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                       SP 185/OJK/DKPU/X/2026

PRESS RELEASE
SEPTEMBER 2026 BOARD OF COMMISSIONERS MEETING

FINANCIAL SERVICES SECTOR STABILITY REMAINS RESILIENT AMID

GLOBAL ECONOMIC PRESSURES

Jakarta, 5 October 2026. The Monthly Meeting of the Board of Commissioners of the Indonesia Financial Services Authority (OJK) on 30 September 2026 assessed that the Financial Services Sector (SJK) remained stable amid geopolitical uncertainty and global monetary policy tightening.

Global economic growth in 2026 is projected to be lower than in 2025, although better than previous growth projections, supported by increased investment and trade related to the development of artificial intelligence (AI). Nevertheless, the sustainability of growth momentum still faces challenges from rising global inflation caused by the escalation of geopolitical conflict, which has again pushed up oil prices, as well as a very strong El Niño that has the potential to drive up food and agricultural commodity prices.

The rise in inflation has triggered a “higher for longer" global interest rate policy, marked by increases in policy rates in the United States (US), Europe, and Japan, with markets still expecting rate hikes at the end of 2026 and continuing into 2027. Government bond yields have also touched their highest levels in several decades, with government bond yields in the US and Europe returning to pre-2008 levels and in Japan to pre-1997 levels. This increase was also influenced by high government financing needs and increased issuance of long-term bonds by major technology companies (hyperscalers) to fund AI-related investment.

Domestically, recent indicators show that the economy remains relatively stable, with inflation still within the Government's target amid rising global inflation. Contained inflation has supported domestic demand and kept public consumption strong, underpinning national economic growth. In line with this, the Organisation for Economic Co-operation and Development (OECD) raised its 2026 economic growth projection for Indonesia by 0.5%, reflecting global confidence in the resilience of the national economy amid high global uncertainty.

These positive developments are supported by a financial sector that continues to contribute to growth, as well as sustained financial sector stability underpinned by the solid fundamentals of the financial services industry.

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

The domestic stock market experienced heightened volatility in September 2026 amid rising volatility in global financial markets, driven by escalating geopolitical tensions and higher global interest rates. The Jakarta Composite Index (JCI) closed at 6,071.14 at the end of September, down 6.96% month-on-month (MoM), bringing its cumulative decline to 29.79% year-to-date (YTD). Foreign investors tended to sell in the stock market during the reporting month, recording a net sell of IDR10.24 trillion (August 2026: net buy of IDR1.19 trillion).

Amid these dynamics, the resilience and liquidity of the domestic capital market remained manageable. In terms of liquidity, the average bid-ask spread in the domestic stock market was recorded at 1.20%, relatively stable compared with the previous month (August 2026: 1.17%). Meanwhile, the Average Daily Trading Value (RNTH) in the stock market moderated to IDR14.94 trillion during the reporting period (August 2026: IDR15.86 trillion).

In the bond market, the Indonesia Composite Bond Index (ICBI) closed at 439.05 at the end of September 2026, slightly lower by 0.23% MoM and 0.41% YTD. Meanwhile, the yield on Government Securities (SBN) in the same period rose by an average of 14.12 basis points (bps) MoM, in line with higher global government bond yields and persistently high global uncertainty.

In addition, foreign investors in the SBN market recorded a limited net sell of IDR0.34 trillion MoM (August 2026: net buy of IDR15.35 trillion). Meanwhile, foreign investor fund flows in the corporate Debt Securities and/or Sukuk (EBUS) market showed positive developments, with a net buy of IDR0.91 trillion MoM (August 2026: net sell of IDR0.02 trillion).

The investment management industry adjusted amid the financial market dynamics during the reporting month. Assets Under Management (AUM) were recorded at IDR1,004.68 trillion at the end of September 2026, down 1.55% MoM and 3.65% YTD. The Net Asset Value (NAV) of mutual funds was recorded at IDR637.07 trillion, down 2.42% MoM and 5.66% YTD. Mutual fund investors, in turn, recorded net redemptions of IDR10.43 trillion MoM.

Since the launch of Gold Exchange-Traded Funds (ETFs) on 10 August 2026, seven Gold ETF products have been issued by seven Investment Managers as of 30 September 2026, with total AUM of IDR105.63 billion.

