SP 89/DKPU/OJK/V/2026

PRESS RELEASE

APRIL 2026 THE BOARD OF COMMISSIONERS MONTHLY MEETING

FINANCIAL SERVICES SECTOR PERFORMANCE REMAINS RESILIENT AMID PERSISTENT GLOBAL UNCERTAINTIES

Jakarta, 5 May 2026. The Board of Commissioners of the Financial Services Authority (OJK) held its Monthly Meeting on 30 April 2026 and assessed that the Financial Services Sector (FSS) maintained its stability amid ongoing global economic dynamics.

Global economic performance remained affected by geopolitical uncertainty, despite the 8 April 2026 ceasefire between Iran, the United States, and Israel. The Strait of Hormuz stayed closed due to the ongoing blockade by both parties, resulting in prolonged global energy disruptions, keeping oil prices volatile and high.

In its April 2026 World Economic Outlook, titled “Global Economy in the Shadow of War," the IMF lowered its global growth projection to 3.1 percent for 2026 and warned of rising stagflation risks. Geopolitical fragmentation, debt pressures, and supply chain disruptions threaten future growth. Intensifying global inflationary pressures have raised expectations of tighter monetary policy in several advanced economies.

The United States economy showed signs of weakening, with Q1-2026 growth projected to decline. Inflationary pressures increased again, mainly from higher goods and energy prices. Consumer sentiment deteriorated, although the labour market remained relatively resilient. Amid these conditions, the Federal Reserve decided to maintain its policy rate at the Federal Open Market Committee (FOMC) meeting in late April 2026.

China's economy achieved Q1-2026 growth that matched its 5.0 percent target, driven by exports and the manufacturing sector. Nevertheless, growth momentum moderated. Export growth in March 2026 slowed significantly, while domestic demand has yet to recover strongly.

Domestically, the economy grew 5.61 percent, supported by household consumption and higher government spending. On the demand side, the Consumer Confidence Index stayed optimistic, though it moderated. Retail sales growth rose to 2.4 percent year-on-year, but motor vehicle sales contracted annually. Externally, March 2026 foreign exchange reserves reached USD148.2 billion, while the trade balance posted a USD1.2 billion surplus.

Capital Market, Financial Derivatives, and Carbon Exchange (PMDK) Developments

The domestic equity market in April 2026 saw dynamic movements amid global uncertainty and ongoing financial market volatility. The Indonesia Composite Index (IHSG) closed at 6,956.80, a decline of 1.30 percent month-to-month or 19.55 percent year-to-date. Nevertheless, domestic capital market resilience and liquidity remained manageable.

From the liquidity side, investors kept the average bid-ask spread in the domestic equity market low at 1.33 times (March 2026: 1.55 times). During the reporting period, the equity market averaged a daily transaction value of IDR18.51 trillion, moderating from March 2026's IDR20.66 trillion as investors adopted a wait-and-see stance. In April 2026, foreign investors sold a net IDR17.02 trillion in equities (March 2026: net sell of IDR23.34 trillion).

In the bond market, the Indonesia Composite Bond Index (ICBI) ended April 2026 at 436.38, gaining 0.74 percent mtm but slipping 1.01 percent ytd. On average, Government Securities (SBN) yields declined by 3.90 bps mtm, though they increased by 50.61 bps ytd as shifting risk perceptions drove volatility amid global uncertainty. Foreign investors bought a net IDR8.80 trillion in the SBN market on an mtd basis (ytd: net selling of IDR16.29 trillion), and recorded net buying of IDR0.04 trillion in corporate bonds in April 2026 (ytd: net buying of IDR0.01 trillion).

The investment management industry performed well this month. Assets Under Management (AUM) reached IDR1,072.64 trillion as of 29 April 2026, up 1.53 percent mtd and 2.87 percent ytd. Mutual Fund Net Asset Value (NAV) rose to IDR711.89 trillion, up 2.32 percent mtd and 5.41 percent ytd. Continued investor subscriptions sustained Mutual Fund industry resilience, with net subscriptions of IDR8.11 trillion mtd and IDR37.24 trillion ytd.

The number of domestic capital market investors grew, with 1.74 million new investors in April 2026. The total number of investors rose 30.06 percent ytd to 26.49 million.

The domestic capital market remained a key source of long-term corporate financing. By April 2026 (ytd), capital market fundraising was IDR56.35 trillion, with one IPO, one Rights Issue, six Public Debt or Sukuk Offerings (EBUS), and 44 Shelf Registration EBUS issuances. The pipeline held 71 public offerings, valued at IDR49.84 trillion.

Fundraising through Securities Crowdfunding (SCF) recorded 24 new securities issuances and seven new issuers in April 2026. Total funds raised amounted to IDR36.18 billion. As a result, cumulative funds raised through SCF reached IDR1.93 trillion.

From 10 January 2025 to 30 April 2026, OJK gave principal approval to 113 financial derivatives parties. In April 2026, transactions reached 33,884 lots (mtm), totalling 143,217 lots. At the Carbon Exchange, since its 26 September 2023 launch, 155 users registered. Total transactions reached 1.98 million tCO2e and IDR93.75 billion in value.

OJK carried out the following enforcement actions and consumer protection measures in the PMDK sector:

1. In 2026, OJK issued Administrative Sanctions following case examinations in the PMDK sector. OJK imposed Administrative Fines totalling IDR85.04 billion on 97 parties, revoked one license, cancelled one registered license (STTD), suspended six licenses, issued seven written warnings, and gave nine written orders. OJK also fined 180 parties a total of IDR47.84 billion for late reporting violations and issued 57 written warnings. Additionally, OJK issued 62 written warnings for non-case violations unrelated to reporting delays.
2. During April 2026, OJK imposed Administrative Fines totalling IDR22.26 billion for violations of laws and regulations in the PMDK sector. These fines affected one controlling shareholder of an issuer and/or public company, 12 directors of issuers and/or public companies, two commissioners of issuers and/or public companies, three issuers, three securities companies, four public accountants, and two other parties. In addition, the OJK imposed two administrative sanctions, including a license suspension, and issued one written order.

Banking Sector Developments (PBKN)

Banking intermediation performance continued to grow positively, as indicated by credit growth of 9.49 percent yoy to IDR8,659 trillion in March 2026 (February 2026: 9.37 percent yoy). This reflects solid lending expansion with a well-maintained risk profile.

By type of use, Investment Loans recorded the highest growth at 20.85 percent, followed by Consumer Loans at 5.88 percent, and Working Capital Loans at 4.38 percent. By debtor category, corporate loans recorded the highest growth at 14.88 percent yoy, while MSME loans showed improvement, returning to positive growth of 0.12 percent yoy (February 2026: contracted by 0.56 percent yoy). By ownership category, state-owned banks (BUMN banks) recorded the highest credit growth at 13.66 percent yoy.

The share of banking-sector buy now, pay later (BNPL) loans remained limited at 0.33 percent of total credit. As of March 2026, outstanding BNPL loans reported in the Financial Information Service System (SLIK) grew by 24.20 percent yoy (February 2026: 26.41 percent yoy) to IDR28.3 trillion, with the number of accounts reaching 30.81 million (February 2026: 30.55 million).

