PT Pegadaian (Persero) has welcomed the recent release of OJK Regulation No. 17/2024 regarding bullion business, signaling the company’s plans to innovate its services in line with the new guidelines. The regulation is seen as a strategic step for expanding Indonesia's gold industry, supporting the country's vision for "Indonesia Emas 2045." Pegadaian is actively preparing to offer services that comply with this regulation, which covers a wide range of gold-based financial activities, including savings, custody, financing, and trading.

Elvi Rofiqotul Hidayah, Pegadaian’s Marketing and Product Development Director, highlighted that the regulation provides a clear framework for financial institutions like Pegadaian to enter and grow within the bullion market. "This regulation opens up significant opportunities to integrate the entire gold ecosystem, from upstream to downstream," she noted. Pegadaian aims to bridge gaps in the sector, improving financial inclusion and literacy in Indonesia while expanding its offerings in gold-based services.

One key distinction made by Elvi is the difference between the newly regulated bullion services and the traditional gold-based products that Pegadaian has offered, such as gold pawning and gold financing. The company is poised to adapt and introduce innovative services that align with the regulatory framework outlined in POJK 17/2024.

The potential for growth in the bullion business is considerable, given that Indonesia is the world’s sixth-largest gold producer. With strong natural resources, a capable workforce, and increasing demand for gold, the country is well-positioned to expand its gold market further. However, as Elvi points out, success in this space also depends on the development of adequate infrastructure to support these growing activities.

The introduction of bullion services is expected to foster greater competition within the sector, leading to higher levels of innovation and better services for customers. "Increased competition will push Pegadaian and other financial institutions to continually innovate, ensuring the best service for customers," Elvi stated.

Following the release of POJK 17/2024, industry players like Pegadaian and Bank Syariah Indonesia (BSI) have expressed readiness to engage in bullion-related activities. Pegadaian, with its strong infrastructure and capital base, is particularly well-positioned to capitalize on the opportunities presented by this new regulation. However, OJK officials have pointed out that Pegadaian’s current offerings still primarily involve gold savings, with trading activities conducted through its Galeri 24 platform, not directly under Pegadaian itself.

The regulation’s full impact is still unfolding, but it is clear that Pegadaian’s forward-thinking approach will play a crucial role in shaping the future of Indonesia’s bullion market. By aligning its services with POJK 17/2024, Pegadaian is preparing to meet the growing demand for gold-related financial products, contributing significantly to Indonesia's evolving gold economy.

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