Jakarta, 11 December 2025. The Monthly Board of Commissioners Meeting of the Indonesia Financial Services Authority (OJK), held on 27 November 2025, assessed that the stability of the Financial Services Sector (SJK) was still well maintained.

In general, the global economy is relatively stable, despite several indicators suggesting moderation in the region. Globally, manufacturing activity remains in expansionary territory, particularly in advanced economies, despite a flatter performance in world trade. Global financial conditions tend to remain relatively loose in line with a more accommodative monetary policy stance, although market sentiment heading into 2026 remains prudent, amid rising fiscal risk and higher yields on long-term bonds. In the United States (US), economic dynamics are mixed. After a 43-day government shutdown, the US labour market is experiencing moderation despite persistently low jobless claims. The Federal Reserve reduced its Federal Funds Rate (FFR) by 25 basis points yet remained hawkish amid inflationary pressures.

In Europe, stagnant economic indicators were observed on both the demand and supply sides. Risk in the region is increasing in response to the UK financial market turmoil stoked by fiscal sustainability concerns, as well as in France due to political instability and a downgraded debt rating caused by deteriorating fiscal conditions.

In China, several key indicators on the demand side were released below market expectations. Economic growth slowed in the third quarter of 2025, with household consumption restrained, indicating persistently weak domestic consumption. Furthermore, retail sales and property sector activity also experienced moderation.

At home, the domestic economy remains solid, with third-quarter economic growth recorded at 5.04 percent (year-on-year, yoy) and the manufacturing PMI remaining in expansionary territory. Nonetheless, domestic demand requires further support in line with moderating core inflation, consumer confidence, and retail, cement, and automotive sales.

In general, the financial services sector demonstrated solid resilience throughout 2025 amid mixed global and domestic dynamics. In the capital market, despite experiencing pressures at the end of the first quarter of 2025 stoked by negative sentiment concerning global trade, the Jakarta Composite Index (JCI) rebounded to record a positive trend, underpinned by the adaptive policy responses instituted by OJK and Indonesia Stock Exchange (IDX) through a policy of buybacks without a general meeting of shareholders (RUPS), adjustments to the trading halt threshold and the implementation of asymmetric auto rejection. After this period of volatility, the JCI demonstrated solid resilience and even recorded several all-time highs in 2025, thus reflecting maintained investor confidence.

In terms of intermediation, loans disbursed by the banking industry and financing experienced moderation relative to those of the previous year, particularly among segments impacted by the real-sector slowdown. Insurance premiums, particularly life insurance, also recorded slower growth than conditions in the previous year.

Nevertheless, the resilience of the financial services industry remained solid, underpinned by strong capital, adequate reserves and a well-managed risk profile. This provides the modality to expand the financial services sector performance moving forward, supported by the implementation of financial market deepening policies, increased access to finance, and strengthened integrity and governance across the financial services sector.

OJK consistently guides the financial services sector to contribute optimally to government priority programs by ensuring the implementation of risk management principles and good governance thereby maintaining the sector’s stability.

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

In general, domestic capital market performance in November 2025 remained positive underpinned by sustained national economic resilience amid global dynamics. The JCI at the end of November closed at a level of 8,508.71, up 4.22 percent (month-to-month, mtm) or 20.18 percent (year-to-date). In the reporting period, the JCI hit an all-time high at 8,602.13 on 26 November 2025, with the capitalization value recorded at IDR15,711 trillion on the same day. Meanwhile, the LQ45 and IDX80 indices recorded growth of 2.31 percent and 9.38 percent (year-to-date, ytd), respectively.

Transaction liquidity in the domestic stock market in the second semester of 2025 showed an upward trend, driven by the active role of domestic individual investors. This was reflected in the average daily trading value on the domestic stock market in November 2025, which hit an all-time high of IDR23.14 trillion, up significantly from IDR12.85 trillion in 2024 and IDR17.22 trillion (ytd).

Consistent with stronger market performance in November 2025, non-resident investors booked a net buy of IDR12.20 trillion (mtm) in the domestic stock market, bringing the year-to-date net sell position to IDR29.58 trillion. The strong interest shown by non-resident investors over the past two months indicates their positive perception and confidence in domestic markets.

Overall, the stability of the domestic bond market was also maintained, as reflected by an uptick in the ICBI bond market index of 11.07 percent (ytd) to 436.15, contrasting the modest 0.43 percent (mtm) decline. On a monthly basis, the yield of government securities (SBN) increased by 12.28 bps, despite declining 76.08 bps (ytd). Milder selling pressure from non-resident investors was observed in the SBN market, where the net sell retreated to IDR5.93 trillion (mtm) in November 2025 from IDR30 trillion the month earlier (ytd: net sell of IDR 4.48 trillion). In the corporate bond market, non-resident investors recorded a net sell of IDR0.10 trillion (mtm) (ytd: net sell of IDR1.60 trillion).

In the investment management industry, as of November 2025, the value of Assets Under Management (AUM) stood at IDR996.60 trillion, up 3.11 percent mtm or 19.02 percent ytd, with the Net Asset Value (NAV) of mutual funds recorded at IDR644.41 trillion in the same period, up 4.90 percent (mtm), or 29.07 percent (ytd). Stronger NAV performance was underpinned by a net subscription of IDR32.61 trillion (mtm) (ytd: IDR114.78 trillion), driven by fixed income and money market funds.

In November 2025, 476 thousand new investors were recorded in the domestic capital market. This year, therefore, the number of investors in the capital market has increased by 4.80 million to 19.67 million, or 32.29 percent (ytd).

Fundraising in the capital market remained solid, with the 2025 realization target of IDR220 trillion successfully met. At the end of November 2025 (ytd), the value of public offerings reached IDR238.68 trillion, up IDR3.89 trillion from the previous month, dominated by rights issues and phase II public offerings of debt securities/sukuk (EBUS). In the current year, 18 new issuers raised funds totalling IDR13.30 trillion. Moreover, 35 public offering pipelines remain active, with an estimated indicative value of IDR32.29 trillion.

In terms of fundraising through securities crowdfunding (SCF), 26 new securities were issued in November totaling IDR38.03 billion, alongside 13 new issuers. In total, 907 securities issuances were conducted by 573 issuers, with 190,505 investors and SCF funds collected, totalling to IDR1.77 trillion.

In the financial derivatives markets, between 10 January and 28 November 2025, a total of 113 parties obtained principal licenses from OJK as follows: four futures market operators, 23 Alternative Trading System (Sistem Perdagangan Alternatif - SPA) traders, 63 futures brokers, 15 margin deposit banks, six futures advisers, one association and one professional certification institute. In November 2025, total transaction volume was recorded at 73,915 lots, bringing the total transaction volume since the beginning of the year to 951,682 lots (ytd). Meanwhile, frequency increased by 316,858 in November 2025, bringing the total transaction frequency to 4,193,931 (ytd).

Since the launch on 26 September 2023 to 28 November 2025, eight new service users were registered on the carbon exchange, bringing the total to 145 licensed service users, with an additional transaction volume of 15,012 tCO2e (tonnes of carbon dioxide equivalent), thus bringing the total transaction volume to 1,621,669 tCO2e and an accumulated value of IDR79.52 billion.