Third-Party Funds (DPK) grew by 13.55 percent yoy to IDR10,231 trillion in March 2026, mainly driven by a 21.37 percent yoy rise in demand deposits. Time deposits rose 11.57 percent and savings 8.36 percent yoy, illustrating robust deposit growth.

Banking industry liquidity in March 2026 remained adequate, with the Liquid Assets to Non-Core Deposit (AL/NCD) ratio and Liquid Assets to Third-Party Funds (AL/DPK) ratio recorded at 122.55 percent (February 2026: 121.29 percent) and 27.85 percent (February 2026: 27.4 percent), respectively, well above the regulatory thresholds of 50 percent and 10 percent. Meanwhile, the Liquidity Coverage Ratio (LCR) stood at 193.64 percent and the Net Stable Funding Ratio (NSFR) at 128.84 percent.

Asset quality also remained well maintained, with gross NPL ratio recorded at 2.14 percent (February 2026: 2.17 percent) and net NPL ratio stable at 0.83 percent (February 2026: 0.83 percent). Loan at Risk (LaR) stood at 8.94 percent (February 2026: 9.24 percent). Overall banking profitability, as reflected in Return on Assets (ROA), stood at 2.47 percent (February 2026: 2.37 percent).

After accounting for dividend distributions, the Capital Adequacy Ratio (CAR) was recorded at 25.09 percent (February 2026: 25.83 percent). This demonstrates that the banking sector remains well-capitalized and has substantial buffers in place, ensuring robust risk mitigation.

In enforcing supervisory provisions in the banking sector, OJK revoked the business license of PT BPR Sungai Rumbai on 7 April 2026, located at Jalan Lintas Sumatera Sungai Rumbai, Sungai Rumbai District, Dharmasraya Regency, West Sumatra Province.

BNI completed a full reimbursement of IDR28.25 billion to CU Paroki Aek Nabara on 22 April 2026, settling the case involving BNI KCP Aek Nabara customers. OJK will monitor the process to ensure transparency, fairness, and compliance with regulations, and requires BNI to conduct a thorough internal investigation covering compliance, internal controls, and governance. In relation to efforts to eradicate online gambling activities that have broad impacts on the economy and financial sector, OJK has instructed banks to block approximately 33,252 accounts (previously approximately 32,556 accounts) based on data submitted by the Ministry of Communication and Digital Affairs of the Republic of Indonesia. OJK has also followed up by requesting banks to conduct further investigations, including closing accounts linked to matching National Identity Numbers (NIK) and conducting Enhanced Due Diligence (EDD).

Insurance, Guarantee, and Pension Fund Sector Developments (PPDP)

In the PPDP sector, total insurance industry assets in March 2026 reached IDR1,195.75 trillion, increasing by 4.38 percent yoy from IDR1,145.63 trillion in the corresponding period of the previous year.

In the commercial insurance segment, total assets reached IDR977.53 trillion, growing by 5.64 percent yoy. Accumulated premium income in March 2026 amounted to IDR88.36 trillion, growing by 0.74 percent yoy, consisting of life insurance premiums, which declined by 0.14 percent yoy to IDR47.12 trillion, and general insurance and reinsurance premiums, which increased by 1.77 percent yoy to IDR41.24 trillion.

The life insurance industry, as well as the general insurance and reinsurance industry, recorded aggregate Risk Based Capital (RBC) ratios of 474.26 percent and 316.32 percent, respectively, well above the regulatory threshold of 120 percent.

For non-commercial insurance, consisting of BPJS Kesehatan (institution and national health insurance program), BPJS Ketenagakerjaan (institution, work accident insurance, death insurance, and job loss insurance programs), as well as insurance programs for civil servants, military, and police personnel related to work accident and death insurance, total assets stood at IDR218.23 trillion, contracting by 0.92 percent yoy.

In the pension fund industry, total pension fund assets as of March 2026 grew by 10.49 percent yoy to IDR1,684.89 trillion. Voluntary pension programs recorded asset growth of 6.71 percent yoy to IDR408.82 trillion.

Meanwhile, mandatory pension programs, comprising old-age security and pension security programs of BPJS Ketenagakerjaan, as well as old-age savings and accumulated pension contributions for civil servants, military, and police personnel, recorded total assets of IDR1,276.07 trillion, up 11.76 percent yoy.

In the guarantee industry, total assets in March 2026 grew by 0.77 percent yoy to IDR47.48 trillion.

In enforcing regulations and consumer protection in the PPDP sector, OJK undertook the following measures:

1. Strengthen the capital of insurance and reinsurance companies in line with Phase I of capital strengthening in 2026, in which 116 out of 144 insurance and reinsurance companies (80.56 percent) met the minimum capital requirement by March 2026.
2. Encourage the resolution of issues at financial services institutions through special supervision, which, as of 27 April 2026, was conducted for eight insurance and reinsurance companies and eight pension funds. The increase from the previous period reflects OJK's continued commitment to enforcing regulations and protecting policyholders and participants.
   
   Conduct special examinations and law enforcement actions against six entities suspected of operating insurance and reinsurance brokerage businesses without licenses. In addition, 15 additional entities were identified as potentially conducting similar activities and remain under investigation regarding alleged criminal violations. Further identification of unlicensed brokerage practices was also conducted by tracing the sources of business for insurance companies. OJK has intensified supervision of insurance companies cooperating with unlicensed brokers. As a preventive measure, OJK also plans to issue QR Codes for licensed insurance and reinsurance brokers as a reference for insurance companies and the public in using brokerage services legally.

Developments in the Financing Companies, Venture Capital Companies, Microfinance Institutions, and Other Financial Services Institutions Sector (PVML)

In the PVML sector, financing receivables of financing companies grew by 0.61 percent yoy in March 2026 (February 2026: 1.01 percent yoy) to IDR514.09 trillion, supported by working capital financing, which grew by 6.15 percent yoy.

The risk profile of financing companies remained well maintained, with gross Non-Performing Financing (NPF) ratio recorded at 2.83 percent (February 2026: 2.78 percent) and net NPF ratio at 0.8 percent (February 2026: 0.81 percent). The gearing ratio stood at 2.17 times (February 2026: 2.13 times), well below the ten time maximum threshold.

Based on SLIK data, Buy Now Pay Later (BNPL) financing by financing companies grew by 55.85 percent yoy (February 2026: 53.53 percent yoy) to IDR12.81 trillion, with a gross NPF ratio recorded at 2.51 percent (February 2026: 2.79 percent).

Venture capital financing in March 2026 contracted by 0.95 percent yoy (February 2026: grew by 0.78 percent yoy), with financing value recorded at IDR16.57 trillion.

In the peer-to-peer lending (Pindar) industry, outstanding financing in March 2026 grew by 26.25 percent yoy (February 2026: 25.75 percent yoy), reaching IDR101.03 trillion. Aggregate credit risk level (TWP90) remained at 4.52 percent (February 2026: 4.54 percent).

In the pawnshop industry, financing disbursement in March 2026 grew by 60.27 percent yoy (February 2026: 61.78 percent yoy) to IDR153.49 trillion, with the largest portion channelled through pawn products amounting to IDR127.90 trillion or 83.33 percent of total industry financing disbursement.