The number of investors in the domestic capital market continued to trend upward, in line with initiatives to strengthen the digital ecosystem in the capital market industry. In September 2026 (MoM), 1.03 million new investors were added. On a YTD basis, the number of capital market investors grew by 57.96% to 32.17 million.

As of the end of September 2026, corporate interest in raising funds through Public Offerings remained high, with the total value of Public Offerings YTD reaching IDR186.03 trillion, consisting of seven Initial Public Offerings (IPOs), 18 Rights Issues, 11 Public Offerings of EBUS, and 123 Shelf Registration Offerings of EBUS.

Meanwhile, in the pipeline, there are 29 planned Public Offerings with a total indicative value of IDR26.47 trillion. With regard to the 2026 fundraising target of IDR250 trillion, realization through the end of the year may be affected by factors such as market dynamics, investor interest, and Issuers' considerations in determining the timing of issuance and funding costs.

OJK continues to monitor these developments and encourages the use of the capital market as a source of financing, while continuing to prioritize the quality of information disclosure and investor protection.

Regarding fundraising by businesses through Securities Crowdfunding (SCF), in September 2026 there were 15 new securities offerings and nine new issuers, raising IDR22.92 billion. As a result, the cumulative amount of funds raised through SCF reached IDR2.06 trillion.

In the financial derivatives market, from 10 January 2025 to 30 September 2026, 113 parties have obtained in-principle approval from OJK. Trading volume was recorded at 42,718 lots in September 2026 (MoM), bringing the aggregate for January–September 2026 (YTD) to 395,571 lots. Meanwhile, at the Carbon Exchange, from its launch on 26 September 2023 to 30 September 2026, a total of 160 service users have registered. In aggregate, trading volume was recorded at 1.98 million tCO₂e, with an accumulated transaction value of IDR93.97 billion.

OJK continues to strengthen supervision and law enforcement in the capital market to safeguard market integrity, improve compliance, and maintain public confidence. To enforce regulations and protect consumers in the PMDK sector, in 2026 (YTD as of 30 September 2026), OJK has imposed administrative sanctions following case examinations, consisting of administrative fines totaling IDR112.79 billion on 136 parties, two license revocations, one cancellation of a Registered Certificate (STTD), six license suspensions, 18 written warnings, and five written orders.

Furthermore, on a YTD basis (as of 30 September 2026), OJK has imposed administrative fines for late reporting totaling IDR277 billion on 699 parties, along with 222 written warnings. OJK has also imposed administrative fines of IDR500 million and 196 written warnings for non-case violations other than late reporting.

During September 2026 (up to 30 September 2026), OJK imposed administrative fines totaling IDR8.5 billion for violations of laws and regulations in the PMDK sector, along with five administrative sanctions in the form of written warnings.

Developments in the Banking Sector (PBKN)

Banking intermediation continued its strengthening trend, with credit growth in August 2026 rising to 13.65% year-on-year (YoY) (July 2026: 13.58% YoY), bringing total loans disbursed to IDR9,178 trillion.

By type of use, investment loans recorded the highest growth at 25.11% YoY, followed by working capital loans at 11.45% YoY, while consumer loans grew 5.07% YoY. By debtor category, the highest growth was recorded in corporate loans, which grew 22.18% YoY. Meanwhile, Micro, Small, and Medium Enterprise (MSME) loans continued their upward trend with positive growth of 2.32% YoY (July 2026: 1.62% YoY). By ownership, loans extended by state-owned banks recorded the highest growth at 16.41% YoY.

As of August 2026, the outstanding balance of Buy Now Pay Later (BNPL) financingmo as reported in the Financial Information Service System (SLIK) was IDR31.41 trillion, or 0.34% of total banking loans, although it grew strongly by 29.10% YoY (July 2026: 31.22% YoY), with the number of accounts reaching 34 million (July 2026: 33.50 million).

Meanwhile, Third-Party Funds (DPK) grew by 10.94% YoY (July 2026: 11.21% YoY) to IDR10,413 trillion. The highest growth was recorded in time deposits at 13.10% YoY, followed by demand deposits and savings at 9.82% YoY and 9.56% YoY, respectively.

