Policy

Financial Services Sector Stability Maintained Amid Global and Domestic Dynamics
 

Jakarta, 4 September 2025. The Monthly Board of Commissioners Meeting of the Indonesia Financial Services Authority (OJK), held on 27 August 2025, assessed that the stability of the Financial Services Sector (SJK) was well maintained amid global and domestic dynamics. 

In its latest report, the International Monetary Fund (IMF) has upgraded the world economic growth projection by 20 bps to 3.0 percent for 2025 and by 10 bps to 3.1 percent for 2026. The revision was spurred by the front-loading of US imports ahead of higher tariffs, a lower effective tariff implemented by the United States (US) than initially announced, improving global liquidity conditions, as well as an accommodative fiscal policy stance. Consistent with the upward revision, the World Trade Organisation (WTO) forecasts global trade in 2025 to accelerate to 0.9% (from -0.2% previously), primarily driven by the front-loading of US imports.

In the US, the economy remains stable despite early signs that the tariffs are impacting inflation and creating weakness in the labour market. In addition, trade tensions have eased in line with the US decision to lower tariffs from the levels announced initially, despite remaining somewhat restrictive, particularly in terms of BRICS countries.

Developments in other major countries are mixed. In China, the economic recovery remains sluggish in line with lower consumer and business sentiment. Meanwhile, in Europe, growth is still underpinned by domestic demand despite the Purchasing Managers Index (PMI) remaining in a contractionary zone, coupled with declining industrial production, indicating weakness in the manufacturing zone. 

The latest developments have increased expectations concerning a loosening of global monetary policy, supported by stronger global financial markets and capital flows to emerging markets and developing economies (EMDEs), including Indonesia.

At home, the domestic economy recorded solid growth momentum. Meanwhile, intermediation in the financial services sector maintained growth in line with domestic economic growth. 

In the capital market, the Jakarta Composite Index (JCI) recorded an all-time high in August 2025, with domestic dynamics during the past week having a limited impact on stock market volatility. Based on an assessment regarding the state of financial service institutions (FSIs), liquidity remains ample, supported by solid solvency.

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

In general, capital market performance in August 2025 was positive on the back of solid economic fundamentals in Indonesia and expectations of stronger global financial markets. 

The domestic stock market in August 2025 closed at a level of 7,830.49, up 4.63 percent month-to-date (up 10.60 percent year-to-date), with the capitalisation value recorded at IDR14,172 trillion. On 28 August 2025, the JCI reached an all-time high of 8,022.76, with market capitalisation peaking at IDR14,377 trillion. Month-to-date, sectoral index performance in August 2025 experienced broad-based gains across most sectors, led by the manufacturing industry.

In terms of transaction liquidity, the average daily trading value on the domestic stock market (ytd) in August 2025 was recorded at IDR14.32 trillion, up from IDR13.42 trillion at the end of July 2025 and surpassing the average transaction value recorded in 2024 at IDR12.85 trillion (up 11.42 percent year-to-date). 

Non-resident investor interest in the stock market also indicated an improvement in August 2025. Following two consecutive months of recording a net sell, non-resident investors booked a net inflow in August totalling IDR10.96 trillion (ytd: net sell of IDR50.95 trillion), thus demonstrating global confidence in the persistently solid economic outlook for Indonesia.

In the bond market, the ICBI bond market index rallied 1.62 percent (mtd), or 8.40 percent (ytd), to a level of 425.63, with the average government bond (SBN) yield falling 16.95 bps (mtm) (down 58.05 bps ytd). As of 29 August 2025, non-resident investors booked a net buy of IDR18.14 trillion (mtd) (ytd: net buy of IDR77.21 trillion). In the corporate bond market, non-resident investors recorded a net sell of IDR0.07 trillion (mtd) (ytd: net sell of IDR1.15 trillion ytd). 

In the investment management industry, as of 29 August 2025, the value of Assets Under Management (AUM) stood at IDR885.95 trillion (up 3.42 percent mtd or 5.80 percent ytd), with the Net Asset Value (NAV) of mutual funds recorded at IDR550.43 trillion, up 4.54 percent (mtd) (ytd: up 10.25 percent) and a net subscription of IDR12.14 trillion (mtd) (ytd: net subscription of IDR24.54 trillion). 

At the end of August 2025, the number of investors in the capital market was recorded at 18.02 million, up 3.15 million or 21.18 percent (ytd). 

Fundraising in the capital market maintained a positive trend, with the value of public offerings reaching IDR167.92 trillion, including IDR8.49 trillion from 16 new issuers. Meanwhile, 21 public offering pipelines remain active, with an estimated indicative value of IDR19.07 trillion.

In terms of fundraising through securities crowdfunding (SCF), 23 new securities were issued in August with a value of IDR50 billion, alongside seven new issuers bringing the total to 541 issuers. From the enactment of the SCF regulation to 28 August 2025, there were a total of 899 securities issuances, along with 186,372 investors, and total SCF funds collected amounting to IDR1.69 trillion.

In the financial derivatives markets, between January 10 and 29 August 2025, a total of 115 parties obtained a principal licence from OJK as follows: four futures market operators, 23 Alternative Trading System (Sistem Perdagangan Alternatif - SPA) traders, 65 futures brokers, 15 margin deposit banks, six futures advisers, one association and one professional certification institute. Meanwhile, the total transaction volume of financial derivatives with securities as underlying assets in August 2025 was recorded at 730,638 lots. Meanwhile, frequency increased by 347,972, bringing the total transaction frequency to 3,256,365 as of August 2025.

Regarding the carbon exchange, eight new service users were registered this month, bringing the total to 124 licensed service users, with an additional transaction volume of 5,465 tCO2e, thus bringing the total transaction volume to 1,604,822 tCO2e and an accumulated value of IDR77.38 billion. During the period from March 19 to 29 August 2025, a total of 49 issuers disclosed information regarding plans to perform buybacks without a General Meeting of Shareholders (RUPS), with an estimated buyback fund allocation of IDR26.52 trillion and a realized value of IDR3.83 trillion, accounting for 14.62 percent of the total.

Enforcing PMDK regulations in August 2025, OJK imposed administrative sanctions in the form of fines against violations of prevailing PMDK laws totalling IDR4,030,800,000 on 10 entities, alongside two written warnings and two written reprimands. 

In 2025, 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 IDR23,437,800,000 on 43 parties, administrative sanctions in the form of the revocation of the individual license of one entity, 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 18 entities and three written reprimands. 