In enforcing regulations and consumer protection in the PVML sector, OJK undertook the following measures:

1. Currently, eight out of 144 financing companies have not yet met the minimum core capital requirement of IDR100 billion, while 11 out of 94 Pindar operators have not yet met the minimum equity requirement of IDR12.5 billion. All such financing companies and Pindar operators have submitted action plans to OJK outlining measures to meet the minimum capital requirements, including capital injections by existing shareholders, seeking strategic investors, and/or pursuing mergers.

2. In promoting compliance and integrity in the PVML sector, during April 2026, OJK imposed administrative sanctions on 66 financing companies, 11 venture capital companies, 15 Pindar operators, ten pawnshop companies, two microfinance institutions, and one special financial institution for violations of prevailing OJK regulations and/or supervisory findings and examination follow-ups. Administrative sanctions consisted of 56 monetary fines and 190 written warnings. OJK expects these enforcement measures and sanctions to encourage PVML industry players to strengthen governance, prudential practices, and compliance with prevailing regulations, thereby improving overall performance and contribution to the economy.

3. On 2 April 2026, OJK imposed an administrative sanction in the form of registration suspension on Public Accountant Danang Rahmat Surono in relation to the audit of the 2024 Audited Annual Financial Statements of PT Dana Syariah Indonesia, due to failure to adequately apply 12 Auditing Standards, thereby violating Article 21 paragraph (1) letter c of OJK Regulation Number 9 of 2023.

   OJK continues to support the law enforcement process involving Dana Syariah Indonesia (DSI), including through coordination with law enforcement authorities and relevant stakeholders to handle the case, as well as efforts related to asset tracing and the return of lenders' funds in accordance with prevailing regulations. In addition, the Witness and Victim Protection Agency (LPSK) opened registration for prospective applicants related to the DSI case from 2 April to 1 May 2026, and the deadline has been extended to 15 May 2026.

4. In relation to alleged violations of debt collection practices by certain debt collectors in Semarang, the OJK has summoned the Pindar operator, PT Indosaku Digital Teknologi (Indosaku), and the Indonesian Joint Funding Fintech Association (AFPI). During the meeting, OJK:

1. Stated that it is currently conducting a special examination of Indosaku and will impose sanctions should violations be proven;

2. Requested AFPI and its Ethics Committee to conduct further investigation and impose blacklist sanctions on the third-party debt collection service provider involved. Following up on this matter, AFPI revoked the registration and terminated PT TIN (third-party debt collection service provider) as an Associate Member of AFPI, effective 30 April 2026;

3. Requested Indosaku to conduct a comprehensive evaluation of its debt collection processes, including evaluation of cooperation with third-party debt collection companies, to ensure that all collection activities are carried out professionally, ethically, and in compliance with prevailing laws and regulations.

Developments in the Financial Sector Technology Innovation (ITSK), Digital Financial Assets, and Crypto Assets Sector (IAKD)

​1. Implementation of the Regulatory Sandbox

• ​Since the issuance of OJK Regulation (POJK) Number 3 of 2024 concerning the Implementation of ITSK, up to 23 April 2026, OJK has received 323 consultation requests from prospective sandbox participants.​
• OJK has received 31 applications to participate in the regulatory sandbox. Currently, five sandbox participants are undergoing testing: four operators with Digital Financial Assets and Crypto Assets (AKD-AK) business models and one market support provider. In addition, four sandbox participants have completed the testing phase and were declared to have “Passed" with business models involving gold tokenization, securities tokenization under the Fund Management Contract (KPD) scheme, and tokenization of property ownership benefits.
  Pursuant to POJK Number 3 of 2024 concerning the Implementation of Financial Sector Technology Innovation, ITSK operators with business models similar to those of the four sandbox participants that have passed the testing process are eligible to register directly with OJK without undergoing further sandbox development testing.
• OJK is also currently evaluating six additional applications for sandbox participation, consisting of four AKD-AK business models and two market support business models.

​2. Licensing of ITSK Operators

• As of April 2026, there were 25 officially registered and licensed ITSK operators under OJK supervision, consisting of eight Alternative Credit Rating Providers (PKA) and 17 Financial Services Aggregation Providers (PAJK).
• As of April 2026, there were 38 ITSK operator license applications under OJK evaluation, consisting of 11 PKA applications (eight registered PKAs and three new PKAs) and 27 PAJK applications (17 registered PAJKs and ten new PAJKs).

3. Based on reports as of March 2026, ITSK operators registered/licensed by OJK had established 1,300 partnerships with Financial Services Institutions (LJKs) across various sectors, including banking, financing companies, insurance, securities companies, peer-to-peer lending, microfinance institutions, and pawnshops, as well as with information technology service providers and data providers.

4. In March 2026, PAJK-type ITSK operators processed partner-approved transactions totalling IDR2.11 trillion, with the number of PAJK users reaching 17.17 million nationwide. In addition, the number of credit score data inquiries (total inquiries/hits) received by PKA-type ITSK operators during March 2026 reached 25.91 million.

These developments demonstrate that the services provided by ITSK operators, both PAJK and PKA, have significantly improved accessibility, inclusion, and the quality of utilization of financial products and services.

5. In relation to developments in digital financial assets, including crypto assets (AKD-AK) in Indonesia, as of March 2026, there were 1,464 crypto assets and 77 AKD derivatives available for trading.

OJK has approved 31 licenses in the crypto trading ecosystem:

• Two exchanges,
• Two clearing and settlement institutions,
• Two custodians, and
• 25 Digital Financial Asset Traders (PAKD)

In addition, OJK has approved seven supporting institutions, all of which are Payment Service Providers (PJP).

Pursuant to Article 87 of POJK Number 23 of 2025 concerning Amendments to POJK Number 27 of 2024 regarding the Trading of Digital Financial Assets, including Crypto Assets, segregated accounts may only be opened at commercial banks licensed by OJK.

Accordingly, the terminology referring to OJK approval as a Consumer Fund Depository Bank (BPDK) is no longer applicable.

OJK is currently evaluating license applications and/or approvals from prospective crypto asset trading operators consisting of:

• One exchange,
• One clearing institution,
• One custodian, and
• Four prospective digital financial asset traders (CPAKD).
  ​
  

6. The number of consumer accounts held by digital financial asset traders continued to increase, reaching 21.37 million accounts as of March 2026, or growing by 1.43 percent mtm (February 2026: 21.07 million accounts). The value of crypto asset transactions in March 2026 amounted to IDR22.24 trillion, down 8.51 percent mtm from February 2026 (IDR24.31 trillion).

Meanwhile, the value of AKD derivative transactions in March 2026 reached IDR5.80 trillion, up 14.26 percent from February 2026 (IDR5.07 trillion). Despite fluctuations in transaction values, consumer confidence in Indonesia's digital financial asset ecosystem, including crypto assets, remained well maintained.

In enforcing regulations and consumer protection in the IAKD sector, the OJK imposed administrative sanctions on two AKD-AK operators in April 2026 for violations of prevailing OJK regulations. The sanctions consisted of:

• One written warning sanction; and
• One temporary suspension of part of the business activities.

