Profile of 5 New OJK Board Members and Why Parliament Selected Friderica as Chairman
Jakarta — Mukhamad Misbakhun, Chairman of Commission XI of the House of Representatives, has revealed the reasoning behind the selection of Friderica Widyasari Dewi as Chairman of the Board of Commissioners of the Financial Services Authority (OJK). Based on the results of consensus deliberation, Friderica, commonly known as Kiki, was deemed responsive to the volatile market conditions that have recently affected Indonesia’s financial sector.
“Our considerations were many. One reason we reappointed Ibu Kiki is that during her brief tenure, she has demonstrated a positive response to several fundamental issues at the OJK,” Misbakhun told journalists on Wednesday, 11 March 2026.
As is well known, OJK leadership recently faced turbulence amid volatile Indonesian capital market conditions triggered by MSCI’s freezing of index rebalancing for Indonesian securities. The Composite Stock Price Index (IHSG) came under pressure, with trading halts occurring for two consecutive days.
As a form of accountability, on 30 January 2026, OJK Board of Commissioners Chairman Mahendra Siregar resigned from his position. Not only Mahendra, but OJK Vice-Chairman Mirza Adityaswara and Head of Capital Market, Derivative Finance and Carbon Exchange Supervision Inarno Djajadi also resigned on the same day, leaving many seats on the OJK Board of Commissioners vacant.
During this critical period, Kiki, who was Head of Executive for Supervision of Financial Services Conduct, Education, and Consumer Protection, was selected as Acting Chairman of the OJK Board of Commissioners, replacing Mahendra.
Meanwhile, Hasan Fawzi, who served as Head of Executive for Supervision of Financial Sector Technology Innovation (ITSK), Digital Financial Assets, and Crypto Assets, concurrently served as Acting Head of Executive for Supervision of Capital Markets, Derivative Finance, and Carbon Exchange, replacing Inarno Djajadi.
Kiki and Hasan worked together to address volatility in the capital market, which has been under global financial scrutiny. They, together with Indonesia Stock Exchange (BEI) and the Self Regulatory Organization (SRO), coordinated with MSCI to improve capital market conditions.
There were also initiatives to establish a Capital Market Integrity Reform Task Force for comprehensive evaluation of the turmoil that occurred in the capital market.
Beyond Kiki, whom he considered responsive, Misbakhun expressed similar views about Hasan. According to Misbakhun, Hasan possesses adequate capabilities in addressing serious issues in the capital market.
“Hasan Fawzi also provided an adequate response to several MSCI issues. Additionally, both Kiki and Hasan delivered excellent presentations during the open fit and proper test, which the public could observe through television and in person. These selections are based on their capabilities, capacity, and competence,” he stated.
Misbakhun also mentioned Adi Budiarso, who was selected as Head of Executive for Supervision of Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets, as possessing appropriate capabilities in this field.
“Adi Budiarso is someone who has had a long career in the financial sector. He has determined many policies across various regulations, starting with the Law on Financial Sector Development and Strengthening (P2SK), which also involved him. If we place him to manage crypto exchanges and the like, he understands and comprehends matters related to digital assets very well,” he added.
As is known, Commission XI of the House of Representatives, following a fitness and propriety test of 10 candidates for OJK Board of Commissioners positions and conducting internal deliberations, selected Friderica Widyasari Dewi as Chairman of the Board of Commissioners.
Subsequently, Hernawan Bekti Sasongko was selected as Vice-Chairman of the Board of Commissioners. Hasan Fawzi holds the position of Head of Executive for Supervision of Capital Markets, Derivative Finance, and Carbon Exchange at the OJK. Dicky Kartikoyono became Head of Executive for Supervision of Financial Services Conduct, Education, and Consumer Protection.
Meanwhile, the position of Head of Executive for Supervision of Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets is held by Adi Budiarso.
Commission XI of the House of Representatives conducted a fitness and propriety test on 10 candidates for OJK Board of Commissioners positions on Wednesday, 11 March 2026. The 10 candidates were Friderica Widyasari Dewi, Agus Sugiarto, Hernawan Bekti Sasongko, Ary Zulfikar, Hasan Fawzi, Darmansyah, Dicky Kartikoyono, Danu Febrianto, Adi Budiarso, and Anton Daryono.
The fitness and propriety test was conducted to fill five positions: chairman, vice-chairman, head of executive for capital markets supervision, head of executive for digital asset supervision, and head of executive for financial services conduct, education, and consumer protection supervision.