Furthermore, OJK imposed administrative sanctions in the form of fines totalling IDR22,776,440,000 on 364 financial service providers (PUJK) in the capital market, as well as 130 written warnings for late report submissions. Additionally, fines totalling IDR100,000,000.00 and 34 written warnings were issued for other non-case violations, excluding late submissions.

Developments in the Banking Sector (PBKN)

Banking intermediation remained stable with a well-managed risk profile and optimal operational activity maintained in the banking industry to provide financial services to the public. In July 2025, credit grew 7.03 percent (yoy) (June 2025: 7.77 percent) to IDR8,043.2 trillion.

By loan type, investment loans posted the strongest growth at 12.42 percent, followed by consumer loans at 8.11 percent and working capital loans at 3.08 percent (yoy). By bank group, foreign bank branches were the primary driver of credit growth in the reporting period, recording a 9.90 percent (yoy) increase. Based on borrower category, corporate loans posted 9.59 percent growth, while MSME loans increased by 1.82 percent amid ongoing efforts in the banking industry to focus on restoring the quality of MSME loans.

By economic sector, the growth of new loan disbursements to several sectors achieved double-digit annual growth. The mining and quarrying sector recorded 18.31 percent growth, with 22.25 percent for the transportation and storage sector and 28.92 percent in terms of other service activities. 

Third-party funds (TPF) recorded 7.00 percent (yoy) growth in July 2025 (June 2025: 6.96 percent yoy) to reach IDR9,294 trillion, with demand deposits, savings deposits and time deposits growing by 10.72 percent, 5.91 percent, and 4.19 percent (yoy), respectively. 

BI-Rate reductions have been accompanied by lower interest rates in the banking industry. Compared to conditions in the previous year, the weighted average lending rate on rupiah loans has decreased by 36 bps for investment loans and 20 bps for working capital loans. Regarding fund mobilisation, the weighted average deposit rate has also begun decreasing compared with that of the previous month.

Liquidity in the banking industry remained ample in July 2025, with the ratios of liquid assets to non-core deposits (LA/NCD) and liquid assets to third-party funds (LA/TPF) recorded at 119.43 percent (June 2025: 118.78 percent) and 27.08 percent (June 2025: 27.05 percent), respectively, well above the regulatory thresholds of 50 percent and 10 percent. Meanwhile, the Liquidity Coverage Ratio (LCR) was recorded at 205.26 percent. 

Meanwhile, credit quality in the banking industry was maintained, as indicated by a gross NPL ratio of 2.28 percent (June 2025: 2.22 percent) and a net NPL ratio of 0.86 percent (June 2025: 0.84 percent). Loans at Risk (LaR) remained relatively stable at 9.68 percent (June 2025: 9.73 percent). The LaR ratio, therefore, is relatively stable in line with pre-pandemic levels. 

Banking industry resilience also remained solid, as reflected by a high Capital Adequacy Ratio (CAR) of 25.88 percent (June 2025: 25.81 percent), thus providing a robust buffer against risk in anticipation of global uncertainty. 

The share of Buy Now Pay Later (BNPL) loans disbursed by the banking industry stood at just 0.30 percent of total credit, yet continues to record strong annual growth. As of July 2025, the balance of outstanding BNPL loans reported via the Financial Information Services System (SLIK) grew 33.56 percent (yoy) (June 2025: 29.75 percent yoy) to IDR24.05 trillion, with the number of accounts increasing to 28.25 million (June 2025: 26.96 million).

OJK projects stable banking industry performance in 2025, accompanied by moderating credit growth from the previous year in line with banking industry measures to maintain prudential principles when lending/financing, particularly to high-risk segments, while remaining expansive to sectors with a significant economic contribution and promising outlook/sound prospects. 

OJK is also monitoring developments and coordinating with the banking industry. Overall, banking infrastructure has been maintained, allowing financial services to continue operating amid socio-political challenges in different regions.

As the banking authority, OJK will continue monitoring and implementing the measures necessary to safeguard against potential disruptions to banking performance and disruptions to banking system stability, while maintaining public trust to ensure the economic contribution of the banking sector continues to increase and coordinating with various relevant government ministries/agencies, particularly the Financial System Stability Committee (KSSK). 

Seeking to maintain seamless access to finance in the MSME sector through regulations being issued shortly, OJK is requiring financial service institutions (FSIs) to institute policies and special schemes for MSME financing products. 

Concerning regulatory enforcement and consumer protection in the banking industry, OJK revoked the business licence of PT BPR Disky Surya Jaya on19 August 2025, located in North Sumatra. 

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 25,912 accounts based on data submitted by the Ministry of Communication and Digital Affairs. In addition, OJK is following up on the reports by also requesting banks to close accounts matching specific Population Identification Numbers (NIK) and mandating Enhanced Due Diligence (EDD). Seeking to enhance the quality of cybersecurity systems in the banking industry, the OJK has urged banks to further strengthen their cyber incident detection capabilities by continuously monitoring anomalous and suspicious financial transactions that may indicate potential fraud.

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

The PPDP industry plays a crucial role in mitigating the financial risk exposure of the public during periods in times of illness, accidents, property or vehicle damage, while providing solutions for future planning, including the availability of sustainable income sources upon reaching a non-productive age. Additionally, through guarantee institutions, the PPDP industry serves as a catalyst for business owners, including MSMEs, to unlock broader access to capital. 

Insurance industry assets as of July 2025 stood at IDR1,169.64 trillion, representing a 3.30 percent (yoy) increase. In the commercial insurance industry, total assets were recorded at IDR948.4 trillion, equivalent to 3.99% year-over-year (yoy) growth.

In terms of premium income, the commercial insurance industry performance from January-July 2025 stood at IDR194.55 trillion, growing 0.77 percent (yoy), consisting of life insurance premiums that contracted by 0.84 percent (yoy) to IDR103.42 trillion, as well as general insurance and reinsurance premiums that grew by 2.67 percent (yoy) to IDR91.13 trillion.

In general, the capitalisation of the commercial insurance industry remains solid, with life insurance and general insurance as well as reinsurance industries, reporting aggregate risk-based capital (RBC) ratios of 471.23 percent and 312.08 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 IDR221.24 trillion with a growth of 0.44 percent (yoy).

As of July 2025, total assets of the pension fund industry grew 8.72% yoy to reach IDR1,593.18 trillion. In terms of voluntary pension programs, total assets recorded yoy growth of 4.66 percent, with a value of IDR392.56 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 IDR1,200.62 trillion, growing 10.12 percent (yoy).

