The Financial Services Authority (OJK) has introduced new regulations to strengthen the Financing Institutions, Venture Capital, Microfinance Institutions, and Other Financial Service Institutions (PVML) sector. This initiative aims to ensure a healthier industry, protect consumers, and contribute to Indonesia’s economic growth.

Agusman, Chief Executive Supervisor of PVML at OJK, emphasized the significance of these regulatory updates during the "PVML Regulation Socialization" event in Jakarta. He stated that OJK has issued 12 new regulations under the mandate of Law No. 4 of 2023 on Financial Sector Development and Strengthening (UU P2SK).

Among these, nine regulations were issued at the end of 2024, covering critical areas such as pawnshops, fintech lending, risk management, governance, and microfinance institutions. These include:

• POJK No. 39/2024 on Pawnshop Operations
• POJK No. 40/2024 on Technology-Based Lending Services
• POJK No. 41/2024 on Microfinance Institutions
• POJK No. 42/2024 on Risk Management for PVML
• POJK No. 43/2024 on PVML Human Resource Development
• POJK No. 46/2024 on the Strengthening of Financing and Venture Capital Companies
• POJK No. 47/2024 on Cooperatives in the Financial Sector
• POJK No. 48/2024 on Good Corporate Governance for PVML
• POJK No. 49/2024 on Supervision and Compliance Measures

More than 1,500 participants attended the event, including leaders from key industry associations such as APPI, Amvesindo, AFPI, PPGI, and ASLINDO, alongside executives from major PVML institutions.

Additionally, OJK introduced Circular Letter No. 22/SEOJK.06/2024, which sets fit and proper assessment standards for key personnel in PVML institutions. This policy aims to enhance governance and ensure responsible management across the sector.

By implementing these regulations, OJK seeks to provide clearer guidelines for PVML operations, enhance industry resilience, and align Indonesia’s financial ecosystem with international best practices.

PHOTO: OJK

This article was created with AI assistance.