Banking liquidity remained at an adequate level, with the Liquid Assets/Non-Core Deposits (AL/NCD) ratio and the Liquid Assets/DPK (AL/DPK) ratio at 102.31% (July 2026: 102.45%) and 23.04% (July 2026: 23.10%), respectively, both still above their respective thresholds of 50% and 10%. Meanwhile, the Liquidity Coverage Ratio (LCR) stood at 187.1%.

Credit quality remained sound, with the gross Non-Performing Loan (NPL) ratio at 2.11% (July 2026: 2.10%) and the net NPL ratio at 0.84% (July 2026: 0.81%). The Loan at Risk (LaR) ratio was recorded at 8.56% (July 2026: 8.39%). In terms of profitability, banks' Return on Assets (ROA) stood at 2.43% (July 2026: 2.45%).

Banking resilience remained strong, supported by adequate risk mitigation buffers, as reflected in a Capital Adequacy Ratio (CAR) of 24.10% (July 2026: 23.84%).

In connection with efforts to eradicate online gambling, which has a broad impact on social and economic aspects, OJK has requested banks to conduct Enhanced Due Diligence (EDD) and/or block approximately 38,796 accounts (previously: approximately 38,375 accounts) indicated to be engaged in gambling activities, based on data submitted by the Ministry of Communication and Digital Affairs, and to expand the scope of these reports by requesting banks to close accounts that match the National Identity Numbers (NIK) of each party indicated to be engaged in online gambling and to conduct EDD. To enforce regulations in the banking sector, during September 2026 OJK revoked the business licenses of two Rural Banks (BPR) and one Sharia Rural Bank (BPRS), as follows:

1. PT BPR Syariah Gaido Indonesia, located at Jalan Raya Bandung No. 75 Sadewata, Karangtengah District, Cianjur Regency, West Java Province, effective 1 September 2026.

2. PT Bank Perekonomian Rakyat Pasarraya Kuta, located at Jalan Raya Tuban No. 62, Kuta District, Badung Regency, Bali Province, effective 17 September 2026.

3. PT Bank Perekonomian Rakyat Syariah Musyarakah Ummat Indonesia, located at Jl. KH. Hasyim Ashari No. 8, Pondok Pucung, Karang Tengah District, Tangerang City, Banten, effective 25 September 2026.

   
    

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

In the PPDP sector, insurance industry assets as of August 2026 reached IDR1,200.55 trillion, up 2.56% YoY from the same position in the previous year, and down 0.06% YTD from the end of the previous year. This change was influenced, among other things, by the dynamics of investment assets, particularly in stock instruments.

For commercial insurance, total assets reached IDR982.18 trillion, up 3.59% YoY. Meanwhile, commercial insurance performance in terms of accumulated premium income in August 2026 reached IDR255.40 trillion, growing 2.66% YoY. This consisted of life insurance premiums, which grew 7.01% YoY to IDR125.75 trillion, and general insurance and reinsurance premiums, which contracted 2.35% YoY to IDR99.61 trillion.

The life insurance industry and the general insurance and reinsurance industry recorded aggregate Risk-Based Capital (RBC) ratios of 471.57% and 331.52%, respectively (above the threshold of 120%).

For non-commercial insurance, comprising the Social Security Agency for Health (BPJS Kesehatan), covering both the agency and the national health insurance program, and the Social Security Agency for Employment (BPJS Ketenagakerjaan), covering the agency and its work accident, death, and job loss insurance programs, as well as the insurance programs for civil servants (ASN), the Indonesian National Armed Forces (TNI), and the Indonesian National Police (POLRI) related to work accident and death insurance programs, total assets were recorded at IDR218.37 trillion, a contraction of 1.85% YoY (July 2026: contraction of 2.44% YoY).

In the pension fund industry, total pension fund assets as of August 2026 grew 6.99% YoY to IDR1,724.14 trillion (July 2026: growth of 6.70% YoY). Total pension fund assets as of August 2026 also grew 2.66% YTD. This was driven by an increase in investment assets in SBN. For voluntary pension programs, total assets recorded growth of 4.31% YoY to IDR412.39 trillion (July 2026: growth of 4.24% YoY).

For mandatory pension programs, consisting of the old-age security and pension security programs of BPJS Ketenagakerjaan, as well as the old-age savings and accumulated pension contribution programs of ASN, TNI, and POLRI, total assets reached IDR1,311.75 trillion, growing 7.86% YoY (July 2026: growth of 7.51% YoY).