In terms of guarantee institutions, as of July 2025, asset value increased by 1.69 percent (yoy) to IDR48.37 trillion.

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

1. Fulfilling the first stage of the equity enhancement obligations for 2026, following OJK Regulation (POJK) Number 23 of 2023. Based on the monthly reports submitted as of July 2025, a total of 109 out of 144 insurance and reinsurance companies (75.69 percent) have already met the minimum equity requirements for 2026.
2. OJK continued strengthening the supervision of POJK 20/2023 implementation, which requires general insurance companies (PAU) marketing credit insurance products and suretyship solutions to maintain a minimum equity of IDR250 billion alongside a minimum liquidity ratio of 150 percent. OJK imposes written warnings on non-compliant PAU, with two PAU currently under sanctions. OJK also monitors product compliance, including compulsory approval of product adjustments, and will impose marketing restrictions on non-compliant companies to maintain a healthy and prudent industry that protects consumers.
3. A total of 35 PAU failed to submit complete reports in the first quarter of 2025, prompting OJK to issue guidance letters. As a follow-up action, OJK conducted on-site supervision as a pilot project to test the implementation of financial reporting in accordance with PSAK 117. OJK also requested that insurance and reinsurance companies appoint Public Accountants (AP) and Public Accounting Offices (KAP) for the 2025 audit and the 2024 restatement based on PSAK 117. Auditing financial statements based on PSAK 117 began on 1 August 2025.  In addition, Public Accountants (AP) and Public Accounting Offices (KAP) have been asked to audit financial statements from 1 August 2025, with intensive communication in conjunction withPublic Accountants (AP) and Public Accounting Offices (KAP) in the third quarter of 2025 to ensure an optimal and adequate audit process.
4. OJK continued implementing various efforts to resolve ongoing issues plaguing financial service institutions (FSIs) through special surveillance, as applied to six insurance and reinsurance companies as of 25 August 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 (PVML Sector)

In the PVML sector, the financing receivables of finance companies (PP) grew 1.79 percent (yoy) in July 2025 (June 2025: 1.96 percent yoy) to IDR502.95 trillion, underpinned by working capital financing that increased by 8.68 percent (yoy).

Finance companies effectively managed their risk profile, as reflected in a gross non-performing financing (NPF) ratio of 2.52% (June 2025: 2.55%) and a net NPF ratio of 0.88% (June 2025: 0.88%). The gearing ratio of finance companies was recorded at 2.21x (as of June 2025: 2.24x), which is significantly below the 10x cap.

Venture capital financing in July 2025 increased by 1.33 percent year-over-year (yoy) (June 2025: 0.84 percent yoy), with a value of IDR16.40 trillion (June 2025: IDR16.35 trillion).

In the FinTech peer-to-peer (P2P) lending industry, outstanding financing in July 2025 increased by 22.01 percent yoy (June 2025: 25.06 percent yoy), with a value of IDR84.66 trillion. The aggregate credit risk level (TWP90) stood at 2.75 percent in the reporting period (June 2025: 2.85 percent).

According to the Financial Information Services System (SLIK), BNPL financing disbursed by finance companies in July 2025 increased by 56.74 percent (yoy) (June 2025: 55.75 percent yoy) to IDR8.81 trillion, with a gross NPF ratio of 2.95 percent (June 2025: 3.26 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 nine          out of 96 P2P lenders have been unable to meet the minimum equity requirement of IDR12.5 billion. All the P2P lenders have submitted an action plan to OJK, containing measures to meet the minimum equity requirements, including through additional paid-up capital by existing shareholders, seeking strategic investors, and/or mergers with other P2P lenders. OJK continues to take the measures required following the progress action plan concerning efforts to fulfil the minimum equity obligations.
2. Enforcing compliance and integrity in the PVML sector, OJK in August 2025 imposed administrative sanctions on 24 finance companies, five venture capital companies, 19 P2P lenders, 28 private pawnbrokers, one specialised financial institution, and eight microfinance institutions for violations of prevailing POJKs, as well as based on supervisory findings and/or follow-up inspections. The administrative sanctions consisted of 32 fines and 129 written warnings. OJK expects the enforcement measures to foster good governance, prudence, and compliance in the PVML sector, ultimately improving performance and optimising the industry's contribution.

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

1.Regulatory sandbox implementation:

1. Following the promulgation of OJK Regulation (POJK) Number 3 of 2024 concerning Financial System Technology Innovation (ITSK), interest from ITSK providers to become OJK sandbox participants remains overwhelming. As of August 2025, OJK received 233 consultation requests from prospective sandbox participants.
2. OJK has received 18 applications from prospective sandbox participants, of which eight were approved. The approved participants consist of six 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 one sandbox participant that has completed the trial process and received a ‘Pass’ status on 8 August 2025, namely PT Indonesia Blockchain Persada (Blocktogo), with a gold tokenisation business model (AKD-AK) for a product known as Gold Indonesia Republic (GIDR). Three applications to become sandbox participants are currently under review, consisting of two providers with the AKD-AK business model and one provider with an open finance business model.

2. ITSK provider licensing:

1. As of August 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 Number 3 of 2024 concerning Financial System Technology Innovation (ITSK), registered ITSK providers are required to submit licence applications to OJK. Meanwhile, new prospective ICS and PAJK providers can apply directly to OJK for a business license.
2. As of August 2025, OJK received nine licence applications fromITSK providers, including three ICS providers and six PAJK aggregators, which are currently under review by OJK.

3. Based on the reports submitted as of July 2025, ITSK providers registered with OJK have successfully established 1,172 partnerships with financial service institutions (FSIs) across various sectors, including the banking industry, finance companies, insurance, securities companies, online lenders, microfinance institutions and pawnbrokers, as well as with information technology service providers and data source providers.

4. During July 2025, Financial Service Aggregators (PAJK) successfully facilitated partner-approved transactions worth IDR2.44 trillion, bringing the total transaction value in 2025 to IDR15.09 trillion (year-to-date), with a total of 13.10 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 amounted to 18.45 million hits in the reporting period, bringing the total number of hits this year to 105.78 million (ytd). Such developments indicate that the services offered by ITSK providers have contributed to accelerating market deepening in the financial services sector, while increasing accessibility and inclusion in the use of financial products and services.

