OJK Steps Into Digital Banking Ecosystem
The Financial Services Authority (OJK) plans to release the OJK Regulation (POJK) on digital banks before the middle of this year. OJK's Executive Director of Banking Research and Regulation, Anung Herlianto, said that currently, the digital bank regulation bill is still requesting business players' opinions. OJK has also received a lot of input from the public.
The OJK regulation will set two kinds of digital banks. The new bank with full digital bank status and existing banks' transformation into digital banks. To establish a new digital bank, investors must submit licenses to the OJK. Meanwhile, the conversion of existing banks into digital banks has been done by PT Bank Jago Tbk (ARTO) and PT Bank Central Asia Tbk (BBCA), which transformed PT Bank Royal into Bank BCA Digital.