These enforcement measures and sanctions are intended to encourage IAKD industry players to strengthen good governance practices, adhere to prudential principles, and comply with prevailing regulations, thereby improving performance and contributing more effectively to the financial sector.

Developments in Market Conduct Supervision, Financial Literacy, and Consumer Protection (PEPK)

From 1 January to 24 April 2026, OJK held 1,252 financial literacy activities, reaching 7,298,572 participants.

The Sikapi Uangmu digital platform, which serves as a dedicated communication channel for public financial education content through its minisite and application, published 131 pieces of educational content, reaching a total of 1,126,916 viewers.

In addition, there were 6,373 users of the Financial Education Learning Management System (LMSKU), with total module accesses reaching 5,613 and 3,844 module completion certificates issued.

Furthermore, since its launch in April 2025 through 24 April 2026, the OJK Financial Literacy Ambassador Program, known as OJK PEDULI (Penggerak Duta Literasi Keuangan Indonesia), has recorded 20,675 financial literacy ambassadors originating from the Financial Services Institution segment, the Priority Segment, and the University Student Segment.

In efforts to improve financial literacy, OJK initiated several programs and activities, including:​

1. Implementation of GENCARKAN. From 1 January to 24 April 2026, a total of 12,157 programs were conducted, reaching 53.7 million participants across Indonesia. These activities consisted of: 7,472 direct financial education activities; and 4,685 digital financial education contents. GENCARKAN covered 343 of 514 Indonesian regions, or 67.73% of the total.
2. Integrated Capital Market Outreach and Education (SEPMT) 2026. OJK, in collaboration with Self-Regulatory Organizations (SROs), conducted SEPMT 2026 in Serang, Banten, on 8–10 April 2026, targeting various community segments, including civil servants (ASN), women's communities, and university students. Through financial education initiatives, the public, including students, is expected to gain a better understanding and broader access to investing in the capital market, which is now more accessible online and affordable.
3. International Webinar on Financial Literacy. As part of the Global Money Week (GMW) 2026 series, OJK held an international webinar titled: “From Early Education to Financial Health: Integrating Financial Literacy into Formal Education Systems" on 17 April 2026. The event featured remarks from the Chair of the OECD International Network on Financial Education (OECD/INFE), as well as international speakers from OECD/INFE, the Bank of Spain, and the Malaysian Ministry of Education.
4. Indonesia Leading Financial Literacy Series (Like-It) 2026. OJK, together with the Ministry of Finance, Bank Indonesia, and the Indonesia Deposit Insurance Corporation (LPS), organized the first series of Like-It 2026 at Graha Sriwijaya University, Palembang, on 16 April 2026, under the theme:“From Literacy to Investment: Building the Future Starting Today".
5. Kartini Day Financial Literacy Webinar. To commemorate Kartini Day 2026, OJK organized a financial literacy webinar on 21 April 2026, themed:“Financially Smart Women, Confident in Shaping the Future".
6. Kick-Off of the Training of Facilitator (TOF) for the Desa Berdaya Program in West Nusa Tenggara (NTB). The program was organized by OJK together with the NTB Provincial Government, FKIJK, ILO, financial services institutions, and strategic partners. The event included village facilitators, financial literacy and financing access talk shows, and field visits to identify potential facilitators and off-takers among business actors supported by financial services institutions. Going forward, the Desa Berdaya Program is expected to be further strengthened through cross-sector synergies, broader access to financial services, strengthening savings culture, business development support, and data integration to deliver broader and more sustainable impacts on improving the quality of life of rural communities in NTB Province.
7. Dissemination of Accessible Banking Services for Persons with Disabilities. The OJK Office of South Sumatra Province, in collaboration with Bank Pembangunan Daerah Sumatera Selatan dan Bangka Belitung (BPD Sumsel Babel), organized dissemination activities on accessible banking services for persons with disabilities at the accessible branch office of BPD Sumsel Babel Head Office (Jakabaring Branch) on 22 April 2026. The activity also featured customers with disabilities sharing their experiences accessing banking services and showcasing disability-friendly services available at the branch. The initiative is expected to enhance access to inclusive financial services for customers with disabilities.

Furthermore, to strengthen coordination with the Regional Financial Access Acceleration Teams (TPAKD), several activities were held, including:

1. An In-House Training titled "Accelerating the Contribution of the Financial Services Sector to Regional Economies through Strengthening and Aligning TPAKD Programs" for representatives from all regional OJK offices, held on 20–22 April 2026 at the OJK South Sumatra Office. This activity is expected to serve as a catalyst in strengthening the role of regional OJK personnel as drivers of TPAKD programs. It aims to improve alignment in the implementation of the TPAKD program and enhance the quality of coordination, performance, and reporting of TPAKD in a sustainable way.
2. The Regional Coordination Meeting (Rakorda) of TPAKD throughout South Sumatra Province, organized by OJK together with regional governments in South Sumatra on 21 April 2026 at the OJK Office of South Sumatra Province in Palembang. The launch of the Sultan Muda Xpora 2026 program featured the event, which also stands as one of the South Sumatra Provincial TPAKD's flagship programs. The Governor of South Sumatra officially opened the event and committed to creating 100,000 young export-oriented entrepreneurs in South Sumatra over the next five years through training and incubation programs. In the initial phase, coconut products will be exported to China, Taiwan, and France. The exports include 46 tons of coconut shell charcoal, 25 tons of coconut chips, 500 kilograms of black pepper, and 21 tons of processed cracker products. The total export value reaches IDR1.6 billion.
3. The Regional Coordination Meeting (Rakorda) of TPAKD for the North Kalimantan Region, organized by OJK together with the Regional Government of North Kalimantan on 23 April 2026 at the Office of the Governor of North Kalimantan in Bulungan Regency. The North Kalimantan Regional Government promotes broader financial access to improve public welfare through TPAKD. They emphasize that financial inclusion forms a key foundation for regional economic development.
4. OJK, together with the Ministry of Home Affairs, organized the 2026 TPAKD Member Certification and Capacity Building Program in Jakarta. 95 TPAKD representatives from across Indonesia attended the certification program, held on 27–29 April 2026. To enrich practical insights, participants visited Jakarta Creative Hub. They observed how the Jakarta Provincial TPAKD collaborates to build an ecosystem that supports the growth of the creative industry, particularly in access to financing and market expansion. Participants also visited the Indonesian Stock Exchange to study the capital market as a financing source for regional businesses and as an investment instrument. The program concluded on 30 April 2026 with the 2026 TPAKD Capacity Building Program. The event was also attended virtually by Regional Secretaries from regencies and municipal governments throughout Indonesia. More than 4,300 viewers watched through the YouTube channel of the Directorate General of Regional Financial Development.