5. Regarding the development of crypto asset activities in Indonesia, as of August 2025, a total of 1,342 tradeable crypto assets were recorded. OJK has approved licenses for 25 entities within the crypto trading ecosystem, comprising one crypto exchange, one clearing and settlement institution, two custodians, and 21 crypto asset traders. Meanwhile, OJK is currently processing the licenses for another nine prospective crypto asset traders.

6. The number of consumers continues to track an upward trend, reaching 16.50 million consumers in July 2025 (a significant 4.11 percent increase from the position recorded in June 2025, at 15.85 million consumers). The value of crypto asset transactions in July 2025 was recorded at IDR52.46 trillion (up significantly by 62.36 percent from the position recorded in June 2025 at IDR32.31 trillion), bringing the total value of crypto asset transactions in 2025 (ytd) to IDR246.45 trillion. The significant uptick in total transaction value was primarily influenced by the upward global trend in the value of Bitcoin (BTC), which reached an all-time high (ATH) of USD123,091.61, accompanied by spikes in the prices of Ethereum (ETH) and several other major crypto coins. 

7. Considering the current situation, OJK can confirm that the IAKD industry (ICS, PAJK and AKD-AK), in general, continues to operate as usual without experiencing any operational disruptions, indicating maintained consumer confidence and robust market conditions. 

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

From 1 January to 29 August 2025, OJK hosted 3,920 financial education activities, engaging more than 6,660,530 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 230 pieces of educational content, reaching a total of 1,686,134 viewers. In addition, 22,165 users accessed the Financial Education Learning Management System (LMSKU), with modules being accessed a total of 15,179 times, and 9,352 module completion certificates were issued. In addition, through theflagship GENCARKAN program, OJK hosted 16,593 direct education activities, engaging 4.8 million participants and publishing 11,123 pieces of digital education content, which were viewed by 172.3 million viewers. 

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 August 2025:

1. OJK, in conjunction with the Ministry of Finance, Bank Indonesia, and Indonesia Deposit Insurance Corporation (LPS), as members of the Coordination Forum for Development Financing through Financial Markets (FK-PPPK), hosted a LIKE IT Financial Literacy event from 14-18 August 2025, which aimed to increase literacy and expand the retail investor base. LIKE IT 2025 is implemented in synergy with the activities of the National Special Needs Scout Camp (PPBK Nasional 2025) by inviting Scouts with Special Needs (persons with disabilities) to become future economic activists and financially independent, following the guidelines issued by OJK to expand access to financial services for persons with disabilities, to be acted upon by each Financial Service Provider (FSP) through the implementation of technical instructions.
2. In synergy with the Indonesian Businesswomen Association (IWAPI), OJK conducted financial education through a Training of Trainers (ToT) program under the auspices of the OJK Enables Indonesian Financial Literacy Ambassadors (OJK PEDULI) program for IWAPI members on 12 August 2025.
3. Digital financial literacy for the implementation of the flagship GENCARKAN program on 7 August 2025, in Tegal. The activity attracted 400 attendees, including MSME entrepreneurs, students and housewives.
4. Showing appreciation to all stakeholders who have supported OJK in terms of improving financial literacy, the Financial Literacy Awards ceremony was held as the culmination of Indonesian Savings Day and Financial Literacy Month on 22 August 2025. In addition, the KEJAR Award 2025 was also presented as a form of appreciation to parties that contributed to increasing the number of student accountholders in Indonesia, while also nurturing a culture of saving from an early age through implementation of the KEJAR program.
5. In synergy with relevant stakeholders, OJK hosted a series of activities under the auspices of Indonesian Savings Day and Financial Literacy Month 2025 in all regions of the Indonesian archipelago, entitled ‘Smart Saving for a Golden and Glorious Indonesia’, achieving the following milestones:
   1. Opening 263,109 new student accounts with savings totalling IDR338.6 billion. This was achieved through various programs, including the Bank Goes to School program, hosting more than 120 thousand activities in more than 101 thousand schools around Indonesia. The Bank Goes to School program is an integral part of the flagship One Student, One Account (KEJAR) Program. Through the KEJAR Program, which consists of Student Savings Accounts (SimPel) and Children’s Savings Accounts, around 88 percent of students in Indonesia (58.32 million students) have a savings account, accruing more than IDR34 trillion in value.
   2. Increasing financial literacy in 81 regencies/cities and 19 provinces, 7,293 Financial Literacy Series activities in 415 regencies/cities, as well as publishing 4,225 pieces of Financial Literacy Campaign content that successfully reached more than 100 million viewers.
6. In synergy with relevant stakeholders, OJK launched the Financial Inclusion Village Ecosystem (EKI) on 2 August 2025, in Girimulyo village, Karanganyar Regency, Central Java. The activities included, among others, opening capital market accounts for village officials and youth organisations, a Social Security program from the Social Security Agency (BPJS) for MSMEs, farmers and beekeepers, a gold savings program fromPegadaian (pawnbroker) for MSMEs, QRIS services for MSMEs and Student Savings Accounts (SimPel) for primary and secondary school students.
7. The program to expand access to finance through the Financial Inclusion Village Ecosystem (EKI) initiative launched by OJK was one of the objectives of the study visit by Bangko Sentral ng Pilipinas (BSP), namely to visit one of the EKI locations in Rembul village, Tegal regency on13 August 2025, as one of the fundamental considerations of BSP when formulating its national strategy for financial education in the Philippines.
8. Strengthening and optimising Regional Financial Access Acceleration Teams (TPAKD), OJK hosted coaching clinics for TPAKD throughout Aceh province on 31 July to 1 August 2025, attended by all TPAKD teams at the provincial, regency and city administrative levels in the region.
9. Accelerating implementation of the KEJAR program and nurturing a culture of saving from an early age, OJK kicked off the Massive KEJAR Smart Capital Market Investment Program in West Kalimantan on 5 August 2025. The initiative was part of a national program to expand the number of student accountholders as a pilot project of the KEJAR program.
10. Increasing financial inclusion for persons with a disability, as a priority target, OJK initiated socialisation activities for the Guidelines to Expand Access to Inclusive Financial Services for Empowered Persons with Disabilities (SETARA) alongside Sensitivity Training for Financial Service Providers (FSPs) on 27 August 2025, at the OJK Office in South Sulawesi and West Sulawesi provinces, attended by representatives from 33 FSP.

Regarding consumer services, between 1 January and 15 August 2025, OJK received 318,908 service requests through the Consumer Protection Portal Application (APPK), including 31,456 complaints. Of the total complaints, 12,090 originated from the banking sector, 11,687 from the FinTech industry, 6,252 from finance companies, and 990 from insurance companies; with the remaining 437 complaints related to the capital market and other non-bank financial institutions.