For guarantee companies, assets in August 2026 contracted 5.17% YoY, or 2.55% YTD, to IDR46.30 trillion (July 2026: contraction of 5.05% YoY).

OJK projects that PPDP sector performance through the end of 2026 will continue to grow positively, although more moderately than the targets set at the beginning of the year, in line with increasing pressures on the global economy that are affecting financial markets.

Insurance program growth is projected to be in the range of 2%–4%, while pension fund programs are projected to grow 4%–6%. For guarantee programs, asset growth is projected to reach 28%–30%, mainly influenced by the reclassification of assets related to the People's Business Credit (KUR) program managed by the insurance industry to the guarantee industry.

Going forward, OJK will continue to monitor the factors affecting the performance of each industry, including the impact of economic and financial market volatility on investment assets. The results of this monitoring will form the basis for determining the policy measures and cross-unit coordination needed to maintain industry resilience while promoting the healthy and sustainable growth of the PPDP sector.

Furthermore, to enforce regulations and protect consumers in the PPDP sector, OJK has taken the following measures:

1. The first phase of equity strengthening for insurance and reinsurance companies in 2026 in accordance with OJK Regulation (POJK) Number 23 of 2023. Based on monthly reports as of August 2026, 117 out of 147 insurance and reinsurance companies (80.69%) have met the minimum equity required by the end of 2026.

2. The first phase of equity strengthening for Guarantee Companies in 2026 in accordance with POJK Number 11 of 2025. Based on monthly reports as of August 2026, 19 out of 24 Guarantee Companies (79.17%) have met the minimum equity required by the end of 2026.

3. The first phase of equity strengthening for supporting companies (Insurance Brokerage Companies, Reinsurance Brokerage Companies, and Insurance Loss Appraisal Companies) in 2026 in accordance with POJK Number 24 of 2023. Based on reports for the second quarter of 2026, 188 out of 220 supporting companies (85.45%) have met the minimum equity required by the end of 2026.

4. OJK continues to make various efforts to promote the resolution of problems at Financial Services Institutions (LJK) through special supervision, which as of 24 August 2026 has covered eight insurance and reinsurance companies and eight Pension Funds. OJK supervision is always carried out with due regard to prevailing laws and regulations and the interests of policyholders and participants.

5. OJK continues to examine in depth entities suspected of conducting insurance and reinsurance brokerage business without a license. As of September 2026, 15 entities have been subject to in-depth examination, which is currently at the stage of evidence collection and strengthening by Special Examiners and PPDP Supervisors. As the Source of Business (SOB) obtained from insurance companies grows, the number of entities subject to in-depth examination may continue to increase.

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

In the PVML sector, financing receivables of Financing Companies (PP) grew 1.68% YoY in August 2026 (July 2026: 2.01% YoY) to IDR514.08 trillion, supported by an increase in working capital financing of 5.40% YoY.

The risk profile of PP remained well maintained, with the gross Non-Performing Financing (NPF) ratio recorded at 3.04% (July 2026: 3.03%) and the net NPF ratio at 0.83% (July 2026: 0.81%). The gearing ratio of PP was recorded at 2.04 times (July 2026: 2.10 times), well below the maximum limit of ten times.

PP industry performance through the end of 2026 is projected to continue growing positively, in the range of 2%–4%, among other things in line with increasing pressures on the global economy, which have also slowed motor vehicle sales growth and the trend in investment financing.

Based on information in SLIK, BNPL financing by PP grew 36.57% YoY (July 2026: 54.65% YoY) to IDR13.61 trillion, with a gross NPF ratio of 3.03% (July 2026: 3.03%).

Venture capital financing in August 2026 grew 1.05% YoY (July 2026: contraction of 0.46% YoY), with financing recorded at IDR16.50 trillion.

In the Microfinance Institution industry, financing disbursement in August 2026 contracted 0.33% YoY (July 2026: contraction of 0.40% YoY) to IDR1.05 trillion. Meanwhile, deposits grew 7.70% YoY (July 2026: 8.00% YoY) to IDR0.63 trillion.

In the Online Lending (Pindar) industry, outstanding financing in August 2026 grew 22.07% YoY (July 2026: 24.76% YoY), amounting to IDR106.94 trillion. The aggregate 90-day default rate (TWP90) was recorded at 4.73% (July 2026: 4.32%).

