Financial Services Authority (Indonesia)

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Financial Services Authority
Otoritas Jasa Keuangan
OJK Logo.png
Logo of OJK in Indonesian
OJK.jpg
Soemitro Djojohadikusumo Building, OJK headquarters in Jakarta named after Indonesia's former finance minister
Agency overview
Formed2011 (2011)
Preceding agency
  • Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam-LK)
Jurisdiction Government of Indonesia
HeadquartersJakarta, Indonesia
Agency executive
Website www.ojk.go.id

Financial Services Authority (Indonesian : Otoritas Jasa Keuangan; OJK) is an Indonesian government agency which regulates and supervises the financial services sector. Its head office is in Jakarta. [2]

Contents

After Law on Financial Sector Development and Strengthening was passed, the Indonesian government gave the authority a special status and made it part of the country's law enforcement system. [3]

History

The agency was created in 2011 under the Law No. 21 of 2011 as an independent institution responsible for regulating and supervising Indonesia's financial sector. [4] It was created to replace the financial oversight functions previously held by Bank Indonesia (BI) and the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK), ensuring a more integrated and comprehensive supervision of banking, capital markets, and non-bank financial institutions. OJK officially began operations on 31 December 2012, taking over capital market and non-bank financial supervision from Bapepam-LK, and later, on 1 January 2014, assuming banking regulatory duties from BI. [5] In response to financial sector challenges, the Indonesian government strengthened OJK's authority through the Financial Sector Development and Strengthening Law (UU P2SK), passed in 2023, granting it broader powers to enhance financial stability, consumer protection, and law enforcement coordination. [6]

Member banks

All member banks are registered and supervised by the organization, and are required to carry the statement indicating such in advertising.

Islamic banks

See also

References

  1. ↑ "Anggota Dewan Komisioner OJK Periode 2022-2027" . Retrieved 4 August 2022.
  2. ↑ Home (English). Otoritas Jasa Keuangan. Retrieved on 28 March 2019. " Otoritas Jasa Keuangan, Gedung Soemitro Djojohadikusumo Jalan Lapangan Banteng Timur 2-4 Jakarta 10710 Indonesia"
  3. ↑ Brilian, Almadinah Putri. "Tok! Jokowi Beri OJK 15 Kewenangan Penyidikan Tindak Pidana Jasa Keuangan". detikfinance (in Indonesian). Retrieved 5 February 2023.
  4. ↑ LAW OF THE REPUBLIC OF INDONESIA NUMBER 21 OF 2011 ON FINANCIAL SERVICES AUTHORITY (PDF). Government of Indonesia. 2011.
  5. ↑ Indonesia: Financial Market Development and Integration Program (PDF). Asian Development Bank. June 2017.
  6. ↑ "The New P2SK Law: A Breakthrough For Indonesia's Financial Sector | Makeslaw". makeslaw.com. Retrieved 20 February 2025.

Further reading

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