On 19 August 2025, OJK in synergy with the Task Force for the Eradication of Illegal Financial Activities (Satgas PASTI) launched a National Campaign in Jakarta to Eradicate Illegal Financial Activities and Scams. 

The national campaign emphasises four main measures undertaken by Satgas PASTI in conjunction with the Indonesia Anti-Scam Centre (IASC), namely prevention through massive and continuous literacy campaigns, faster report handling through a co-location strategy at the Indonesia Anti-Scam Centre (IASC) to accelerate the blocking of accounts and recovery of victims’ funds, law enforcement through close interagency coordination with law enforcement agencies, as well as international collaboration with global organisations to tackle cross-border financial crime. 

Seeking to eradicate illegal financial activities, from 1 January to 29 August 2025, OJK received 14,634 complaints relating to illegal entities. Of that total, 11,653 complaints were received about illegal online loans, alongside 2,981 complaints concerning 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 29 August 2025, OJK:

1. Identified and shut down 1,556 illegal online lending entities and 284 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 22,993 contact numbers reported by scam victims. As a follow-up action, Satgas PASTI coordinated with the Ministry of Communication and Digital Affairs of the Republic of Indonesia to analyse and block the contact numbers reported.

Since launched in November 2024 to 29 August 2025, ISAC or the Centre for Handling Fraudulent Financial Transactions, serves as a platform to support the national commitment to eradicating scams and fraud.

IASC received 238,552 reports, consisting of 145,862 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 92,690 reports submitted by victims directly into the IASC system. 

In total, 381,507 accounts were reported and 76,541 accounts were blocked. To date, total reported financial losses amount to IDR4.8 trillion, with IDR350.3 billion of victim funds blocked. IASC will continue to enhance 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 22 August 2025, in the form of 89 Written Warnings to 73 Financial Service Providers (FSPs), 13 Written Instructions to 13 FSPs, and 24 Fines to 23 FSPs. Additionally, between 1 January and 31 July 2025, a total of 141 FSPs were required to compensate consumer losses amounting to IDR40.67 billion and USD3,281.

In terms of overseeing market conduct, OJK has enforced regulations through Administrative Sanctions based on the results of onsite/offsite supervision. From 1 January to 29 August 2025, OJK issued six Administrative Sanctions in the form of Written Warnings and 11 Administrative Sanctions in the form of Fines for violations of consumer protection regulations relating to the information provided in advertisements. 

Seeking 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 onsite/offsite supervision to provide coaching to 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 OJK Regulation (POJK) Number 22 of 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 realization for the second semester of 2024. 

Between 1 January and 29 August 2025, 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.In synergy with the financial services industry and relevant associations, OJK will continue to collect comprehensive data and assess recent domestic dynamics over the past few days. Although the impact is currently relatively well contained, OJK is taking stringent measures to ensure that the policy options adopted are based on accurate and targeted data to safeguard the stability of the financial services sector.

For borrowers materially impacted by the current situation and whose repayment capacity has been affected, financial service institutions (FSIs) have been urged to relax loan repayments, which includes restructuring, while still adhering to prudential and customer protection principles. 

In general, FSI infrastructure remains unaffected by the recent turmoil and OJK is coordinating with all financial service institutions to take the anticipatory measures necessary to safeguard the optimal performance of financial services for the public. In addition, OJK continues to coordinate intensively with financial service institutions to proactively identify potential losses, accelerate appraisals concerning the magnitude of losses, and ensure claim payments are paid out immediately after the verification process has successfully been completed in accordance with the insurance policy.

To that end, the Social Security Agency for Employment (BPJS Ketenagakerjaan) has disbursed Work Accident Insurance (JKK) and Life Insurance (JKM) benefits to hospitalised victims and families of the deceased. In addition, OJK continues coordinating with regards to the coverage of affected assets to support the seamless recovery of economic activity and the continuity of public services.

In parallel, OJK is urging financial service institutions (FSIs) to perform stress tests concerning the impact of movements in market value on the assets held. This is an important measure to preserve the resilience of financial service institutions, thereby ensuring they can fulfil their obligations to the public.

In addition, OJK has requested FSIs to provide special policies and schemes for MSME financing products in an effort to improve access to finance for micro, small and medium enterprises (MSMEs) through regulations to be issued soon.

OJK is also pursuing a policy of deregulation by facilitating financing for the prospective customers of financing companies, infrastructure financing companies and pawnbrokers based on historical data, with non-current financing (non-material), provided the prospective customer has adequate repayment capacity and in accordance with the risk appetite of the financial service institution involved.

OJK has instituted a policy mix to address significant fluctuations in market conditions in response to global policy dynamics, as issued in March and April 2025, including buybacks without a General Meeting of Shareholders (RUPS), postponing the implementation of short selling financing, adjusting the trading halt and applying asymmetric auto-rejection. 

Based on assessments and evaluations conducted by OJK and self-regulatory organisations (SRO), such policies remain relevant to current conditions. OJK will continue to conduct periodic assessments of the policies, while continuously monitoring the state of financial markets and implementing the necessary policy measures.

In addition, OJK in synergy with the SRO, is committed to continuous monitoring, assessment and evaluation of existing policies, while maintaining governance by providing policy updates and the latest information to create an orderly, fair and efficient market. 

In terms of consumer services, OJK constantly ensures that all consumer channels remain open and operational as usual. Members of the public have access to walk-in services at OJK offices, the option to contact OJK 157 via telephone or WhatsApp message, as well as digital services through the Consumer Protection Portal Application (APPK) and OJK Checking to access information on financial products and services. The public also has access to complaint services through the Illegal Financial Activity Eradication System (SiPasti) and Indonesia Anti-Scam Centre (IASC) to report illegal financial activities. OJK also urges members of the public to always use official OJK channels when requesting information or submitting complaints and remain vigilant against the threat of suspicious investment offers and financial activities. 

2. Coordination and synergy with all members of the Financial System Stability Committee (KSSK) are also strengthened constantly to mitigate potential risks that could disrupt the overall stability of the financial services sector. 

3. In line with expectations of reductions to global interest rates in the second half of 2025, OJK acknowledges future opportunities to lower funding and lending rates. OJK has also urged financial service institutions to consistently apply adaptive and innovative strategies to address changing macroeconomic conditions, aiming not only to maintain financial system stability but also to drive the economy as a critical pillar of support for sound and sustainable economic growth.