Seeking to create and maintain a capital market in Indonesia that is more resilient to various shocks, while functioning as a source of financing for national development, OJK, in conjunction with the IDX, hosted CEO Networking 2025, entitled Managing Global Trade and Empowering Business Strategy.

CEO Networking 2025 represents an important milestone in building synergy among OJK, market participants and all capital markets stakeholders to accelerate capital market growth in Indonesia and advance the national economy. The annual event held as part of the 48th anniversary celebrations to commemorate the reactivation of the Indonesian capital market, attended by 460 CEOs from issuers, exchange members, investment managers, industry associations, and other capital market stakeholders.

Enforcing PMDK regulations:

1. In November 2025, OJK imposed administrative sanctions in the form of fines against violations of prevailing PMDK laws totalling IDR1,005,000,000.00 on eight entities, alongside five written warnings and one specific action.
2. In 2025 (ytd), OJK has imposed administrative sanctions based on the outcomes of case investigations in the capital market consisting of administrative sanctions in the form of fines totalling IDR28,942,800,000.00 on 69 parties, administrative sanctions in the form of the revocation of the individual license of two entities, administrative sanctions in the form of the revocation of the business license for securities companies operating as underwriters and broker-dealers on four securities companies, along with written warnings to 30 entities and five written reprimands.
3. In 2025 (ytd), OJK also imposed administrative sanctions in the form of fines totalling IDR39,178,415,475.00 on 535 financial service providers (PUJK) in the capital market, as well as 184 written warnings for late report submissions. Additionally, fines totalling IDR300,000,000.00 and 59 written warnings were issued for other non-case violations, excluding late submissions.

Developments in the Banking Sector (PBKN)

Banking intermediation accelerated in the reporting period with a well-managed risk profile and ample liquidity. In October 2025, credit grew 7.36 percent (yoy) (September 2025: 7.70 percent) to IDR8,220.21 trillion.

By loan type, investment loans posted the strongest growth at 15.72 percent, followed by consumer loans at 7.03 percent and working capital loans at 2.39 percent (yoy). Based on borrower segment, corporate loans posted 11.02 percent growth, while MSME loans contracted by 0.11 percent (yoy).

By economic sector, the main drivers of credit growth, recorded at 7.36 percent in the reporting period, were the household sector (7.28 percent), followed by manufacturing (7.53 percent), and mining and quarrying (14.58 percent).

Furthermore, new loan disbursements to several sectors achieved double-digit annual growth. Public administration, defense, and compulsory social security recorded 36.79 percent growth, alongside 26.40 percent for electricity, gas, steam/hot water and air-conditioning supply, 25.32 percent for specialized professional, scientific and technical activities, and 22.84 percent for other services.

Meanwhile, third-party funds (TPF) recorded high growth of 11.48 percent (yoy) in the reporting period (September 2025: 11.18 percent yoy) to reach IDR9,756.6 trillion. After decreasing by 125 bps since the beginning of the year, the BI-Rate has remained stable, while interest rates in the banking industry have gradually decreased.

Compared with conditions in the previous year, the weighted-average lending rate on rupiah loans decreased by 16 bps (yoy) and 5 bps (mtm) to 9.01 percent in October 2025, from 9.17 percent in October 2024 and 9.06 percent in September 2025, primarily driven by lower interest rates on productive loans.

Interest rates on working capital loans fell 42 bps (yoy) and 16 bps (mtm) to 8.30 percent in October 2025 from 8.72 percent in October 2024 and 8.46 percent in September 2025. Meanwhile, interest rates on investment loans fell 39 bps (yoy), despite increasing by 7 bps (mtm), to 8.32 percent in October 2025 from 8.71 percent in October 2024 and 8.25 percent in September 2025.

Regarding fund mobilization, the weighted-average rupiah deposit rate decreased by 10 bps from the previous month (October 2025: 2.85 percent, September 2025: 2.95 percent), with broad-based declines across all deposit types, particularly term deposits, in line with the downward BI-Rate trend. The weighted average deposit rate also fell 22 bps relative to October 2024 to 3.07 percent. Meanwhile, the interest rate on term deposits decreased by 53 bps (yoy) from 5.28 percent in October 2024 and 21 bps (mtm) from 4.96 percent in September 2025 to 4.75 percent in October 2025.

Liquidity in the banking industry remained ample in October 2025, with the ratios of liquid assets to non-core deposits (LA/NCD) and liquid assets to third-party funds (LA/TPF) recorded at 130.97 percent (September 2025: 130.47 percent) and 29.47 percent (September 2025: 29.30 percent), respectively, well above the regulatory thresholds of 50 percent and 10 percent. Meanwhile, the Liquidity Coverage Ratio (LCR) was recorded at 210.43 percent, and the loan-to-deposit ratio (LDR) stood at 84.26 percent, both considered adequate in anticipation of increased loan disbursements.

Credit quality in the banking industry was maintained, as indicated by a gross NPL ratio of 2.25 percent (September 2025: 2.24 percent) and a net NPL ratio of 0.90 percent (September 2025: 0.87 percent). Loans at Risk (LaR) decreased from September’s 9.52 percent to 9.41 percent.

Banking industry resilience also remained solid, as reflected in a high Capital Adequacy Ratio (CAR) of 26.38 percent (September 2025: 26.15 percent), providing a robust buffer against global uncertainty.

The share of Buy Now Pay Later (BNPL) loans disbursed by the banking industry stood at just 0.31 percent of total credit continues to record strong annual growth. As of October 2025, the balance of outstanding BNPL loans reported via the Financial Information Services System (SLIK) grew 21.03 percent (yoy) (September 2025: 25.49 percent yoy) to IDR25.72 trillion (September 2025: IDR24.86 trillion), with the number of accounts increasing to 30.99 million (September 2025: 30.31million) and a gross NPL ratio of 2.50 percent (September 2025: 2.61 percent).

Regarding the ongoing crackdown on online gambling, which has wide-reaching and deleterious impacts on the economy and financial sector, OJK has instructed banks to block approximately 30,392 accounts (previously: 29,906) based on data submitted by the Ministry of Communication and Digital Affairs. In addition, OJK is following up on the reports by also requesting that banks close accounts associated with Population Identification Numbers (NIK) and mandating Enhanced Due Diligence (EDD).

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

In general, PPDP industry performance remained stable supported by a solid aggregate level of solvency. OJK, therefore, continues to optimize the function and improve the performance of the PPDP industry by strengthening industry resilience amid global and domestic economic dynamics.

Insurance industry assets as of October 2025 stood at IDR1,192.11 trillion, representing a 5.16 percent (yoy) increase. In the commercial insurance industry, total assets were recorded at IDR970.98 trillion, equivalent to 6.23% (yoy) growth.

In terms of premium income, the commercial insurance industry’s performance from January to October 2025 stood at IDR72.78 trillion, growing 0.42 percent (yoy), consisting of life insurance premiums that contracted by 1.11 percent (yoy) to IDR148.86 trillion, as well as general insurance and reinsurance premiums that grew by 2.33 percent (yoy) to IDR123.92 trillion.