In ensuring compliance of Financial Services Business Actors (PUJK) with prevailing regulations and enhancing consumer protection, OJK actively enforced market conduct supervision and consumer protection regulations, including:

1. In enforcing Market Conduct regulations, OJK imposed Administrative Sanctions based on the results of direct and indirect supervision. From 1 January 2026 through 30 April 2026, OJK imposed: 17 Administrative Sanctions in the form of Written Warnings; and 11 Administrative Sanctions in the form of fines totalling IDR274 million, for violations of consumer protection provisions related to information disclosure in advertisements. To prevent similar violations, OJK issued orders requiring corrective actions. These included adjusting or ceasing non-compliant advertisements. These steps, part of supervisory follow-up and guidance, aim to ensure PUJK consistently complies with consumer and public protection provisions.
2. In enforcing consumer protection provisions, OJK imposed the following orders and/or administrative sanctions:
1. During the period from 1 January 2026 to 30 April 2026, OJK issued: 33 written warnings to 31 PUJK, three written instructions to three PUJK, and 15 monetary sanctions imposed on 13 PUJK.
2. In addition, 93 PUJK provided compensation for consumer losses totalling IDR22.89 billion during the period from 1 January 2026 to 19 April 2026.
   
   

From the consumer services aspect, from 1 January 2026 through 13 April 2026, OJK received 177,244 service requests through the Consumer Protection Portal Application (APPK). These included 25,392 complaints. Of the total complaints received:

• 8,529 complaints originated from the banking sector.
• 10,768 complaints from the financial technology industry;
• 5,185 complaints from financing companies;
• 555 complaints from insurance companies; and
• The remainder related to the capital market sector and other non-bank financial industries.
  

Furthermore, in efforts to eradicate illegal financial activities and address fraud, from 1 January 2026 through 29 April 2026, OJK undertook the following measures:

1. OJK received 14,232 complaints related to illegal entities, consisting of: 11,753 complaints related to illegal online lending; 2,379 complaints related to illegal investments; and 100 complaints related to illegal pawnshop activities.
2. The Task Force for the Eradication of Illegal Financial Activities (Satgas PASTI) identified and shut down 951 illegal online lending entities and three illegal investment offers across various websites and applications that had the potential to harm the public. The cumulative number of illegal entities handled by Satgas PASTI is as follows:

OJK, together with members of Satgas PASTI and supported by banking and payment system industry associations, established the Indonesia Anti-Scam Center (IASC).

Since commencing operations on 22 November 2024 through 29 April 2026, IASC has undertaken the following measures:

1. IASC received 548,093 reports, consisting of: 268,989 reports submitted by victims through Financial Sector Business Actors (banks and payment system providers), which were subsequently entered into the IASC system; and 279,104 reports submitted directly by victims into the IASC system. A total of 932,138 accounts were reported, of which 485,758 accounts have been blocked. To date, the total value of victims' funds successfully blocked reached IDR614.3 billion. IASC identified 106,477 phone numbers reported by fraud victims. Going forward, IASC will strengthen its capacity to accelerate its handling of financial-sector fraud cases.
2. IASC successfully facilitated the recovery of IDR169.3 billion in victims' funds originating from accounts at 19 banks used by fraud perpetrators.

OJK Policy Direction

In order to maintain the stability of the financial services sector and strengthen the role of the financial services sector in supporting national economic growth, OJK has adopted the following policy measures:

A. Policies to Safeguard Financial System Stability

1.  Uncertainty surrounding the resolution of the Iran–US-Israel conflict has triggered volatility in financial markets and may increase inflationary pressures and global monetary tightening. OJK continues to conduct intensive monitoring to ensure the resilience of the financial services sector, including through stress testing under various scenarios and strengthened supervision of the LJKs. In addition, the LJKs are encouraged to strengthen comprehensive risk management implementation, including conducting periodic stress testing and enhancing the quality of assessments of market and credit risk exposures. In anticipation of future market dynamics, OJK, together with Self-Regulatory Organizations (SROs), continues to closely monitor market developments and take necessary policy responses. Several policy instruments aimed at maintaining stock market stability remain relevant and have been extended, including:

• share buybacks without General Meeting of Shareholders (GMS) approval;
• postponement of the implementation of short-selling transaction financing;
• trading halt policies; and
• Auto Rejection limit mechanisms.

2.  OJK supports the Government's Three Million Housing Program and MSME development through strengthening SLIK policies, including:

• displaying information in SLIK reports only for loans/financing above one million rupiah;
• accelerating the update of the loan settlement status no later than three working days after repayment;
• clarifying the recognition of subsidized housing loans (KPR subsidi) as government programs exempted from risk-sharing provisions between guarantee institutions and creditors; and
• providing SLIK data access to BP Tapera in accordance with prevailing regulations.

3.  OJK, together with Indonesia Stock Exchange and Kustodian Sentral Efek Indonesia, has completed four capital market transparency reform initiatives, which were also proposed to Global Index Providers, including:

• provision of share ownership data above one percent;
• enhancement of investor classification granularity;
• increase in the minimum free float threshold to 15 percent; and
• disclosure of High Shareholding Concentration (HSC).

These reform initiatives have achieved several positive outcomes. In its interim Country Classification announcement dated 7 April 2026, FTSE Russell maintained Indonesia's status as a Secondary Emerging Market, on par with several major economies, including China and India. In addition, FTSE Russell did not place Indonesia on its Watch List.

Meanwhile, in its announcement dated 20 April 2026, MSCI acknowledged the strategic measures undertaken by Indonesian authorities to strengthen transparency and integrity in the capital market.

4.  In relation to the policy on special treatment for loans/financing extended to debtors affected by natural disasters, OJK has established a policy granting special treatment for loans/financing to debtors impacted by disasters in Aceh, North Sumatra, and West Sumatra, effective for three years from 10 December 2025. As of March 2026, loan restructuring reached IDR17.43 trillion (February 2026: IDR16.27 trillion), covering 279.4 thousand accounts (February 2026: 275.8 thousand accounts).

B. Policies for the Development and Strengthening of the Financial Services Sector and Market Infrastructure

OJK has:

1. ​​Issued the Banking in Social Media Guideline for commercial banks as guidance for managing social media activities in a structured, professional, and responsible manner. The management of banks' social media activities is carried out comprehensively and systematically based on three main pillars:
   
   • ​

     ​​Governance, covering governance structure and social media management processes;

   • Risk Management, integrating social media risk management into banks' overall risk management framework; and
   • Compliance & Monitoring, ensuring that all social media activities comply with internal policies and prevailing laws and regulations.​​
   
   The guideline also covers crisis communication strategies (social media crisis management), including the implementation of social media stress testing as a new instrument in banking risk management scenarios in the digital era.
   ​
   In addition, the guideline specifically regulates partnerships between banks and financial influencers (finfluencers), including transparency, disclosure of conflicts of interest, and banks' accountability for content published through such channels.
   




2. Launched two strategic roadmaps aimed at strengthening financial market deepening, enhancing investor protection, and promoting sustainable financing and investment to support national economic growth:

• ​Roadmap for the Development of Capital Market-Based Derivatives Market 2026–2030, as a strategic direction for developing a liquid, efficient, credible, and integrity-driven derivatives market capable of serving as an important instrument for risk management and financial market deepening.
• Indonesia Sustainable Capital Market Roadmap 2026–2030, aimed at strengthening the role of the capital market as a driver of sustainable financing and investment based on Environmental, Social, and Governance (ESG) principles.

