PPSK Law Generates Breath of Fresh Air for Financial Industry
President Joko "Jokowi" Widodo passed the financial sector development and strengthening (PPSK) bill to Law No. 4/2023. The financial sector omnibus law revises several articles in 17 relevant laws. Finance Minister Sri Mulyani Indrawati explained that the PPSK Law consists of 27 chapters and 341 articles.
"[The ratification] was necessary to adapt to recent dynamics and changing situations. Various indicators have shown the urgency of reforming the Indonesian financial sector, such as the shallowness of the financial sector, the unoptimized role of intermediaries in the financial sector, and the lack of consumer protection in the financial sector," Sri Mulyani said in a press release on Friday.