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

1. In conjunction with the Ministry of Forestry, OJK has agreed to strengthen financial services and forestry sector synergy through the signing of a Memorandum of Understanding (MoU) as a form of synergy and strategic cooperation to develop policies and products, exchange data and provide experts, while increasing the capacity of human resources in the financial services and forestry sectors. The MoU was signed during a kick-off ceremony, entitled ‘Introduction to the Development of Economic Value of Carbon Potential through Social Forestry in Indonesia’.
2. Seeking to provide more efficient, faster and quality licensing services for the financial services industry, OJK has integrated the licensing services for the PPDP and PVML industries into the Integrated Registration and Licensing Information System (SPRINT), effective from 1 September 2025. In addition, OJK has also streamlined the business processes significantly from 1,554 to just 389 for the PPDP, PVML and IAKD industries, while expanding licensing services, among others, through the use of digital signatures connected to the National Cyber and Encryption Agency (BSSN) for each licensing output from OJK alongside the use of QR codes to simplify the process of checking the status of various licenses. OJK also launched SPRINT modules for underwriter representatives, broker-dealer representatives and individual investment advisers, and delegated the licensing authority from head office to regional offices to boost the effectiveness of licensing services and bring licensing services closer to local financial service businesses.
3. OJK has finalised or issued:
   1. OJK Regulation (POJK) Number 14 of 2025 concerning the Electronic Implementation of a General Meeting of Shareholders, General Meeting of Bondholders, and General Meeting of Sukuk Holders. The POJK aims to make general meetings for shareholders, bondholders, and sukuk holders more efficient by allowing the use of information technology to meet quorum requirements without needing a physical venue, while also fulfilling decision-making quorum requirements and protecting the rights of shareholders, bondholders, and/or sukuk holders. 
   2. POJK Number 15 of 2025 concerning Mutual Fund Ratings and Investment Manager Ratings to increase public financial literacy in terms of understanding the risks associated with mutual funds, while improving the management of mutual funds and investment managers through mutual fund ratings and investment manager ratings. The POJK regulates rating agencies, the criteria for mutual fund and investment manager ratings as well as the rating procedures.
   3. POJK Number 17 of 2025 concerning Securities-based Crowdfunding, replacing POJK Number 57/POJK.04/2020. The POJK regulates, among others, the business activities and institutional arrangements of crowdfunding platforms, licensing requirements, fit and proper assessments of main parties, obligations and restrictions of crowdfunding platforms, offering mechanisms as well as issuer and investor requirements, crowdfunding agreements, risk mitigation and industry associations.
   4. POJK Number 18 of 2025 concerning the Transparency and Publication of Bank Reports, as an amendment to POJK Number 37/POJK.03/2019, which serves as guidelines for preparing reports published by banks to the public, while reducing report redundancies, strengthening integrity and competencies in the preparation of financial statements, including chartered accountant (CA) certification, as well as adjusting reports based on the standards issued by the Basel Committee on Banking Supervision (BCBS) and Islamic Financial Services Board (IFSB). This also includes acting on the recommendations of the Financial Sector Assessment Program (FSAP) andAccounting and Auditing Reports on the Observance of Standards and Codes (A&A ROSC).
   5. Circular Letter (SEOJK) Number 18/SEOJK.03/2025 concerningFit and Proper Tests for Main Parties in Non-operational Financial Conglomerate Holding Companies (Non-operational PIKK), as the implementation regulations of POJK Number 30 of 2024 concerning Financial Conglomerates and PIKK, serving as fit and proper test guidelines for non-operational PIKK, including the management requirements for non-operational PIKK.
   6. SEOJK Number 19/SEOJK.06/2025 concerning FinTech Peer-to-Peer Lending, as implementation guidelines of POJK Number 40 of 2024 and an amendment to the previous regulation, which regulates, among others, risk disclaimer requirements in electronic systems, age restrictions and minimum income requirements for borrowers as well as lender classifications as professionals or non-professionals.
   7. The Cybersecurity Guidelines for Digital Financial Trading Platforms in Indonesia was compiled to increase understanding and awareness among digital financial asset traders concerning the importance of cybersecurity to strengthen the integrity and resilience of an increasingly dynamic digital financial asset trading ecosystem. In addition, the document also emphasizes the importance of creating secure information systems as well as adaptive, solid and visionary protections to maintain stability and public trust in the sector. The guidelines address several key strategic issues, including the implementation of zero trust principles, cyber risk management, data and wallet protection, incident response plans, and technical competency improvements. OJK disseminated the document through socialisation activities to all digital financial asset trading platforms in Indonesia on 25 August 2025.
4. OJK is drafting:
   1. Draft POJK concerning Commercial Bank Reporting via the OJK Reporting System (Draft POJK APOLO) to increase the effectiveness and efficiency of bank report submission by simplifying and streamlining the reports as well as reporting digitalisation to enhance risk-based supervision in OJK, which regulates, among others, the banks’ obligations to prepare and submit periodic and incidental reports online via APOLO. With the enactment of Draft POJK APOLO, POJK Number 63/POJK.03/2020 concerning commercial bank reporting via the financial services authority reporting system shall be revoked and no longer in effect.
