SP 119/OJK/DKPU/VI/2026
PRESS RELEASE
MSCI Acknowledges Capital Market Reforms as Indonesia Retains Emerging Market Status
Jakarta, 24 June 2026. The Indonesia Financial Services Authority (OJK) welcomes the publication of the MSCI 2026 Market Classification Review on 24 June 2026, which confirmed that Indonesia will remain classified as an Emerging Market.
OJK Chairperson of the Board of Commissioners, Friderica Widyasari Dewi, stated that the decision is viewed by OJK as reflecting continued confidence in Indonesia's economic resilience, the stability of its financial services sector, and the ongoing efforts to strengthen the transparency, integrity, and competitiveness of Indonesia's capital market.
"We also note MSCI's acknowledgement of the various capital market integrity reforms that have been introduced. The areas that remain under review form part of a constructive evaluation process, and we remain committed to addressing them in close coordination with all relevant stakeholders," Friderica said in Jakarta on Wednesday.
Earlier, on 19 June 2026, MSCI published its Global Market Accessibility Review 2026, which assessed Indonesia's market accessibility as among the strongest within the Emerging Markets in the Asia-Pacific region.
OJK Chief Executive of Capital Market, Derivative Financial Instruments, and Carbon Exchange Supervision, Hasan Fawzi, said that the assessment also reflects the global index provider's acknowledgement of Indonesia's capital market reform agenda implemented by OJK and the Self-Regulatory Organisations (SROs), with the support of all stakeholders, since the beginning of 2026.
"We welcome MSCI's acknowledgement of the progress made under Indonesia's capital market reform agenda. In addition to maintaining Indonesia's Emerging Market classification, MSCI highlighted a number of reform initiatives that have been introduced and continue to be implemented. This is reflected in Indonesia's well-maintained market accessibility assessment," Hasan said.
According to Hasan, this acknowledgement provides an important foundation for the continued development of Indonesia's capital market, supported by stronger transparency, integrity, and governance.
"At the same time, we recognise that there remains room for further improvement and that the feedback provided should be considered constructively. We therefore remain committed to strengthening our engagement with global index providers, international investors, and all relevant stakeholders in order to further enhance the credibility, integrity, and investability of Indonesia's capital market," Hasan added.
Reform Agenda to Continue
Hasan noted that MSCI's market classification decision is consistent with the assessment of another leading global index provider, FTSE Russell.
"In April 2026, FTSE Russell maintained Indonesia's classification as a Secondary Emerging Market, alongside several major emerging markets, including China and India. Indonesia was also not placed on FTSE Russell's Watch List for further review. Similarly, MSCI has maintained Indonesia's Emerging Market status while also highlighting the capital market reform initiatives that have been introduced and continue to be implemented," Hasan said.
Hasan emphasised that maintaining Indonesia's Emerging Market status is not an end in itself. OJK and the SROs will continue to strengthen and accelerate the implementation of capital market reform initiatives through close coordination and collaboration with all stakeholders. These efforts will also address the feedback and concerns raised by relevant parties as part of OJK's commitment to further strengthening the credibility and integrity of Indonesia's capital market.
Going forward, OJK will continue to strengthen the relevance and role of Indonesia's capital market within the global financial landscape. These efforts will be supported by Indonesia's resilient economy and the continued development of the domestic capital market in line with its underlying fundamentals.
"We believe Indonesia's capital market continues to offer attractive opportunities for both domestic and international investors. This is supported by sound macroeconomic fundamentals, a growing domestic investor base, competitive equity valuations, and generally strong corporate fundamentals," Hasan said.
OJK expresses its sincere appreciation to the Government of Indonesia, Commission XI of the House of Representatives of the Republic of Indonesia (DPR RI), the Self-Regulatory Organisations (SROs), industry participants, investors, and all stakeholders for their continued support and collaboration in advancing Indonesia's capital market reform agenda.
This achievement reflects a collective commitment to building a capital market that is increasingly transparent, possesses high integrity, and remains globally competitive.
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For further information:
Head of the Department of Surveillance and Integrated Financial Services Sector Policy – Agus Firmansyah
Phone: (021) 29600000; Email: humas@ojk.go.id