Parliament Approves OJK Commissioners 2026–2031; Misbakhun Calls for Strengthened Financial Sector Supervision
The chairman of Commission XI of the Indonesian House of Representatives (DPR), Mukhamad Misbakhun, has emphasised the importance of strengthening supervision of the financial services sector following parliament’s approval of five members of the Financial Services Authority (OJK) board for the 2026–2031 period.
According to him, the new OJK leadership must be able to maintain the stability of Indonesia’s national financial system amid increasing complexity of global risks and rapid digital transformation in the financial sector.
“Our financial services industry is no longer small. The scale of supervision is substantial and risks are increasingly complex. Therefore, the OJK going forward must emerge as a regulator that is firm, but also adaptive to change,” Misbakhun said in a press statement received by Kompas.com on Saturday, 14 March 2026.
He assessed that the OJK’s future challenges are growing alongside the development of Indonesia’s national financial services industry, rising global market volatility, and rapid advancement in financial technology.
Misbakhun also highlighted the importance of supervision over the rapidly developing digital financial sector, such as online lending (fintech lending), crypto assets, and various other financial technology innovations.
“The OJK must not only be a rule maker, but must be a market guardian. Innovation must be protected, but risk discipline cannot be relaxed,” he said.
Beyond industry supervision, Misbakhun believed that consumer protection should also be a priority for the new OJK leadership. This is given the continued high number of public complaints regarding financial services practices, ranging from illegal online lending to high-risk investment products.
He added that the public’s financial literacy rate, still at approximately 50 per cent, indicates that many people remain vulnerable to financial product risks that are not fully understood.
“Education must be aggressive, supervision must be progressive, and consumer protection must be tangible,” said Misbakhun.
“The financial market is very sensitive to trust. If trust is strong, the market will be stable. If trust wavers, pressure can come from anywhere,” Misbakhun said.
He affirmed that Commission XI of the DPR will continue to monitor the performance of the new OJK board to ensure that the strengthening of the financial sector can proceed effectively and have an impact on national economic stability.
“The DPR does not merely select; it will also oversee. We want the OJK in this period to truly demonstrate the quality of strong, independent regulatory leadership that is committed to financial system stability and the interests of the wider public,” he concluded.