   2. Draft POJK concerning the use of Foreign Workers and Knowledge Transfer Programs by Commercial Banks, as an amendment to POJK Number 37/POJK.03/2017 and Circular Letter (SEOJK) Number 42/SEOJK.03/2017 to increase the competitiveness of the banking industry, support knowledge transfer programs and support HR competency development programs in the banking sector, particularly for Indonesian workers placed abroad.
   3. Draft Circular Letter (SEOJK) concerning the Transparency and Publication of Conventional Commercial Bank Reports, as implementation guidelines for POJK Number 18 of 2025 concerning the Transparency and Publication of Bank Reports and an amendment to SEOJK Number 9/SEOJK.03/2020 concerning the Transparency and Publication of Conventional Commercial Bank Reports and part of the SEOJK that regulates prudential principles, including provisions on risk-weighted assets (RWA) and remuneration governance. The draft SEOJK also regulates adjustments to the reporting format and the preparation of guidelines, while ensuring regulatory harmonization with the latest prudential principles and international standards, such as Pillar 3 disclosures and related parties in accordance with the Basel Core Principles to increase transparency and accountability in the banking industry.
   4. Draft SEOJK concerning the Publication of Complaint Handling and Complaint Service Reports, as guidelines for Financial Service Provider (FSP) regarding brief publication procedures for complaint services and complaint handling, as well as the report format and procedures for completing complaint service reports to OJK, including new FSPs as well as digital financial asset trading platforms.
5. Regarding the upcoming implementation of mandatory margin requirements in accordance with SEOJK Number 17/SEOJK.03/2023 concerning Margin Requirements for Non-Centrally Cleared Derivative Transactions (SEOJK NCCD) on 1 September 2025, OJK is coordinating with Bank Indonesia and encouraging the active participation of industry players to ensure optimal implementation of the regulations. To that end, OJK, through a letter dated 11 August 2025, and submitted to the banking industry, has stipulated which types of derivatives and entities are subject to the margin requirements, the rehypothecation of variation margin following a title transfer, the application of substitute compliance and the use of custodian banks to administer margins.
6. OJK is strengthening the role of regional government banks as an essential pillar of national and regional economic development, while encouraging transformation in the face of competition in the banking industry that is prioritising information technology.  In addition, OJK is nurturing synergy among regional government banks through the formation of Bank Business Groups (KUB) to strengthen the resilience ofregional government banks and increase competitiveness through strong synergy between the parent bank and KUB members.
7. OJK is currently reviewing regulations concerning inactive or dormant accounts. OJK, therefore, is urging the banking industry to avoid blocking dormant accounts unless there are indications of suspicious financial transactions or crime. In addition, OJK is also urging the banking industry to proactively contact customers with periods of inactivity to reactivate dormant accounts, while conducting Customer Due Diligence (CDD) again for each customer reactivating a dormant account.
8. OJK is striving to accelerate the establishment of Sharia Jamkrida Aceh and Jamkrida North Sumatra with the involvement of all relevant stakeholders. In Aceh, full government support was pledged through Qanun Number 11 of 2018 and Proleg Prioritas 2025 to establish PT Jaminan Pembiayaan Syariah Aceh as a guarantee company for Islamic finance in Aceh. In North Sumatra, government commitment was realised through Regional Regulation (Perda) Number 1 of 2023 concerning the Establishment of Jamkrida and Perda Number 2 of 2024 concerning regional capital participation. Such measures are expected to accelerate the establishment of Jamkrida in more provinces considering that only 18 out of 38 Indonesian provinces have a Jamkrida.
9. In August 2025, the first re-guarantee company was established in Indonesia. Notwithstanding, the emergence of state-owned entities with larger capacity are required to strengthen the national guarantee ecosystem. OJK is therefore fostering the establishment of national re-guarantee companies to strengthen the guarantee ecosystem in Indonesia.
10. Strengthening public understanding concerning the important role and contribution of financing services and microfinance institutions in the community, which support government programs and nurture inclusive and sustainable national economic growth, OJK hosted the National Forum of Financing Services and Microfinance 2025 (NFSM 2025), entitled ‘Contribution of Financing Services and Microfinance Institutions to the National Economy’. This takes into consideration the strategic role of the financing sector and microfinance institutions in supporting national economic transformation, particularly by financing the productive sector as well as micro, small and medium enterprises (MSMEs).
11. Seeking to increase digital financial literacy and strengthen collaboration among regulators, industry players and stakeholders in terms of building a solid and inclusive IAKD sector, OJK hosted OJK Digital Financial Innovation Day 2025, featuring the launch of Cybersecurity Guidelines for Digital Financial Trading Platforms in Indonesia, a presentation of a mock-up collaboration project between OJK, the International Labour Organisation (ILO) and Indonesia FinTech Association (Aftech) concerning Digitalisation of the Dairy Cattle Industry Ecosystem, as well as business matching that brought together Innovative Credit Scoring (ICS) providers and Financial Service Aggregators (PAJK) with financial service providers in central Java.