In general, capitalization in the commercial insurance industry remains solid, with the life insurance, general insurance, and reinsurance industries reporting aggregate risk-based capital (RBC) ratios of 478.85 percent and 331.96 percent, respectively (well above the 120 percent threshold).

In terms of non-commercial insurance, comprising the Social Security Agency for Employment (BPJS Ketenagakerjaan) and the Social Security Agency for Health (BPJS Kesehatan), as well as insurance programs for civil servants (ASN), military personnel (TNI), and the police (POLRI) related to occupational accident compensation and accidental death insurance, total assets were recorded at IDR221.13 trillion with a growth of 0.72 percent (yoy).

As of October 2025, total assets of the pension fund industry grew 9.82 percent yoy to reach IDR1,647.49 trillion. In terms of voluntary pension programs, total assets recorded annual growth of 5.52 percent (yoy), reaching IDR400.44 trillion.

Regarding compulsory pension programs, consisting of old age benefits and pension benefits under the auspices of BPJS Ketenagakerjaan, as well as retirement savings and pension contribution accumulation programs for civil servants (ASN), military personnel (TNI), and the police (POLRI), total assets reached IDR1,247.05 trillion, growing 11.28 percent (yoy).

In terms of guarantee institutions, as of October 2025, asset value increased by 3.17 percent (yoy) to IDR48.02 trillion.

Concerning regulatory enforcement and consumer protection in the PPDP sector, OJK took the following measures:

1. 1. Fulfilling the first stage of the equity enhancement obligations for 2026, following POJK 23/2023. Based on the monthly reports submitted as of October 2025, a total of 112 out of 144 insurance and reinsurance companies (77.78 percent) have already met the minimum equity requirements for 2026.
   2. OJK continued implementing various efforts to resolve ongoing issues plaguing FSIs through special surveillance, as applied to six insurance and reinsurance companies as of 25 November 2025, to improve their financial condition in the interest of the policyholders. Additionally, seven pension funds have been placed under special surveillance.

Developments in Financing Institutions, Venture Capital Firms, Microfinance Institutions and Other Financial Service Institutions Sector (PVML)

In the PVML sector, the financing receivables of finance companies (PP) grew 0.68 percent (yoy) in October 2025 (September 2025: 1.07 percent yoy) to IDR505.30 trillion, underpinned by working capital financing that increased by 9.28 percent (yoy).

Finance companies effectively managed their risk profile, as reflected by a stable gross non-performing financing (NPF) ratio of 2.47% and a net NPF ratio of 0.83% (September 2025: 0.84%). The gearing ratio of finance companies was recorded at 2.15x (as of September 2025: 2.17x), which is significantly below the 10x cap.

Venture capital financing in October 2025 contracted by 0.10 percent (yoy) (September 2025: 0.21 percent yoy), to IDR16.30 trillion (September 2025: IDR16.29 trillion).

In the FinTech peer-to-peer (P2P) lending industry, outstanding financing in October 2025 increased by 23.86 percent yoy (September 2025: 22.16 percent yoy), totalling IDR92.92 trillion. The aggregate credit risk level (TWP90) stood at 2.76 percent in the reporting period (September 2025: 2.82 percent).

Financing disbursed by the pawnbroking industry in October 2025 grew 38.89 percent yoy (September 2025: 30.92 percent yoy) to IDR120.45 trillion, with credit risk effectively contained. Financing in the pawnbroking industry is primarily dominated by pawn products, accounting for IDR98.74 trillion or 81.99 percent of total disbursed financing.

According to the Financial Information Services System (SLIK), BNPL financing disbursed by finance companies in October 2025 increased by 69.71 percent (yoy) (September 2025: 88.65 percent yoy) to IDR10.85 trillion, with a gross NPF ratio of 2.79 percent (September 2025: 2.92 percent).

Regarding regulatory enforcement and consumer protection in the PVML sector, OJK took the following measures:

1. Currently, four out of 145 finance companies have failed to meet the minimum equity requirement of IDR100 billion, and seven out of 95 P2P lenders have been unable to meet the minimum equity requirement of IDR12.5 billion. All P2P lenders have submitted an action plan to OJK, outlining measures to meet the minimum equity requirements, including additional paid-up capital from existing shareholders, seeking strategic investors, and/or mergers with other P2P lenders. OJK continues to take the necessary measures, in line with the progress action plan to fulfil the minimum equity obligations.
2. compliance and integrity in the PVML sector, OJK in November 2025 imposed administrative sanctions on 15 finance companies, four venture capital companies, 14 P2P lenders, five microfinance institutions, and one specialized financial institution for violations of prevailing POJKs, as well as based on supervisory findings and/or follow-up inspections. The administrative sanctions consisted of 33 fines and 70 written warnings. OJK expects the enforcement measures to foster good governance, prudence, and compliance in the PVML sector, ultimately improving performance and optimizing the industry's contribution.