In the pawnshop industry, financing disbursement in August 2026 grew 44.60% YoY (July 2026: 50.73% YoY) to IDR156.61 trillion, with the largest financing disbursed in the form of Pawn products, amounting to IDR132.84 trillion, or 84.82% of total financing.

OJK has approved the expansion of the business area scope to the national level for two pawnshop companies, namely PT Gadai Mulia Sejahtera and PT Solusi Gadai Pintar. As a result, there are currently seven pawnshop companies with a nationwide business area scope.

Through this approval, the companies may conduct pawnshop business activities throughout the territory of the Republic of Indonesia, while continuing to observe laws and regulations and applying good governance principles. OJK will continue to encourage the development of a healthy, transparent, and sustainable pawnshop industry to expand access and increase public financial inclusion.

Furthermore, to enforce regulations and protect consumers in the PVML sector, OJK reports the following:

1. Currently, seven out of 144 PP have yet to meet the minimum core capital requirement of IDR100 billion, and ten out of 94 Pindar operators have yet to meet the minimum equity requirement of IDR12.5 billion. All of these PP and Pindar operators have submitted action plans to OJK setting out measures to meet the minimum capital requirements, including additional paid-in capital from existing shareholders, seeking strategic investors, and/or mergers.

2. To enforce compliance and integrity in the PVML industry, during September 2026 OJK imposed administrative sanctions on, among others, 35 PP, eight Venture Capital Companies, eight Pindar operators, and 18 Pawnshop Companies for violations of prevailing POJK, as well as supervisory findings and/or follow-up examination results. The administrative sanctions consisted of 33 fines and 112 written warnings. These compliance enforcement and sanction efforts are intended to encourage PVML industry players to improve good governance, prudential principles, and compliance with prevailing regulations, so that they can ultimately perform better and contribute optimally.

3. OJK revoked the business licenses of PT Credit Saison Indonesia Finance and PT Porto Ventura Kapital. The revocations were made because both companies were under Special Supervision and were unable to carry out recovery efforts by the specified deadline, and were therefore declared Companies That Cannot Be Restored to Health.

   
    

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

Developments in the IAKD sector indicate an increasingly developed national digital financial innovation ecosystem, which is gradually moving from the experimentation stage through the regulatory sandbox toward implementation and development on a broader scale. OJK continues to encourage innovation that can improve efficiency, expand financial access and inclusion, and provide added value for the economy, while ensuring adequate governance, risk management, market integrity, and consumer protection.

1. Implementation of the regulatory sandbox:

• Since the issuance of POJK Number 3 of 2024 on the Implementation of ITSK, as of 30 September 2026, OJK has received 372 consultation requests from prospective sandbox participants.
• OJK has received 39 applications to become sandbox participants. There are currently four sandbox participants, consisting of one operator with the Digital Financial Assets, including Crypto Assets (AKD-AK) business model and three market support providers currently undergoing the testing process. As of September 2026, seven sandbox participants have completed the testing process and been declared “Passed", with business models in gold tokenization, securities tokenization under the Fund Management Contract (KPD) scheme, tokenization of property ownership benefits, a Rupiah stablecoin issuer, a Custodian of Non-Trading Digital Financial Assets (AKD), and a Crypto Fund Manager.
• Furthermore, referring to POJK Number 3 of 2024 on the Implementation of ITSK, ITSK operators whose business models are the same as those of the seven sandbox participants that have passed are entitled to register with OJK without undergoing sandbox development testing.
• OJK is also evaluating five applications to become sandbox participants, consisting of two AKD-AK business models and three market support business models.
• The OJK sandbox prioritizes collaboration as the basis for implementing innovation. Several business models that have previously completed testing have demonstrated operational integration with various LJK to support their business processes, such as the gold tokenization business model that works with pawnshops for the storage of the physical gold underlying the tokens, and the securities tokenization business model that involves investment managers and custodian banks in the capital market ecosystem.

2. Licensing of ITSK operators:

• As of September 2026, there are 24 officially registered ITSK operators at OJK, consisting of eight Alternative Credit Rating Providers (PKA) and 16 Financial Services Aggregation Operators (PAJK).
• As of September 2026, there are 34 ITSK operator business license applications under evaluation by OJK, consisting of ten PKA (eight registered PKA and two new PKA) and 24 PAJK (16 registered PAJK and eight new PAJK).
  
