OJK Asks Digital Banks to Strengthen Customer Protection

According to reporting from Antara News, Indonesia’s Financial Services Authority (OJK) has asked digital banks to strengthen customer protection to attract consumers and increase their third-party funds (DPK), considering that many of them impose high interest rates.

“The OJK always encourages the implementation of customer protection, which includes transparency, consumer education, supervision, and regulation, as well as data protection,” the chief executive of banking supervision at the OJK, Dian Ediana Rae, said in Jakarta on Friday (15/3/24.)

Rae added, that the OJK is pushing banks to provide complete and clear information, including whether their products are guaranteed by the Indonesia Deposit Insurance Corporation (LPS) or not. According to Rae, financial education is essential so that prospective customers can wisely choose financial products that suit their needs.

“The OJK also continues to tighten regulations and supervision of banks to ensure they comply with security, fairness, and transparency standards in offering digital products and services,” Rae said.

Antara News report that he underscored that the OJK will continue to ensure that the banks implement practices to protect customers’ personal data and financial transactions, in keeping with the applicable standards.

To increase their DPK, digital banks can increase innovation in their products and services, technology, customer experience, operational efficiency, as well as collaborations and partnerships, according to the OJK.

Rae noted that banks can develop products and services that are increasingly innovative to provide ease in doing transactions, personal financial services, and integrated financial solutions, say Antara News, adding that the use of technology, which is becoming increasingly sophisticated, could improve user experience and expand accessibility through mobile applications.

“This can make banking performance efficient, thereby reducing operational costs and transaction costs,” Rae explained.

 

Source: Antara News

Stock photo by Kevin Ku on Unsplash

Latest Article
ADB Forecasts Growth in Asia-Pacific
Tempo is reporting that the Asian Development Bank (ADB) forecasts economic growth in the Asia-Pacific...
Ministry: Limiting Electronic Imports Supports Domestic Businesses
Indonesia’s Ministry of Industry hopes that new regulations on the import trade in electronic products...
President Signs Decree on FATF
According to reporting from Antara News, President Jokowi has signed Presidential Decree Number 14 of...
Nvidia and Indosat to Build AI Center in Indonesia
Data Centre Dynamics is reporting that Nvidia and Indosat Ooredoo Hutchison (IOH) have partnered to build...
Indonesia, Germany Sign MoU for Industrial Vocational Training
Head of Indonesia’s Industrial Human Resources Development Agency (BPSDMI,) Masrokhan, said on Thursday...

Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

Contact Our Consultants

Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.