declare this sponsor status. “If they collaborate with a specific PUJK, they are required to declare that sponsor status,” he said. Third, recommendations. When providing advice related to an investment instrument, an influencer must honestly state their position and disclose whether or not there is a personal conflict of interest behind the recommendation. “When stating or creating content, they must declare their interest. Whether representing a company for marketing or providing a recommendation purely based on expertise, that must be declared,” he stressed. Going forward, the OJK hopes that all financial influencers will not only rely on popularity but also possess proof of standardised expertise through official certification. This standard is expected to emulate existing ecosystems, such as professional licences in the capital market, for example the Securities Broker-Dealer Representative (WPPE), or agency licences from associations in the insurance sector. Through the synergy between the LMS education platform and these promotional transparency rules, the OJK hopes to create a digital financial literacy ecosystem that is healthier, safer, and more accountable to the public.