• Launched the implementation of QR Codes on Insurance Broker and Reinsurance Broker Registration Certificates (STTD) as part of the digital transformation in the insurance sector. This innovation enables the verification of broker identity and registration status to be conducted quickly, easily, and in real-time, thereby enhancing transparency and certainty of information for the public. The implementation of QR Codes is also expected to minimize the risk of interactions with unregistered parties while strengthening consumer protection and supervisory effectiveness. Furthermore, this initiative forms part of efforts to strengthen the integrity and professionalism of brokerage industry players, thereby enhancing public confidence and supporting the development of a healthier, more efficient, and competitive insurance industry.
• Supported efforts to increase the contribution of the Financial Services Sector to economic growth. Regional OJK offices, together with strategic regional government partners from the real and financial sectors, established regional economic development ecosystems through TPAKD. Through this integrated partnership, regional economic strengths are enhanced by the use of various financial services products, including for MSMEs. One example of this collaborative initiative successfully improved the competitiveness of coconut products from South Sumatra Province through their inaugural export on 21 April 2026. In this context, support from the financial services sector covers the entire value chain financing ecosystem, ranging from cultivation financing and processing to international trade financing needs (trade finance and letters of credit), to business risk protection through insurance.

OJK is currently preparing:

• Draft OJK Regulation (RPOJK) on Financial Groups, as mandated under the P2SK Law to strengthen regulation and supervision of Financial Conglomerates. The RPOJK regulates, among others:

• mechanisms for the establishment of Financial Groups;
• obligations for Financial Groups to appoint a Coordinating Entity; and
• regulatory focus on:
• intragroup transactions,
• credit risk, and
• Capital adequacy assessment.
• ​​​Draft RPOJK on Bank Business Plans, intended to refine and replace POJK 5/POJK.03/2016 on Bank Business Plans. The RPOJK provides guidance to banks on formulating policy directions, business development strategies, and performance targets aligned with prudential principles, good governance, and sound risk management. Key provisions include:
  

• refinement and expansion of business plan scope, including to accommodate banking digitalization developments;
• refinement of business plan realization and supervisory reporting; and
• refinement of provisions regarding adjustments and amendment criteria for bank business plans.
• ​Draft RPOJK on Integrity of Financial Reporting for Insurance, Guarantee, and Pension Fund Institutions (PPDP). This regulation is intended to strengthen governance implementation and internal control frameworks in financial reporting processes within the PPDP sector. The draft regulation includes provisions regarding:

• internal controls over financial statement preparation;
• obligations of PPDP officials relating to report integrity commitments;
• competency requirements for financial statement preparers; and
• Administrative sanctions for violations.
• Draft RPOJK on Venture Capital Companies (PMV) and Sharia Venture Capital Companies (PMVS). The draft regulation refines POJK Number 25 of 2023 to support the development of the PMV and PMVS industries, including by adjusting funding provisions and strengthening comprehensive risk-based supervision of Venture Debt Corporation (VDC) and Venture Capital Corporation (VCC) activities.
• Draft RPOJK on Tokenized Asset Offerings or Real World Asset (RWA) Tokenization. The regulation aims to govern Digital Financial Assets representing real-world assets in digital form through tokenization mechanisms. The draft regulation follows the successful completion of OJK Sandbox programs by several participants developing RWA tokenization business models. The scope of the regulation includes:

• criteria for tokenizable RWAs;
• procedures for conducting tokenized asset offerings;
• licensing processes;
• consumer protection provisions; and
• financial recording and reporting mechanisms by token issuers.
• Draft RPOJK on Governance and Risk Management Implementation for PAKD. The draft regulation is expected to serve as a comprehensive regulatory framework governing principles, structures, and risk management mechanisms in Digital Financial Asset business activities. The scope includes:
• strengthening governance functions;
• risk management functions;
• internal control systems; and
• reporting and transparency obligations.

Through this regulation, PAKD operators are expected to implement stronger, more prudent, transparent, and integrity-based governance and risk controls.

• Sustainable PPDP Roadmap. OJK is currently reviewing various policies and regulations to be issued in 2026, focusing on strengthening governance, addressing potential risks, and improving risk-based supervision. To support this objective, OJK is preparing the 2026–2030 Sustainable Finance Development Roadmap for the PPDP Sector as guidance for the PPDP industry to implement sustainable finance principles and support the achievement of Net Zero Emission (NZE) and Sustainable Development Goals (SDGs).

3.  OJK has established policies adjusting the submission deadlines for:

• Audited Annual Financial Statements for FY2025 of insurance and reinsurance companies, extending the submission deadline from 30 April 2026 to 30 June 2026. This policy serves as a precautionary measure to provide the industry with additional time to ensure comprehensive readiness for the implementation of PSAK 117, particularly in maintaining the quality, consistency, and reliability of financial reporting.
• The extension of the deadline for compliance with reporting obligations under the Financial Information Service System (SLIK) for: general insurance and sharia general insurance companies offering credit insurance and/or suretyship products; and guarantee and sharia guarantee companies, from the previous deadline of no later than 31 July 2025 as stipulated under POJK Number 11 of 2024, to no later than 31 December 2027. This adjustment is intended to strengthen the quality and integrity of the reporting system, taking into account the need for refinement of reporting mechanisms, infrastructure readiness, as well as the availability and quality of debtor data. The policy is non-retroactive; therefore, compliance obligations prior to the issuance of this policy remain subject to the provisions under POJK Number 11 of 2024.

4.  In efforts to broaden the domestic investor base, particularly in Mutual Fund instruments, OJK launched the Planned and Periodic Mutual Fund Investment Program (PINTAR Reksa Dana) on 27 April 2026. The program forms part of a structural reform initiative aimed at strengthening the role of the capital market as a pillar of long-term financing for the national economy. PINTAR Reksa Dana also represents one of the integrated market deepening programs implemented through synergy among all stakeholders. The launch coincided with the opening of Mutual Fund Week 2026 organized by the Asosiasi Pelaku Reksa Dana dan Investasi Indonesia, held from 25 April to 1 May 2026.

5.  OJK supports continued efforts toward strengthening capital market integration within the ASEAN region, in line with agreements reached among authorities during the 44th Chairs' Meeting of the ASEAN Capital Markets Forum (ACMF), held on 26 March 2026 in the Philippines. Key initiatives agreed during the forum include:

• strengthening regional capital market connectivity;
• mobilization of sustainable finance; and
• enhancement of cooperation in capital market supervision and enforcement.

6.  OJK organized the PPDP Regulatory Dissemination Day 2026 on 13 April 2026 under the theme: “The Significant Role of PPDP Sector: Institutional Investors and Risk Bearers in Supporting Sustainable Economic Growth." The event served as a strategic forum to communicate OJK's supervisory policy direction, gather industry feedback regarding proposed regulatory changes in the PPDP sector, and strengthen dialogue between regulators and industry participants. During the forum, OJK also emphasized its expectation that the PPDP sector take on a more strategic role in the national economy, both as a driver of long-term economic stability and growth, and as a risk manager and institutional investor supporting long-term financing.

7.  In order to enhance stakeholders' and MSMEs' understanding of the role of guarantee schemes as financing risk mitigation instruments and enablers of MSME access to financing, OJK organized guarantee literacy and awareness activities in Riau Province on 28–29 April 2026. The activities formed part of the implementation of the 2024–2028 Indonesia Guarantee Industry Development and Strengthening Roadmap and are expected to optimize the utilization of guarantee schemes in supporting MSMEs that are feasible but not yet bankable, while also promoting greater inclusion within the regional guarantee industry.

