OJK Launches Roadmap for Development and Strengthening Technological Innovation in the Financial Sector, Digital Financial Assets and Crypto Assets

The Financial Services Authority (OJK) officially launched the Roadmap for Development and Strengthening Technological Innovation in the Financial Sector, Digital Financial Assets and Crypto Assets (IAKD) for the period 2024-2028. This launch was carried out at an event Digital Financial Innovation Day or OJK Digination Day 2024 in Jakarta.

Chairman of the OJK Board of Commissioners, Mahendra Siregar, emphasized that the presence of the new IAKD field at OJK is expected to be a platform that brings great benefits to society, especially in increasing financial inclusion throughout Indonesia. "The IAKD industry has an important contribution to national development," he said.

Focus on four strategic pillars

The 2024-2028 IAKD Roadmap was prepared to support strong, balanced, inclusive and sustainable growth of the IAKD sector. The main focus includes four strategic pillars, namely Regulation and Development, Supervision and Law Enforcement, Licensing and Information, and Innovation.

Chief Executive of the OJK IAKD Supervisor, Hasan Fawzi, stated that this road map will be implemented in three mutually continuous phases until 2028. "We have formulated nine strategic programs to achieve this goal," he said. These programs cover various important aspects, such as development Regulatory Sandbox, increasing digital financial literacy, and organizational transformation.

OJK also emphasized the importance of synergy with various parties, including the government, ministries, institutions, industry players and the community. This collaboration is considered the key to successful implementation of the IAKD Roadmap.

During this launch event, OJK also held a talk show with the theme "Future Directions for Development and Strengthening of the IAKD Industry," which presented various key speakers from internal OJK and association representatives.

Summary of IAKD Roadmap 2024-2028

The 2024-2028 Roadmap for Development and Strengthening Technological Innovation in the Financial Sector, Digital Financial Assets and Crypto Assets (IAKD) prepared by the Financial Services Authority (OJK) has several main points as follows:

1. Four Strategic Pillars

• Setup and Development: Build regulations that support innovation, while ensuring effective risk mitigation.
• Supervision and Law Enforcement: Increase supervision and law enforcement to maintain market stability and integrity.
• Licensing and Information: Strengthen licensing processes and increase information transparency in the IAKD sector.
• Innovation: Encourage the development of sustainable technological innovation in the financial sector.

2. Three Phases of Implementation

• Phase 1 (2024-2025): Strengthening the Foundations of Regulation and Supervision.
• Phase 2 (2026-2027): Accelerated Development and Strengthening.
• Phase 3 (2027-2028): Deepening and Sustainable Growth.

3. Nine Strategic Programs

• Regulatory Sandbox: Cluster development Regulatory Sandbox for testing financial innovation.
• Digital Innovation Center: Establishment of a digital innovation center to support the financial ecosystem.
• Standardization and Innovation Guidelines: Preparation of standards and guidelines for technological innovation in the financial sector.
• Suptech and Regtech: Use of technology to support supervision and regulation.
• Pilot Project: Implementation of pilot projects for the growth of the financial services sector.
• Digital Financial Literacy and Inclusion: Increasing digital literacy and inclusion in society.
• Organizational and HR Transformation: Institutional transformation and human resource development.
• Strategic Alliance: Formation of strategic alliances with various stakeholders.

4. Main Target

• Product and Service Improvements: It is hoped that the number of ITSK products and services will increase from 5 to 100.
• Partnership Improvement: The number of partnerships in the ITSK sector is projected to increase from 953 to 5.000.
• ITSK User Growth: ITSK user engagement is expected to increase from 277.887 to 5 million users.
• Crypto Asset Transaction Value: The transaction value of crypto assets is projected to reach IDR 1.000 trillion in 2028.

5. Strengthening Cyber ​​Security

• Improved cyber security to protect the digital financial ecosystem from the threat of cyber attacks.

6. Commitment to Sustainability

• Integration of sustainability principles (Environmental, Social, and Governance/ESG) in every initiative and innovation in the IAKD sector.

These points reflect OJK's focus on creating an innovative, sustainable and inclusive digital financial ecosystem, while maintaining the stability and integrity of financial markets in Indonesia.

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Disclosure: This article was produced with AI technology and supervision of the content writer