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

1. Regulatory sandbox implementation:
   1. Following the promulgation of POJK 3/2024 concerning Financial System Technology Innovation (ITSK), interest from ITSK providers to become OJK sandbox participants remains overwhelming. As of October 2025, OJK received 292 consultation requests from prospective sandbox participants.
   2. OJK has received 24 applications from prospective sandbox participants, of which nine were approved. The approved participants consist of four ITSK providers with Digital Financial Asset and Crypto Asset (AKD-AK) business models and one ITSK provider from the Market Support category, as well as four sandbox participants that have completed the trial process and received a ‘Pass’ status, namely:
   3. PT Indonesia Blockchain Persada (Blocktogo), on 8 August 2025, with a gold tokenisation business model (AKD-AK) for a product known as Gold Indonesia Republic (GIDR), and
   4. PT Sejahtera Bersama Nano, on 8 October 2025, with a securities tokenisation business model based on the Fund Management Contract (KPD) scheme.
   5. PT Teknologi Gotong Royong (GORO), on 5 November 2025, with a tokenisation business model for property ownership. In this case, PT Teknologi Gotong Royong functions as a trading platform for digital financial assets, trading GORO tokens.
   6. PT Properti Gotong Royong, on 5 November 2025, with a tokenisation business model for property ownership. In this case, PT Properti Gotong Royong serves as the owner and custodian of the property assets tokenised on the GORO platform. In accordance with POJK 3/2024 on Financial System Technology Innovation (ITSK), PT Indonesia Blockchain Persada, PT Sejahtera Bersama Nano, and PT Teknologi Gotong Royong may register with OJK. ITSK providers with the same business model as PT Indonesia Blockchain Persada, PT Sejahtera Bersama Nano or PT Teknologi Gotong Royong now have the same rights to register with OJK without completing the sandbox process.
   7. c.Five applications to become sandbox participants are currently under review by OJK for providers with the AKD-AK business model.
2. ITSK provider licensing:
   1. As of November 2025, a total of 30 official ITSK providers were registered with OJK, consisting of ten Innovative Credit Scoring (ICS) providers and 20 Financial Service Aggregators (PAJK). Given the completion of the registration process for all ITSK providers based on the ICS and PAJK business models, in accordance with POJK 3/2024 concerning Financial System Technology Innovation (ITSK), registered ITSK providers are required to submit license applications to OJK. Meanwhile, new prospective ICS and PAJK providers can apply directly to OJK for a business license.
   2. As of October 2025, OJK received 19 license applications from ITSK providers, including six ICS providers and 13 PAJK aggregators, which are currently under review by OJK.
3. Based on the reports submitted as of October 2025, ITSK providers registered with OJK have successfully established 1,316 partnerships with FSIs across various sectors, including the banking industry, finance companies, insurance companies, securities companies, online lenders, microfinance institutions and pawnbrokers, as well as with information technology service providers and data source providers.
4. During October 2025, Financial Service Aggregators (PAJK) successfully facilitated partner-approved transactions worth IDR2.35 trillion, bringing the total transaction value in 2025 to IDR21.88 trillion (year-to-date), with a total of 15.53 million PAJK users distributed throughout the Indonesian archipelago. In addition, the number of credit score data requests (inquiries/hits) received by Innovative Credit Scoring (ICS) providers totalled to 16.53 million in the reporting period, bringing the total to 158.94 million (ytd). Such developments indicate that the services offered by ITSK providers, both PAJK and ICS, have significantly accelerated market deepening in the financial services sector, while increasing accessibility and inclusion in the use of quality financial products and services.
5. Regarding the development of crypto asset activities in Indonesia, as of November 2025, a total of 1,347 tradeable crypto assets were recorded. OJK has approved licenses for 29 entities within the crypto trading ecosystem, comprising one crypto exchange, one clearing and settlement institution, two custodians, and 25 crypto asset traders (PAKD). In addition, OJK has approved six supporting institutions, comprising four Payment Service Providers (PSP) and two Custodian Banks (BPDK). Meanwhile, OJK is currently reviewing applications for business licenses and/or approvals for prospective crypto asset trading platforms, including two exchanges, two clearing institutions, two custodians, four CPAKD, two PSPs and three BPDKs.
6. The number of consumers continues tracking an upward trend, reaching 19.08 million consumers in October 2025 (a 2.50 percent increase from the position recorded in September 2025, at 18.61 million consumers). The value of crypto asset transactions in November 2025 was recorded at IDR39.20 trillion (down by 24.53 percent from the position recorded in October 2025 at IDR49.29 trillion), bringing the total value of crypto asset transactions in 2025 (ytd) to IDR446.77 trillion. This is indicative of maintained consumer confidence and market conditions.
7. In synergy with the Organisation for Economic Co-operation and Development (OECD), OJK hosted an international forum, entitled Digital Finance in Asia 2025, on 1-2 December 2025. The forum aims to facilitate the exchange of knowledge and policies among regional and global regulators, international organisations, academics, and industry players on digital financial sector innovation and supervision. The topics raised included the latest developments in digital assets, stablecoins, and tokenisation, alongside discussions on the impacts, benefits and regulation of artificial intelligence (AI) in the Asian financial sector. In addition, the forum also served as a platform to launch an OECD report on the Regulation of Artificial Intelligence in Finance in Asia. The forum was attended by 40 representatives from regulators, global industry players and digital finance experts from various countries.
8. Seeking to improve public digital financial literacy, OJK hosted Digital Financial Literacy (DFL) on 28 November 2025 at North Sumatra Muhammadiyah University (UMSU). DFL aims to increase public understanding of the benefits and risks as well as the products and services of digital finance, including crypto assets. The hybrid event was attended in person by UMSU students and lecturers and online by representatives from Regional Financial Access Acceleration Teams (TPAKD) in 33 regencies and cities across North Sumatra, totalling more than 600 participants.

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

From 1 January to 30 November 2025, OJK hosted 6,099 financial education activities, engaging more than 9,344,344 participants throughout Indonesia. The Sikapi Uangmu digital platform, which serves as a dedicated communication channel for financial education content to the public through a minisite and application, published 311 pieces of educational content, reaching a total of 3,195,370 viewers. In addition, 41,880 users accessed the Financial Education Learning Management System (LMSKU), with modules being accessed a total of 27,501 times, and 17,027 module completion certificates were issued.

During the period from January to 30 November 2025, OJK organised 55,941 programs under the auspices of the flagship GENCARKAN program, engaging 286.75 million participants/viewers, comprising 35,706 direct education activities and 20,235 pieces of digital product education content. The GENCARKAN program has reached 97.86 percent of Indonesia’s regencies and cities.

The various efforts taken to increase financial literacy were further supported by strengthening the financial inclusion program in collaboration with the Regional Financial Access Acceleration Teams (TPAKD) in all 38 provinces and 514 regencies/cities in Indonesia.

OJK implemented the following financial literacy and inclusion initiatives in November 2025:

1. 1. OJK, the Ministry for the Protection of Indonesian Migrant Workers (KP2MI) and Bank Indonesia collaborated in synergy to publish the Financial Literacy Pocketbook for Indonesian Migrant Workers (PMI) and their Families, which aims to provide greater understanding for Indonesian migrant workers and their families concerning smart, safe and sustainable financial management to strengthen financial literacy and inclusion nationally. The document was launched on 10 November 2025 in Jakarta during a ceremony to commemorate National Heroes’ Day, attended by approximately 1,000 migrant workers and prospective migrant workers in the Jabodetabek region. Financial education was provided at the event, entitled Financially Smart PMI, towards an Advanced Indonesia.
   2. In synergy with Regional Military Commando Unit XII (Kodma XII)/Tanjungpura of the Indonesian Armed Forces, OJK hosted financial education activities targeting army soldiers and the management of Persit Kartika Chandra Kirana, as the official association of the wives of Indonesian army personnel, on 17 November 2025. The event was attended in person by approximately 600 soldiers and members of Persit Kartika Chandra Kirana, with a further 3,150 soldiers and members attending online.
   3. In synergy with Dharma Wanita Persatuan (DWP), as the official nationwide organisation for the wives of Indonesian civil servants, OJK hosted a training and capacity building program on 19 November 2025 in Jakarta, attended in person by around 1,000 members.
   4. OJK was the focal point of the visit by the UN Secretary-General’s Special Advocate for Financial Health (UNSGSA), Her Majesty Queen Máxima. As the focal point, OJK hosted a series of activities involving Queen Máxima on 27 November 2025 in Jakarta, beginning with Queen Máxima meeting leaders of government ministries and agencies, followed by a Focus Group Discussion (FGD) on fraud and scams with a team from the Indonesia Anti-Scam Centre (IASC), before attending a talk show at the National Financial Health Event, which was attended by approximately 1,000 participants from various priority segments.
   5. OJK collaborated with the self-regulatory organisation (SRO) and the Provincial Government of Bali through the TPAKD Thematic Program 2025 to host Capital Market and Financial Education at the Indonesia Hindu University (UNHI) in Denpasar, as part of the TPAKD Program in Bali during Financial Inclusion Month 2025 and to commemorate the 48th anniversary of the capital market in Indonesia. The event aimed to increase understanding of capital market instruments and protect members of the public from illegal investment activity. The Bali Stock Trading Competition (B-STRAC) 2025 was also held as part of the event, a stock trading competition for civil servants as members of Regional Financial Access Acceleration Teams (TPAKD), alongside the Capital Market Study Group, made up of universities throughout Bali. The competition was held from 27-31 October 2025 through the IDX Mobile application.
   6. TPAKD Developments
      1. Following the launch of the TPAKD Roadmap 2026-2030 during the National Coordination Meeting of TPAKD 2025 on 10 October 2025, OJK, in synergy with the Drafting Team, socialized and disseminated the roadmap to all provincial and regency/city governments as TPAKD stakeholders. The socialization and dissemination activities were conducted virtually on 20, 21 and 25 November 2025 to Regional Financial Access Acceleration Teams (TPAKD) in the Sumatra, Bali and Nusa Tenggara, Kalimantan and Java regions. Meanwhile, socialization activities targeting TPAKD teams in the Sulawesi, Maluku and Papua (Sulampua) region were held on 2 December 2025.
      2. TPAKD teams in several regions held regional coordination meetings (Rakorda), accompanied by coaching clinics to build the capacity of members. Several TPAKD teams hosted Rakorda meetings, including Central Kalimantan on 31 October 2025, West Sumatra on 11 November 2025, South Kalimantan on 25 November 2025, East Nusa Tenggara on 25 November 2025, and North Kalimantan on 27 November 2025.
      3. Following the launch of the Regional Financial Access Index (IKAD) on 6 May 2025, OJK, in synergy with relevant government ministries/agencies, hosted IKAD socialisation activities targeting the East Lombok TPAKD team on 19 November 2025. In addition, OJK, in conjunction with relevant government ministries/agencies, also developed the Regional Financial Access Survey (SASKAD) to complement the IKAD index.
   7. The Indonesia Sharia Financial Olympiad (ISFO) 2025 attracted 10,367 participants from throughout the Indonesian archipelago, which were put through a stringent selection process to decide the ISFO grand finalists, namely the top 3 teams from each category of the Sharia Financial Quiz (CCKS), and the best 3 participants of the Young Sharia Entrepreneur Competition (WMS). On 4 November 2025, the IFSO Summit was held in OJK Office in East Java. The event opened with an activity report delivered by the Head of the OJK Financial Literacy, Inclusion and Communication Department, along with remarks by the Governor of East Java, represented by the Acting Assistant for General Administration of the Regional Secretary of East Java, and a keynote speech by the Chief Executive of OJK Market Conduct Supervision, Education and Consumer Protection.

The Grand Final of the CCKS competition was also held to decide the first, second and third place winners of both CCKS categories, which were announced along with the winners of the WMS competition as follows:

a.Sharia Financial Quiz (CCKS)

• Student Category: Winner: MAN 2 Malang; Runner-up: MAN 4 Jakarta; Third Place: SMAN 2 Kuningan.
• Student Category: Winner: Brawijaya University Malang; Runner-up: Diponegoro University Semarang; Third Place: Tanjungpura University, Pontianak.

b.Young Sharia Entrepreneur Competition (WMS)

Winner: IPB University; Runner-up: State Polytechnic Malang; Third Place: Indonesia University of Education (UPI).

Strengthening consumer and public protection, OJK, in synergy with the Indonesian National Police, hosted an online and hybrid Consumer and Public Protection Socialisation program targeting the Community Security and Public Order Officers (Bhabinkamtibmas) of regional police forces in Banten, West Kalimantan, North Sulawesi, and Jambi. Bhabinkamtibmas officers play a strategic role for the National Police through direct contact with the community at the village/district administrative level. Bhabinkamtibmas officers are expected to provide basic education, detect potential issues and serve as strategic partners in strengthening literacy and protecting local communities.

Regarding consumer services, between 1 January and 17 November 2025, OJK received 470,678 service requests through the Consumer Protection Portal Application (APPK), including 48,355 complaints. Of the total complaints, 17,939 were related to the banking sector, 18,678 to the Fintech industry, 9,591 to finance companies, and 1,442 to insurance companies, with the remaining 705 complaints related to the capital market and other non-bank financial institutions.

To eradicate illegal financial activities, from 1 January to 30 November 2025, OJK received 23,147 complaints regarding illegal entities. Of the total, 18,633 complaints were received about illegal online loans, along with 4,514 about illegal investment activity.

The number of illegal entities shut down/blocked is recapitulated as follows:

Enforcing consumer and public protection regulations through the Task Force for the Eradication of Illegal Financial Activities (Satgas PASTI), during the period from January to 30 November 2025, OJK:

1. Identified and shut down 2,263 illegal online lending entities and 354 illegal investment offers on various websites and applications with the potential to harm the public.
2. Identified the contact numbers of debt collectors from illegal online lending entities and submitted a request to the Ministry of Communication and Digital Affairs of the Republic of Indonesia to block 2,422 contact numbers. In addition, Satgas PASTI also monitored scam and fraud reports through the Indonesia Anti-Scam Centre (IASC) and found 61,341 contact numbers reported by scam victims from November 2024 to 30 November 2025. As a follow-up, Satgas PASTI coordinated with the Ministry of Communication and Digital Affairs of the Republic of Indonesia to block the reported contact numbers.

Since its launch in November 2024 to 30 November 2025, the Indonesia Anti-Scam Centre (IASC) received 373,129 reports, consisting of 202,426 reports submitted by victims through financial sector entities (banks and payment system operators), which were subsequently handled in coordination through the IASC system, along with 170,703 reports submitted by victims directly into the IASC system. In total, 619,394 accounts were reported, and 117,301 accounts were blocked. To date, total reported financial losses amount to IDR8.2 trillion, with IDR389.3 billion of victim funds blocked. IASC will continue enhancing its capacity to expedite the handling of fraud and scam cases in the financial sector.

Enforcing consumer protection regulations, OJK issued written warnings and/or administrative sanctions during the period from 1 January to 30 November 2025, in the form of 157 Written Warnings to 130 Financial Service Providers (FSP), 37 Written Instructions to 37 FSPs, and 43 Fines to 40 FSPs. Additionally, between 1 January and 16 November 2025, a total of 165 FSPs were required to compensate consumer losses amounting to IDR79.6 billion and USD3,281.

In overseeing market conduct, OJK has enforced regulations through Administrative Sanctions based on the results of on-site and off-site supervision. From 1 January to 30 November 2025, OJK issued 16 Administrative Sanctions in the form of Written Warnings and 17 Administrative Sanctions in the form of Fines, totalling IDR432 million, for non-compliance with consumer protection regulations regarding information provided in advertisements. To prevent a recurrence of similar violations, OJK also issued orders for specific corrective actions, including the removal of advertisements that failed to comply with prevailing provisions, as a result of the on-site and off-site supervision to provide coaching and ensure FSP compliance with consumer and public protection regulations.