8.  OJK and the Ministry of Creative Economy/Creative Economy Agency (Ekraf) continue to strengthen collaboration in developing Web3-based digital financial innovation to support the creative economy sector. This commitment represents an important step toward transforming Indonesia's Intellectual Property (IP) into a new high-value asset class. The collaboration is implemented through the Infinity Hackathon OJK–Ekraf 2025 and Infinity Accelerator 2026 programs. Infinity Hackathon OJK–Ekraf 2025 generated various Web3-based innovative solutions in financing, transparency, and protection of creative works. Meanwhile, Infinity Accelerator 2026 is directed toward accelerating the transformation of Indonesian intellectual property into a verified, digitized, and investment-grade asset class. The program also bridges blockchain technology utilization with financial sector policies to support the creation of a more liquid and credible intellectual property market.

9.  OJK together with the Asosiasi Blockchain Indonesia organized Crypto Literacy Month (BLK) 2026 to further strengthen public understanding and encourage more prudent and responsible utilization of digital financial assets, including crypto assets. OJK views crypto assets as potentially representing the future of financial markets that may contribute to Indonesia's development, particularly through tax revenues. BLK 2026 is structured around three main programs:

• Crypto Literacy Month for the general public;
• Blockchain Literacy Month targeting students, academics, and developers; and
• Crypto Literacy Month for law enforcement agencies.

10.  OJK, in collaboration with Badan Siber dan Sandi Negara, organized the 2026 Cybersecurity Workshop for Financial Sector Technology Innovation Operators, Digital Financial Assets, and Crypto Assets Operators. The workshop forms part of OJK's commitment to strengthening the readiness of the digital financial industry in addressing increasingly complex, fast-evolving, and wide-ranging cyber threats that may impact public trust.

11.  OJK supports efforts to increase the contribution of the Financial Services Sector to economic growth. Regional OJK offices, together with strategic regional government partners from both the real sector and financial sector, have established regional economic development ecosystems through strategic partnerships under TPAKD. Through these integrated partnerships, regional economic strengths are enhanced through the utilization of various financial services sector products, including for MSMEs. One example of such collaborative efforts successfully improved the competitiveness of coconut commodities from South Sumatra Province through their inaugural export in April 2026. In this context, support from the financial services sector encompasses the entire value chain financing ecosystem, ranging from cultivation financing, processing, export-related international trade financing (trade finance and letters of credit), to business risk protection through insurance.

C. Development and Strengthening of the Islamic Financial Services Sector

In the Islamic finance industry, the Islamic Stock Index (ISSI) contracted by 18.71 percent ytd. However, Sharia Mutual Fund Assets Under Management (AUM) grew by 10.58 percent ytd to IDR92.27 trillion. As of March 2026, sharia financing receivables rose by 9.96 percent yoy. Islamic banking financing also increased by 9.82 percent yoy.

As a follow-up to Article 9 of POJK Number 11 of 2023, 41 companies have submitted revisions to their Sharia Business Unit Spin-Off Work Plans (RKPUS), of which:

• 28 companies stated that they would conduct spin-offs through the establishment of new entities; and
• 13 companies would transfer portfolios to other companies.

As of 27 April 2026:

• Three companies had completed spin-offs through the establishment of new entities; and
• Six companies had completed spin-offs through portfolio transfers to other companies.

In addition:

• Nine companies are currently in the process of spin-offs through the establishment of new entities; and
• Three companies are in the process of spin-offs through portfolio transfers to other companies.

Furthermore, in support of Islamic finance development, OJK has undertaken several initiatives through:

• The issuance of Financial Services Authority Regulation (POJK) Number 4 of 2026 concerning the Implementation of Islamic Banking Investment Products (POJK PPSI). As part of the Indonesian Islamic Banking Development Roadmap (RP3SI), this regulation provides a clear legal framework. It supports the orderly implementation of Islamic banking investment products in line with prevailing laws and sharia principles.
• The preparation of several regulations, namely:

• Draft Financial Services Authority Regulation (RPOJK) on Minimum Capital Requirements for Islamic Commercial Banks, prepared to align with international standards, namely:
• the Basel III final package issued in 2017 by the Basel Committee on Banking Supervision (BCBS); and
• IFSB-23 Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services (Banking Segment), issued in December 2021.
• Draft Financial Services Authority Regulation (PADK) concerning the Indonesian Islamic Banking Accounting Guidelines for Islamic Commercial Banks and Sharia Business Units (RPADK PAPSI), prepared as further guidance to relevant financial accounting standards applicable to the Islamic banking industry, covering both general and sharia transactions.
• Draft PADK regarding the Business Plan for Sharia Rural Banks (BPRS). The PADK provides guidance to BPRS on setting policy direction and business development strategies for the short-, medium-, and long-term. It also defines performance targets aligned with prudential principles, sound governance, and effective risk management in accordance with Sharia principles.
• Draft Financial Services Authority Regulation (PADK) concerning Minimum Capital Requirements for Sharia Rural Banks. This RPADK is prepared as part of the implementation of the Indonesia Islamic Banking Development and Strengthening Roadmap (RP3SI), particularly Pillar 5, which concerns the Strengthening of Islamic Banking Regulation, Licensing, and Supervision.
• Efforts to improve financial literacy and inclusion among younger generations in order to equip university students with an adequate understanding of the opportunities and risks associated with rapidly developing digital financing, including risks related to personal data misuse and exposure to illegal financing schemes. This educational initiative was delivered through a public lecture themed: “Digital Financing: Opportunities, Challenges, and Future Prospects" at the Universitas Riau on 21 April 2026. The activity, attended by more than 350 students, constituted a follow-up to the Memorandum of Understanding (MoU) between OJK and Universitas Riau for the 2023–2028 period.
• The program aims to strengthen synergy between Islamic insurance and Islamic pension funds. This is done through collaboration between OJK and Universitas Paramadina via the Inspirational Teachers Program for Islamic Insurance and Pension Funds, held on 14 April 2026. The effort is part of efforts to enhance Islamic financial literacy and inclusion. The program involved over 200 high school economics teachers in Greater Jakarta. It used a replicative approach to strengthen teachers' roles as educational agents in the education ecosystem. On the same occasion, OJK also facilitated the signing of a Memorandum of Understanding (MoU) between the Dewan Asuransi Indonesia and Universitas Paramadina covering:

• literacy development;
• human resource strengthening through training and certification;
• research and product co-creation;
• digital platform development; and
• recruitment of marketing personnel through the Amanahpreneur program.

• The implementation of the 2026 Islamic Finance Ramadan Festival (Gebyar Ramadan Keuangan Syariah / GERAK Syariah 2026). The peak event was the GERAK Syariah 2026 closing ceremony in Jakarta on 2 April 2026. It marked a moment to reflect on achievements and strengthen collective commitment to advancing Islamic financial literacy and inclusion sustainably. Throughout the program implementation:

• 1,283 literacy activities;
• 459 inclusion activities; and
• 890 social activities

were conducted, with a total of 8,350,391 educational participants, an increase of 31 percent compared to the previous year. From the Islamic finance performance aspect:

• funds raised reached IDR6.83 trillion;
• funds distributed amounted to IDR6.86 trillion; and
• A total of 266,421 individuals were reached, with IDR86.2 billion in distributed social funds.