  

3. As of August 2026, one Prospective Physical Crypto Asset Trader (CPFAK) remained whose licensing process was transferred by the Commodity Futures Trading Regulatory Agency (Bappebti) to OJK to become a Digital Financial Asset Trader (PAKD). In an effort to complete this licensing process, in September 2026 OJK granted a business license to PT Gudang Kripto Indonesia (GKI) as a PAKD, effective from the date of issuance of the Decree of the OJK Board of Commissioners Member Number KEP-21/D.07/2026 (22 September 2026). The company is located at BAIC Tower, 11th Floor, Jl. Gading Serpong Boulevard Barat No. 8, Curug Sangereng, Kelapa Dua, Tangerang Regency, Banten, 15810. With the issuance of this decree, OJK has completed the licensing process for all CPFAK transferred by Bappebti.

4. During August 2026, ITSK operators registered with OJK established 1,389 partnerships with LJK from various sectors, such as banking, PP, insurance, securities companies, Pindar, microfinance institutions, and pawnshops, as well as with information technology service providers, data source providers, and other third parties.

5. In August 2026, ITSK operators of the PAJK type completed partner-approved transactions worth IDR2.27 trillion, with 19.70 million PAJK users spread across Indonesia. In addition, the total number of credit score data requests (total inquiries/hits) received by ITSK operators of the PKA type during August 2026 reached 28.71 million hits, with a total of 212.27 million hits YTD. This shows that the services of ITSK operators, both PAJK and PKA, have contributed significantly to improving the accessibility, inclusion, and quality of the use of financial services products and services.

6. In connection with the development of AKD-AK in Indonesia, there are currently two crypto exchanges, namely PT Central Finansial X (CFX) and PT Fortuna Integritas Mandiri (ICEX), each of which independently manages its own List of Digital Financial Assets (DAKD).

7. In August 2026, 1,109 AKD and 49 AKD derivatives were tradable on the CFX DAKD, and 867 AKD on the ICEX DAKD. To date, OJK has approved the licensing of 34 entities in the crypto asset trading ecosystem, consisting of two crypto exchanges, two Clearing, Guarantee, and Settlement Institutions (LKPP), two custodians, and 28 PAKD.

8. In addition, OJK has approved seven supporting institutions, all of which are Payment Service Providers (PJP). In accordance with Article 87 of POJK Number 23 of 2025 on the Amendment to POJK Number 27 of 2024 on the Implementation of Digital Financial Asset Trading, Including Crypto Assets, segregated accounts may only be opened at commercial banks that have obtained a business license from OJK. Accordingly, OJK approval is no longer required for Consumer Fund Depository Banks (BPDK). OJK is currently evaluating applications for business licenses and/or approvals from prospective crypto asset trading operators, consisting of one exchange, one clearing institution, one custodian, and one PAKD.

9. The number of registered customer accounts at PAKD is on an upward trend, reaching 23.21 million registered customer accounts as of August 2026, or growth of 1.23% MoM (July 2026: 22.93 million registered customer accounts). The value of crypto asset transactions during August 2026 was recorded at IDR23.16 trillion, an increase of 12.87% MoM (July 2026: IDR20.52 trillion). Meanwhile, the value of AKD derivative transactions during August 2026 was recorded at IDR4.56 trillion, an increase of 33.76% (July 2026: IDR3.41 trillion), in line with the increase in crypto asset transactions. Amid the dynamics and fluctuations in transaction value, consumer confidence in the AKD-AK ecosystem in Indonesia remains well maintained and continues to show positive development.

10. In addition, OJK is actively strengthening regulatory dialogue and cooperation with regulators in various countries, including through OJK's participation, together with the Securities and Exchange Commission (SEC) of Thailand, in Korean Blockchain Week 2026 on 29–30 September 2026 under the theme “The Regulators Shaping Asia's Digital Asset Future." At this international forum, OJK presented the latest developments and conditions of the AKD-AK ecosystem, as well as opportunities for ecosystem development through interoperability among stakeholders and the support of a regulatory framework that is adaptive to technological and industry developments. Participation in the forum is part of OJK's efforts to strengthen collaboration and the exchange of perspectives with international regulators in promoting the development of a credible, innovative, and sustainable AKD-AK ecosystem.

