Anticipating Financial Conglomerate Spillover Risk Amid Pandemic

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Summary

The Financial Service Authority (OJK) issued a new regulation regarding the provisions of financial conglomerates. This rule regulates various provisions for groups that are under the category of financial conglomerates. This new rule is stipulated in OJK Regulation No. 45 / POJK.03 / 2020 concerning Financial Conglomerates.

The regulation is signed by Chairman of the OJK Board of Commissioners Wimboh Santoso on October 14, 2020. Wimboh said that this regulation aims to measure the impact of the presence of conglomerates of financial companies on the economy and the stability of the national financial system. "We will look in more detail at the conditions of companies with conglomerates that can cause spillovers to others, including transmission from insurance companies, banks, and the capital market," Wimboh said.

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