C. Development and Strengthening of Sharia Financial Services Sector

In the sharia financial industry, the Indonesia Sharia Stock Index (ISSI) rallied 22.80 (ytd). In comparison, the Assets Under Management (AUM) of sharia mutual funds posted 31.61 percent (ytd) growth to reach IDR66.53 trillion. Meanwhile, sharia banking intermediation maintained positive annual growth yoy, with insurance contributions remaining stable at 4.11 percent, and sharia financing receivables increasing 9.32 percent.

In the insurance industry, following Article 9 of POJK Number 11 of 2023, 41 companies have submitted Sharia Unit Spin-Off Plans (RKPUS), of which 29 companies have declared their intention to spin off a sharia unit by establishing a new company, with the remaining 12 planning to transfer their portfolios to other existing companies. In 2025, 18 companies plan to spin off their Sharia units by establishing new companies, and eight companies will transfer their portfolios to other companies. Since May 2025, one Sharia business unit (Islamic window) has initiated the spin-off process by establishing a new company and another Sharia business unit is in the process of transferring its portfolio to a separate company. 

OJK also continued strengthening strategic alliances and collaboration in the development of Islamic finance, which includes increasing Islamic financial literacy and inclusion as follows:

1. Implementing the Roadmap for the Development and Strengthening of Indonesian Islamic Banking (RP3SI) 2023-2027, OJK is currently preparing guidelines for the implementation of sustainable finance in the Islamic banking industry as a practical guide for the industry, which naturally aligns with many of the activities associated with sustainable finance, such as performing a social function as well as community-based economic empowerment. OJK, therefore, arranged Focus Group Discussions (FGD) with internal work units and representatives from the Islamic banking industry (sharia commercial banks, Islamic windows and sharia rural banks) on 8 August 2025, to garner input and responses from the industry concerning the draft guidelines for the implementation of sustainable finance in the Islamic banking industry, while simultaneously exploring the application of sustainable finance in the Islamic banking industry in greater depth alongside the readiness of the Islamic banking industry to apply the upcoming regulations on sustainable finance to be issued by OJK.
2. Seeking to enhance the knowledge of human resources in the Islamic banking industry concerning the unique products of Islamic banking, OJK hosted a workshop on the implementation of salam products in conjunction with the Indonesian Association of Islamic Rural Banks (HIMBARSI), attended by 80 representatives of Islamic rural banks from Java and Yogyakarta on 21 August 2025, at the OJK Office in Solo. On August 2022, 2025, at the exact location, OJK hosted a workshop on the implementation of Cash Waqf Linked Deposits (CWLD) in synergy with the Directorate for Zakat and Waqf Empowerment of the Ministry of Religious Affairs, which was attended by 82 leaders from Islamic commercial banks and Islamic windows throughout Indonesia as well as leaders of Islamic rural banks from Java and Yogyakarta as Cash Waqf Management Institutions (LKS-PWU).
3. OJK is drafting:
   1. Draft Circular Letter (SEOJK) concerning the Internal Liquidity Adequacy Assessment Process (ILAAP) to strengthen liquidity management in the commercial banking industry, including Islamic commercial banks and sharia business units,
   2. Draft SEOJK concerning the Transparency and Publication of Islamic Commercial Bank and Sharia Business Unit Reports, and
   3. Draft SEOJK concerning Islamic microfinance institutions and micro waqf banks (LKMS BKM) that regulates implementation of the LKMS BKM program, capital and fund/investment placements, deposits, financing disbursements, HR management and development as well as the termination of the LKMS BKM program.
4. OJK hosted the Sharia Financial Fair (SYAFIF) on 2-3 August 2025, with the participation of 24 Islamic Financial Service Providers (FSPs) from the Islamic sector. OJK pledged its commitment to increase access to Islamic finance, among others, through implementation of the KEJAR Program in collaboration with several Islamic banks, business matching through the implementation of Islamic finance and pawnbroker agents and the signing of joint commitments with the Regional Islamic Economy and Finance Committee (KDEKS) in West Java and Islamic FSPs to expand education and access to Islamic finance in West Java through the Ecosystem for the Sharia Financial Inclusion Centre (EPIKS). SYAFIF Goes to Bandung stoked public enthusiasm with 784 new accounts opened and a total transaction volume of Rp73 billion.
5. OJK hosted educational activities which aimed to increase the understanding of MSME mentors involved in the Fostering Prosperous Family Economy (Mekaar) program, covering Islamic finance, vigilance against illegal financial activity, and wise financial planning under the auspices of the SICANTIKS Islamic financial literacy program targeting women, which attracted more than 10,000 participants from different regions.
6. OJK remains committed to increasing Islamic financial literacy and inclusion among the younger generation, namely students, as a priority target under the National Financially Smart Movement (GENCARKAN) through the Indonesia Sharia Finance Olympiad (ISFO) and Islamic Finance Quiz (CCKS), open to high school students and undergraduates, as well as the Young Sharia Entrepreneur Competition (WMS), open to undergraduates. ISFO 2025 was hosted under the theme ‘Learn, Innovate, Elevate’ with registration open from 1 August to 30 September 2025. Seeking to increase the benefits for students, ISFO 2024 earned distinction as a National Achievement Event recognised by the National Achievement Centre (Puspresnas).
7. Strengthening the Islamic financial ecosystem in rural areas, OJK again hosted the School of Sharia (SOS) in collaboration with the National Islamic Economy and Finance Committee (KNEKS) and Regional Islamic Economy and Finance Committee (KDEKS) in West Kalimantan on 29 August 2025. The Training of Trainers (ToT) activity empowered religious teachers as ambassadors of Islamic finance and EPIKS to optimise the role of village-owned enterprises (BUMDES) as agents of Islamic financial services.
8. In synergy with the Indonesia Islamic FinTech Association (AFSI), the OJK Innovation Centre (OJK Infinity) hosted a dialogue event involving industry players, the National Sharia Board of the Indonesian Council of Ulama (DSN-MUI), ulema and academics as a scientific study initiative based on sharia principles regarding crypto assets in Indonesia. The dialogue aimed to analyse the legal and Islamic position of crypto assets based on existing fatwa, while identifying the actual challenges faced in the sector. In addition, such dialogue is expected to comprehensively elucidate the opportunities and risks of using crypto assets within the national Islamic financial system.

D. Strengthening OJK Governance

1. OJK remained committed to strengthening the governance, risk management and compliance (GRC) ecosystem in the financial services sector by hosting strategic forums to strengthen governance and integrity through the Risk and Governance Summit (RGS) 2025, which emphasised the importance of strengthening GRC as the key to not only maintaining stability but also unlocking compelling growth opportunities and strengthening national resilience in the face of global challenges.
2. OJK emphasised the importance of implementing good governance towards achieving the Sustainable Development Goals (SDGs). In addition to governance, OJK also fostered transparency and accountability in terms of reporting sustainable finance as well as increasing cybersecurity in the financial services industry.
3. In synergy with the Corruption Eradication Commission (KPK), OJK hosted Integrity Building Expert Certification (API) as a strategic measure towards strengthening the culture of integrity in OJK and as the realisation of OJK's commitment to supporting government programs that enhance bureaucratic reform. OJK employees took part in a certification assessment that aims to create professionals who are capable of building integrity systems within the OJK environment. OJK and KPK collaboration will be optimised further moving forward, including through the certification of Anti-Corruption Councillors (PAKSI) at the end of 2025. These collaborative measures are expected to bolster the culture and values of integrity, while maintaining public confidence in the financial services sector.
4. OJK participated in a workshop for Integrated Assurance Policy and Framework Development hosted by the Finance and Development Supervisory Agency (BPKP) to increase the understanding and capabilities of Internal Government Supervision Apparatus (APIP) in developing the role of coordination and synergy in the implementation of integrated internal supervision through an integrated assurance approach, thereby supporting risk management and achieving the national development goals.
5. OJK seeks to strengthen the accounting profession, among others, through mandatory certification in accordance with prevailing laws and regulations. OJK continues to increase synergy in collaboration with professional associations in the GRC sector, including through a series of Certified Financial Investigator (CFI) program activities hosted by the Institute of Indonesian Certified Public Accountants (IAPI). In addition, OJK emphasised the importance of the GRC function as an organisational strategic partner in realising integrated supervision of the financial services sector at The Institute of Internal Auditors (The IIA) National Conference 2025 on 28 August 2025. OJK also appreciated the Institute of Indonesian Chartered Accountants (IAI) and the International Federation of Accountants (IFAC) for hosting an international seminar at the Aspiring Professional Accountants Festival (APAFest) 2025, entitled Future-Ready Accountants: Navigating Global Challenges on 20 August 2025, in Depok, West Java.
6. OJK maintains various efforts to strengthen organisational and financial services sector integrity, including through the implementation of various governance activities. From January to August 2025, governance activities have engaged 55,014 participants, including internal OJK staff and external stakeholders.

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

Executing the investigation function, as of 31 August 2025, OJK investigators have resolved 156 cases, consisting of 130 cases in the banking industry, five cases in the capital market, financial derivatives and carbon exchange (PMDK) sector, 20 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). To date, 138 cases have been court adjudicated, including 132 cases with legally binding rulings (in kracht) and six cases in cassation.