11. During the period of August–September 2026, there were five incidents involving the AKD-AK ecosystem. These incidents were handled in accordance with the established mechanism, including through coordination between the IAKD Supervisors and the Indonesia Anti-Scam Center (IASC), with support and collaboration from various parties, including Bank Indonesia (BI) as the Regulator of Payment Service Providers, banks, LKPP for AKD, PAKD, and PJP. Through coordinated incident handling among the various parties, measures have been taken including the determination and monitoring of unusual transaction alerts, the freezing of suspect accounts, and fund recovery.

12. To enforce regulations and protect consumers in the IAKD sector, in September 2026 OJK imposed administrative sanctions on five ITSK operators and five AKD-AK operators for violations of prevailing POJK in the IAKD sector. These administrative sanctions consisted of ten written warnings, four administrative fines, and one suspension of certain activities. OJK's compliance enforcement and sanction efforts aim to encourage IAKD sector players to improve good governance, prudential principles, and compliance with prevailing regulations, so that they can ultimately perform better and contribute optimally.

    
    
    

OJK will continue to strengthen the regulatory sandbox, licensing, supervision, and cross-sector collaboration as a unified policy to build an innovative, trusted, inclusive, and sustainable IAKD ecosystem. Innovation development is directed so that it does not stop at the experimentation stage but can grow soundly and deliver tangible benefits, while remaining supported by good governance, adequate risk management, and consumer protection.

In this regard, close collaboration with BI, the Indonesian Financial Transaction Reports and Analysis Center (PPATK), the Ministry of Finance, the Ministry of Communication and Digital Affairs, law enforcement officials, and other relevant stakeholders is key to safeguarding transaction integrity, preventing financial crime, and ensuring that problems are handled in an integrated manner.​

Developments in Market Conduct Supervision, Education, ​​​​​and Consumer Protection (PEPK)

To improve financial literacy, OJK has initiated several activities, namely:

1. From 1 January to 30 September 2026, OJK held 4,711 financial education activities reaching 13,310,053 participants. The Sikapi Uangmu digital platform, a channel for delivering financial education content to the public through social media channels and a minisite, has published 291 educational content items, with a total of 3,001,396 views. In addition, from 1 January to 30 September 2026, there were 25,282 additional users of the Financial Education Learning Management System (LMSKU), with a total of 23,868 module accesses and the issuance of 15,950 module completion certificates.

2. Since its launch in April 2025, as of 30 September 2026, the OJK financial literacy ambassador program, commonly known as OJK PEDULI (Penggerak Duta Literasi Keuangan Indonesia), has had 52,438 financial literacy ambassadors representing Financial Services Businesses (PUJK), priority segments, and university students.

3. From 1 January 2026 to 16 September 2026, 48,039 programs were implemented, reaching 182 million participants across Indonesia. These consisted of 21,076 direct Financial Education activities and 26,963 pieces of Digital Financial Education content. In terms of the area of implementation, GENCARKAN has reached 447 out of 514 regencies/municipalities in Indonesia, or 86.96%.

4. The Literasi Keuangan Indonesia Terdepan (LIKE IT) program, with the theme “Money Moves: Invest Today, Build Your Future" was held on 9 September 2026 at Sultan Maulana Hasanuddin State Islamic University, Banten, with a total of 1,000 students attending in person and approximately 2,900 participants online. The LIKE IT activity is a collaboration among the Ministry of Finance, BI, and the Indonesia Deposit Insurance Corporation to improve young people's understanding of finance and investment.

5. A Financial Education Training of Trainers (ToT) was held for employees of the Directorate General of Strengthening the Competitiveness of Marine and Fishery Products, Ministry of Marine Affairs and Fisheries of the Republic of Indonesia, on 17 September 2026, attended by 165 participants, consisting of 65 participants in person and 100 participants online. During the event, representatives of Financial Literacy Ambassadors from the Ministry of Marine Affairs and Fisheries were also inaugurated.
   

6. A ToT for Village Facilitators was held as preparation before the implementation of Training of Community (ToC) for Beneficiary Families (KPM) in Mangkung Village and Buwun Mas Village, West Nusa Tenggara Province, by OJK together with various stakeholders. This activity aims to improve KPM's knowledge and skills in financial management, business development, and the use of formal financial products and/or services, through participatory learning, discussion, practice, and the preparation of follow-up plans as a step toward financial well-being.