In addition, OJK also enforced regulations concerning the mandatory submission of financial literacy and inclusion reports in accordance with POJK 22/2023 concerning Consumer and Public Protection in the Financial Services Sector, by imposing administrative sanctions for late submission and failure to submit the financial literacy and inclusion plan for 2025, as well as the financial literacy and inclusion realisation for the second semester of 2024. As of 30 November 2025, OJK imposed 111 administrative sanctions, comprising 21 written warnings and 90 fines totalling IDR6.1 billion.

Between 1 January to 30 November 2025, therefore, OJK imposed the following sanctions:

OJK Policy Direction

Maintaining the stability of the financial services sector and expanding the sector's role in supporting national economic growth, OJK implemented the following policy measures:

A.Policies to Maintain Financial System Stability

1. OJK issued a policy to provide special treatment for loans/financing to borrowers affected by floods and landslides in Aceh province, North Sumatra province and West Sumatra province. The policy was set at the OJK Board of Commissioners’ Meeting in Jakarta on Wednesday, 10 December 2025, following data collection in disaster areas and a comprehensive assessment indicating that the disasters affected the local economy and, in turn, impacted the repayment capacity of borrowers. Special treatment is provided as an integral part of the risk mitigation measures to prevent the disaster from having a systemic impact and to support the rapid recovery of local economic activity. The procedures for special treatment of loans/financing disbursed by banks, financing institutions, venture capital firms, microfinance institutions and other FSIs provided to borrowers impacted by a disaster are in accordance with POJK 19/2022 concerning Special Treatment for FSIs in Specific Regions and Sectors in Indonesia Impacted by a Disaster. Special treatment of loans/financing disbursed to borrowers affected by a disaster includes:
   • Assessment of loan/financing quality based on prompt payment (one pillar) for loans/financing up to IDR10 billion,
   • Determining the quality of current loans/financing to be restructured. Restructuring is applicable to loans/financing disbursed before of after a disaster. In terms of Fintech Peer-to-Peer lending, restructuring is available upon approval from the funding party, and
   • Provision of new financing to impacted borrowers by determining credit quality separately for other new loans/financing/funds (not applying the one obligor concept).
   • Special treatment is effective for up to 3 years from 10 December 2025.
2. In the insurance industry, seeking to provide greater assistance for communities and businesses in disaster zones, OJK has requested all insurance and reinsurance companies to activate disaster response mechanisms immediately, simplify the claims process, map affected policies, implement disaster recovery plans as necessary, strengthen communication and services to customers, as well as coordinate with the Natural Disaster Management Board (BNPB), Regional Disaster Management Agencies (BPBD) and reinsurers, which includes submitting periodic reports to OJK regarding the claims handling process.
3. OJK has also asked the insurance industry to collect preliminary data on the losses incurred in disaster areas under the scope of insurance coverage, including general insurance and life insurance coverage. The potential claims recorded by 39 insurance companies, specifically for property damage, amounted to IDR492.53 billion, while motor vehicle damage totalled IDR74.50 billion. In addition, there is exposure to State Property Insurance in the impacted regions, with the value estimated at IDR400 billion, while life insurance claims are still being monitored.
4. In line with the restructuring policy implemented by the banking industry and financing institutions for borrowers impacted by a disaster, the quality of loans/financing will be maintained to prevent a sharp increase in claims against insurance and guarantee companies. Nevertheless, insurance and guarantee companies are still required to maintain reserves against potential default risk to safeguard the sustainability of future claim payouts.
5. In addition to the special treatment policy for borrowers, OJK is also relaxing regulations for the affected financial services industry by extending the final reporting deadline by ten business days to provide adequate time for FSIs and reporting entities to prepare and submit reports accurately and promptly.
   1. Financial Information Services System (SLIK) reports on the November 2025 positions, the reporting deadline has been extended from 12 December 2025 to 30 December 2025.
   2. bank reports on the November 2025 positions, due on 8 December 2025, have been extended until 22 December 2025, and commercial bank reports due on 15 December 2025 have been extended until 31 December 2025.
   3. rural bank and sharia rural bank reports, the Monthly Periodic Report for the November 2025 period, due on 10 December 2025, has been extended until 24 December 2025. The Business Plan Report, due on 15 December 2025, has been extended until 31 December 2025.
   4. reports concerning the November 2025 positions for pawnbrokers and venture capital firms, due on 10 December 2025, have been extended until 24 December 2025.
   5. Annual Business Plan Reports of pawnbrokers and venture capital firms, due on 30 November 2025, have been extended until 31 December 2025.
   6. deadlines for guarantee institutions and pension funds, due on 10 December 2025, have been extended until 24 December 2025. The relaxation policy is expected to ensure the continuity of reporting activities without affecting the operational activities of FSIs and reporting entities affected by a disaster.
6. Against a backdrop of solid economic conditions in Indonesia, as reflected by a Purchasing Managers Index (PMI) in the expansionary zone, manageable inflation, and improvements observed in the Consumer Confidence Index (CCI), and supported by relatively stable trade war tensions and geopolitical dynamics, financial industry optimism in the outlook of the financial services sector is strengthening. Seeking to foster optimal growth, OJK has introduced various deregulation measures in the pawnbroking and microfinance sectors to ease the doing of business for industry players. In addition, OJK is strengthening financial market deepening efforts, particularly by expanding insurance companies’ institutional investor functions by increasing their investment opportunities in certain financial instruments.

B.Policies for Developing and Strengthening the Financial Services Sector and Market Infrastructure