During the closing event, OJK also emphasized the importance of strengthening cross-stakeholder collaboration, including with the Ministry of Religious Affairs of the Republic of Indonesia, among others, through the preparation of the Religion-Based Financial Education Pocketbook (ESA). The book is expected to serve as a practical guide for the public on managing finances in line with religious values, including Islamic finance principles.

• The implementation of the Santri Cakap Literasi Keuangan Syariah (SAKINAH) and Forum Edukasi dan Temu Bisnis Keuangan Syariah (FEBIS) programs is a joint effort of OJK, Nahdlatul Ulama, the National Nutrition Agency, and Islamic Financial Services Business Actors (PUJK Syariah). Activities aim to strengthen the Islamic boarding school ecosystem through Islamic financial literacy and inclusion. The event took place on 14 April 2026 at Pondok Pesantren Lirboyo, Kediri, East Java. The activities supported the Government's priority programs to improve human resource quality and promote community-based economic empowerment. They focused on strengthening nutrition and business development within Islamic boarding school ecosystems, integrated with SAKINAH and FEBIS programs. The SAKINAH program was attended by approximately 1,000 students and covered topics including:
• Islamic financial literacy;
• financial management;
• awareness of illegal financial activities; and
• The importance of nutrition fulfilment.

Meanwhile, FEBIS had about 150 participants. The program included presentations by Islamic Financial Services Business Actors and business matching sessions. The aim was to expand financial access for business actors within the Islamic boarding school ecosystem.

As part of the program series, ceremonial inaugurations of Islamic boarding school Nutrition Fulfilment Service Units (SPPG) were held. These events supported Government priority programs and featured symbolic openings of Islamic financial access and the signing of commemorative plaques for 25 SPPGs.

These initiatives represent concrete efforts to strengthen the Islamic boarding school ecosystem by integrating Islamic financial literacy, financial inclusion, and community economic empowerment.

D. Governance Strengthening
In strengthening governance and reinforcing integrity within the financial services sector to support the sustainable advancement of the financial industry, OJK has undertaken various integrity enhancement initiatives, includin​​​g:

1.  Strengthening the implementation of integrated and sustainable Governance, Risk, and Compliance (GRC) functions within the financial services sector as a foundation for maintaining financial system stability amid increasingly complex global dynamics. OJK seeks to strengthen a robust GRC ecosystem. It also aims to foster collaboration among regulators, associations, and industry players. The goals are more effective, transparent, and integrity-driven governance, risk management, and compliance practices. The initiative also emphasizes the importance of improving stakeholders' understanding of policy developments and the implementation of Beneficial Ownership (BO/UBO) reporting in Indonesia, as part of strengthening transparency, governance, and risk management within the financial services sector.

2.  The SPARK Class program was organized to enhance compliance and integrity culture and provide a more comprehensive understanding regarding the interconnection between fraud risks, beneficial ownership transparency, and strengthening Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) frameworks within broader governance structures. The activity was attended by 15,217 participants from OJK, ministries/agencies, associations, academia, and financial services institutions. OJK continuously encourages greater industry capacity and awareness. The goal is to build more effective control systems, strengthen organizational integrity, and maintain public trust and financial system stability on a sustainable basis.

3.  Strengthening integrity-based work culture by encouraging all stakeholders to emulate the spirit of struggle of Raden Ajeng Kartini, particularly in fostering independence, critical thinking, and strong adherence to moral values, ethics, accountability, and responsibility through an Inspiring Talkshow held in Rembang, Central Java, attended by more than 6,820 participants in a hybrid format. As part of the event series, collaboration was also conducted with the Kartini Heritage Center Foundation through:

• financial education and literacy programs by OJK Central Java Province;
• support for the Village Head Innovation Competition across Rembang Regency; and
• exhibitions of featured products from local MSMEs.

The Minister of Administrative and Bureaucratic Reform (PAN-RB), who attended the event, emphasized that conflict-of-interest management constitutes a key pillar of the public integrity system. In this regard, Ministerial Regulation of PAN-RB Number 17 of 2024 concerning Conflict of Interest Management has been issued.

OJK reaffirmed its commitment to clean and integrity-based governance, including through Anti-Bribery Management System (SMAP) certification.

OJK also encourages Indonesian women, particularly in the financial services sector, to actively contribute to strengthening the anti-fraud culture, understanding gratuity prohibitions, and using the Whistleblowing System (WBS) channel to report alleged ethical violations and indications of fraud, in order to foster a healthy, inclusive, and trusted financial services sector.

4.  Continuous improvements in governance strengthening, particularly within internal audit functions, are achieved by referring to the Global Internal Audit Standards (GIAS). Implementation of GIAS focuses on improving the quality, effectiveness, and simplification of internal audit processes while strengthening its role as the third line of defense in the three-line model. Clarifying roles and strengthening synergy among all lines are considered crucial to ensuring effective control systems while maintaining the independence and objectivity of the internal audit function. Through this role, internal audit functions are expected to provide value-added assurance and advisory services and act as an enabler in supporting OJK's duties and functions.

5.  The implementation of the First Quarter 2026 Risk Management Committee Meeting through bottom-up and top-down approaches as part of OJK's risk management process, taking into account both external and internal contexts. Risk Management at OJK continues to be strengthened by focusing on:

• identifying key risks as leading indicators;
• improving mitigation planning and monitoring; and
• enhancing, supporting tools, and reporting systems.

These efforts are intended to strengthen early warning systems as part of OJK's transformation agenda.

6.  Preparation for ISO 22301 Business Continuity Management System (BCMS) certification to strengthen operational resilience in critical business processes, particularly those related to services for external stakeholders. The preparation focuses on:

• determining certification scope;
• conducting gap analysis against ISO requirements;
• certification processes by independent institutions; and
• follow-up on recommendations through surveillance mechanisms.

These efforts are intended to ensure reliable, tested service continuity, with certification targeted for 2026.

E. Enforcement in the Financial Services Sector and Investigation Developments

In carrying out its investigative function, as of 30 April 2026, OJK investigators had completed a total of 181 cases, consisting of:

• 143 banking sector cases (PBKN);
• Nine capital market sector cases (PMDK);
• 24 insurance, guarantee, and pension fund sector cases (PPDP); and
• Five PVML sector cases.

Furthermore, 155 cases have received court rulings, of which:

• 152 cases have obtained legally binding court decisions (in kracht); and
• Three cases remain under appeal proceedings.

OJK investigators continue to actively coordinate with other law enforcement authorities to handle investigations through collaborative efforts within the financial services sector.

Cooperation with the Attorney General's Office of the Republic of Indonesia and the Indonesian National Police is expected to further enhance the effectiveness of case handling, accelerate coordination among law enforcement agencies, and strengthen deterrence against actors involved in financial misconduct.

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For more information

Head of Integrated Financial Services Sector Surveillance and Policy Department of OJK – Agus Firmansyah

Tel. 021.29600000; Email: humas@ojk.go.id