1. OJK has finalized and/or issued:
   1. POJK 23/2025, as an amendment to POJK 27/2024 concerning Digital Financial Asset Trading, including Crypto Assets, effective from 10 November 2025. The OJK regulation aims to strengthen, hone and ensure the regulatory framework remains in line with the dynamic development of digital financial assets, including crypto assets (AKD-AK). Through this OJK regulation, OJK has made several important adjustments, which include: (i) expanding the types of digital financial asset, (ii) expanding the role and scope of AKD-AK trading platforms, (iii) the mechanisms and procedures for trading AKD derivatives, (iv) controlling and managing the AKD trading system, (v) refining the reports of AKD trading platforms, (vi) adjusting the placement mechanism for consumer funds, and (vii) adjustments to supporting activities.
   2. POJK 25/2025, as an amendment to POJK 49/2024 concerning the Supervision, Supervision Status and Follow-Up Supervision of Financing Institutions, Venture Capital Firms, Microfinance Institutions and Other Financial Service Institutions (PVML), which relaxes the provisions on microfinance institutions regarding the fulfilment of soundness criteria, quantitative parameters in the form of the ratio of equity to paid-up capital and the net ratio of non-performing financing receivables when determining the supervision status, effective from 31 December 2027.
   3. POJK 26/2025 concerning Asset and Liability Management of Insurance Companies and Reinsurance Companies. In terms of strengthening governance, this OJK regulation strengthens provisions concerning direct investment in a limited liability company with shares not listed on the stock exchange, PAYDI (investment-linked insurance products) sub-fund investments in related parties, restrictions on foreign PAYDI sub-fund investments, and adjustments to related party categories in terms of collective investment contracts (KIK). In terms of financial market deepening, this OJK regulation strengthens provisions concerning the removal of restrictions on PAYDI sub-fund investments in mutual funds, the expansion of investment placements in exchange traded funds (ETF), including gold ETF, the recognition of asset placements by insurance companies and reinsurance companies in the form of seed money, as an admissible asset (AYD), and the recognition of assets from derivative transactions as AYD. Companies with existing investment placements in the form of direct participation that fail to meet the requirements must make the necessary adjustments within two years from the enactment date of the OJK regulation. Enactment of this OJK regulation revokes POJK 71/2016 in its entirety, as amended by POJK 5/2023 concerning the Financial Soundness of Insurance Companies and Reinsurance Companies.
   4. POJK 28/2025 concerning the Implementation of Risk Management for Insurance Companies, Guarantee Institutions and Pension Funds. This OJK regulation is an amendment to POJK 44/2020, which regulates Nonbank Financial Services Institutions. The amendment covers a change in the nomenclature from LJKNB to PPDP, the inclusion of additional guarantee institutions in the scope of risk management, additional risk types for guarantee institutions, the addition of a risk management work unit within the organisation and the PPDP risk management function, exemptions from the obligation to establish a risk management committee, as well as the self-assessment of risk profiles and submission of risk profile reports. This OJK regulation is effective from 1 January 2026.
   5. POJK 29/2025, as an amendment to POJK 39/2024 concerning Pawnbroking, as a part of the deregulation measures that relax, among others, fulfilment of the minimum paid-up capital and appraisal regulatory requirements to provide greater ease of doing business for financing institutions, venture capital firms, microfinance institutions and other financial service institutions (PVML), while ensuring regulatory harmonisation in the financial sector to support sustainable economic development.
   6. Circular Letter (SEOJK) Number 24/SEOJK.03/2025 concerning the Rural Bank Business Plan, as an amendment to Circular Letter (SEOJK) Number 28/SEOJK.03/2021, primarily affecting the institutional and prudential aspects of rural banking, while serving as technical guidelines for POJK 15/POJK.03/2021 concerning the Rural Bank and Sharia Rural Bank Business Plan. This OJK circular letter regulates, among others, the involvement of professional services in the preparation of a business plan, the role of rural banks in MSME development, special dispensation to change the Business Plan more than once based on internal and external factors and increasing the role of the Board of Commissioners from the inception of the Business Plan.
   7. Circular Letter (SEOJK) Number 25/SEOJK.04/2025 concerning the Verification of Orders and Funds, the Allocation of Allotments and Settlement of Securities Orders in Electronic Public Offerings (E-IPO), which revokes the previous regulation, namely Circular Letter (SEOJK) Number 15/SEOJK.04/2020. This OJK circular letter, among others, refines the total limits on interest and/or orders that can be submitted by investors and also adjusts the allocation of centralized allotments for investors.
   8. Circular Letter (SEOJK) Number 26/SEOJK.03/2025 concerning the Internal Liquidity Adequacy Assessment Process, which addresses the need for rules concerning the implementation of ILAAP by commercial banks in accordance with the mandate of Article 51, Paragraph (3) of POJK 19/ 2024, as an amendment to POJK 42/POJK.03/2015 concerning the Liquidity Coverage Ratio for Commercial Banks, and Article 10, Paragraph (3) of POJK 20/2025 concerning the Liquidity Coverage Ratio and Net Stable Funding Ratio for Sharia Commercial Banks and Sharia Business Units.
   9. Circular Letter (SEOJK) Number 27/SEOJK.03/2025 concerning the Rating Agencies and Ratings Recognised by the Financial Services Authority, due to the update of Basel Committee on Banking Supervision (BCBS) standards, the update to Basel III Reforms concerning the Standardized Approach: Use of External Ratings in 2020, namely the criteria and additional clarification. In addition, authority for recognizing rating agencies has been transferred from the banking research and regulation work unit to the work unit handling banking sector licensing.
2. OJK is also preparing and finalizing a draft circular letter (RSEOJK) concerning Soundness Assessments for Conventional and Sharia Pawnbrokers (RSEOJK TKS Pergadaian), as mandated by Article 196, Paragraph (3) and Article 203, Paragraph (8) of POJK 39/2024 concerning Pawnbrokers, which regulates the procedures for assessing the soundness of individual companies, updating the soundness assessments, action plans, reporting, as well as verification and validation by OJK.
3. OJK continues to strengthen the financial services sector supervision and consumer protection by expanding the presence of OJK regional offices. OJK has officially opened provincial offices in West Papua and Southwest Papua, as well as an OJK office in North Maluku, demonstrating OJK's strategic measures to establish a presence in all provinces in the Indonesian archipelago, as stipulated in the Roadmap for Opening New OJK Offices 2024-2027. In addition, OJK has begun developing a provincial office in North Sumatra, located in Medan. This demonstrates OJK's commitment to delivering services closer to the community.
4. OJK has received another award from the Criminal Investigation Agency of the National Police for outstanding performance in terms of the law enforcement function in accordance with its authority at the central and regional levels. OJK previously received an award from the Criminal Investigation Agency in a different category for four consecutive years. OJK investigators have consistently received awards for outstanding performance in 2023 and 2024, and the Best Investigator category in 2022.
5. OJK strengthened cooperation with regional authorities and participated in discussions concerning the focus of insurance sector development in the ASEAN region by participating in the 28th ASEAN Insurance Regulators Meeting (AIRM) in Cambodia as Vice Chair. Furthermore, OJK will serve as Chair and host of the 29th AIRM in 2026. The meeting discusses strategic issues, including strengthening the insurance industry’s resilience in the ASEAN region to overcome protection gaps, particularly in the context of climate change and natural disasters, alongside technological development and digital disruption, global geopolitical dynamics, and accelerating the application of international insurance standards.
6. In synergy with the Monetary Authority of Singapore (MAS), OJK renewed its commitment to cooperate in the development of Fintech, including digital financial assets, following the previous agreement signed in 2018. Such cooperation is expected to encourage financial institutions and Fintech industry players, including those in the digital financial assets sector, in both countries to exploit the compelling development opportunities available. Cooperation encompasses the exchange of ideas and best practices, expanding cross-border cooperation in the financial industry, referring potential Fintech companies to each country’s regulatory sandbox, and facilitating cross-border information exchange.
7. OJK and the Virtual Assets Regulatory Authority (VARA) signed a Memorandum of Understanding (MoU) concerning cooperation and collaboration in the oversight of digital assets. Such cooperation aims to increase regulatory and supervisory coordination between Indonesia and Dubai, which has become a global hub for virtual assets service providers. Based on the MoU, OJK, as Indonesia’s integrated financial services authority, and VARA, the first regulator globally to specifically regulate virtual assets, will collaborate across various areas, including information exchange, capacity building, policy dialogue, cross-border supervision, and investigative and technical assistance.
8. OJK held a year-end OJK Board of Commissioners’ dialogue with the business players in the financial services sector on 4-5 December 2025, aimed to garner input to formulate the future direction of OJK policies.

C.Development and Strengthening of the Sharia Financial Services Sector

In the Sharia financial industry, the Indonesia Sharia Stock Index (ISSI) rallied 39.71 percent (ytd) and the AUM of Sharia mutual funds grew 61.30 percent (ytd) to reach IDR81.54 trillion. Meanwhile, sharia banking intermediation maintained positive annual growth (yoy), with sharia financing growing 7.78 percent, insurance contributions contracting by 2.95 percent, and sharia financing receivables increasing by 10.16 percent.

Strengthening the sharia banking industry:

1. OJK issued POJK 27/2025 concerning Asset and Liability Management by Sharia Insurance Companies and Sharia Reinsurance Companies. The regulation aims to strengthen investment governance in sharia insurance and reinsurance companies, deepen financial markets and optimzse benefits for policyholders. The new regulation revokes POJK 72/POJK.05/2016, as amended by POJK 6/2023 concerning the Financial Soundness of Sharia Insurance Companies and Sharia Reinsurance Companies.
2. In synergy with the Indonesia Sharia Fintech Association (AFSI), OJK hosted a workshop entitled Embedding Innovation and Faith: Understanding Crypto and Asset Tokenisation in the Sharia Context, which discussed the integration of digital asset technology innovation with Islamic finance principles. The workshop was part of the Indonesia Islamic Finance Summit (IIFS) 2025, attended by 100 participants from OJK, AFSI, IAKD providers as AFSI members, sharia FSIs, the Regional Islamic Economy and Finance Committee (KDEKS) of East Java, the Indonesia Sharia Blockchain Association (ABSI), Indonesia Sharia Crypto Association (AKSI), academics from AFSI partner universities, the Islamic Economic Society (MES) of East Java, the Indonesian Association of Islamic Economists (IAEI) of East Java, the Indonesia Islamic Economics Study Forum (FoSSEI), as well as the Sharia Crypto Media/Community.
3. OJK also strengthened collaboration and strategic alliances in the development of Islamic finance, which included hosting the Islamic Finance Expo and Seminar (EKSiS) 2025 from 6-9 November 2025 in Lippo Mall Nusantara, in synergy with sharia financial services industry players, self-regulatory organizations (SRO), industry associations, as well as relevant government ministries/agencies. EKSiS 2025 featured an Islamic finance exhibition, seminars, talk shows, and interactive public education programs. The event aimed to bring Islamic finance closer to the community and catalyze the local economy, particularly by empowering micro, small and medium enterprises (MSMEs).

D.Strengthening OJK Governance

Strengthening governance and upholding integrity in the financial services sector towards advancing the financial services industry moving forward, OJK has implemented the following:

1. Maintaining ISO 9001 (Quality Management System) Certification following a surveillance audit performed by an external auditor on 17 November 2025, covering the internal audit, risk management, quality control, gratification control program and whistleblowing system.
2. Implementing Risk in Focus reporting to ensure the effective management of key risks with significant organizational impact. Risk in Focus is a continuous improvement process (CIP) to ensure the best public services from all lines of OJK's duties and functions.
3. Documenting the implementation of stronger internal controls through the Internal Control Over Financial Reporting (ICoFR) mechanism to provide assurance that OJK’s financial statements are presented fairly and in accordance with prevailing standards. The ICoFR mechanism is expected to strengthen OJK’s internal control structure by identifying potential risks in the financial reporting process and implementing the controls necessary to mitigate and contain them. By implementing ICoFR, OJK can provide reasonable assurance that financial transaction recording is in accordance with prevailing accounting standards, while minimizing material errors to strengthen public perception of institutional integrity.
4. Implementing anti-fraud strategies and fraud risk control, OJK in 2025 maintained ISO 37001 Certification for Anti-Bribery Management Systems (ABMS) and expanded the scope of implementation to all OJK work units at the head office and regional offices.
5. Raising the Maturity Score of the Anti-fraud Strategy (AFS) from 3.7 in 2024 to 4 in 2025 (Managed). The AFS maturity assessment was conducted in accordance with global best practices and aligns with OJK's achievements in maintaining the maturity scores of the Whistleblowing System and Gratification Control Program, both at the maximum level of 5 (Optimised).
6. Continuing to innovate and undertake various sustainable efforts to strengthen the integrity of organisations and the financial services sector as a whole, OJK implemented a series of governance activities, including a Governance Insight Forum and Student Integrity Camp. From January to November 2025, the governance program reached 82,324 participants, namely internal staff and external stakeholders. In addition, OJK also:
   1. Celebrated World Anti-Corruption Day (Hakordia 2025), where OJK and the Corruption Eradication Commission (KPK) urged all parties to collectively build a clean and ethical financial services sector as a tangible measure to strengthen a competitive and credible financial ecosystem, while strengthening the integrity agenda through three key focus areas. First, strengthening risk-based and data-driven supervision. Second, upholding strong governance and market conduct. And third, consistently building a culture of integrity internally at OJK.
   2. Hosted the Governance Insight Forum (INFO) 2025, entitled Building an Ethical Financial Services Sector with OJK. OJK took the opportunity to explain its anti-fraud strategy and the monitoring technology, including OSIDA and SIPELAKU, used to detect anomalies and track fraudsters’ records early.
   3. Hosted the Student Integrity Campaign (In Camp) on 5 November 2025 at Andalas University, entitled Realizing Clean Finance and Strengthening the National Economy with OJK. The event, as part of the Governance Roadshow series, aimed to inculcate the importance of strengthening integrity among the younger generation towards realizing a clean, accountable and sustainable financial services sector.

E.Regulatory Enforcement in the Financial Services Sector and Investigation Progress

Executing the investigation function, as of 30 November 2025, OJK investigators have resolved 167 cases, consisting of 137 cases in the banking industry, five cases in the capital market, financial derivatives and carbon exchange (PMDK) sector, 24 cases in the Insurance, Guarantee and Pension Fund (PPDP) Industry and one case involving financing institutions, venture capital firms, microfinance institutions and other financial service institutions (PVML). OJK investigators actively coordinate with other law enforcement officers to complete the investigation process through cooperation to enforce the financial services sector law.

In synergy with the North Kalimantan Regional Police, OJK investigators have completed investigations into alleged banking crimes committed by two suspects, namely the former branch head of PT BPD East Kalimantan Timur and North Kalimantan (Bank Kaltimtara), North Kalimantan Regional Office and the former branch head of the Tanjung Selor Branch Office in Tanjung Selor, along with several debtors.

During the investigation, OJK discovered that, between November 2022 and March 2024, the suspects deliberately falsified entries in bank documents and reports when granting 47 credit facilities to 16 debtors. In response to the allegations, OJK investigators cited Article 49, Paragraph (1), Letter a, and Article 49, Paragraph (2) of Act 7/1992 concerning Banking, most recently amended by Article 14 of Act 4/2023 concerning Financial Sector Development and Strengthening (P2SK Act). The investigation conducted by OJK fully supports the anti-corruption law enforcement process carried out by the North Kalimantan Regional Police.

***

Head of the Literacy, Financial Inclusion and Communication Department – M. Ismail Riyadi

Tel. (021) 29600000; E-mail: humas@ojk.go.id