The Financial Services Authority (OJK) is finalizing plans to implement the universal banking concept specifically for the Indonesia International Financial Center (PFII) zone. This strategic initiative aims to integrate various financial services—ranging from commercial banking, investment, insurance, to crypto assets—into a one-stop service for business entities.
The plan emerged during a Public Hearing (RDPU) with the Bill Working Committee for the International Financial Center at the House of Representatives (DPR RI), which was also attended by representatives from Bank Indonesia, the Deposit Insurance Corporation (LPS), and the Supreme Court. OJK Chief Executive of Banking Supervision, Dian Ediana Rae, emphasized that this model is designed to boost national investment competitiveness without neglecting prudential principles in risk management.
Dian explained that Indonesia's financial ecosystem currently still heavily relies on the banking sector, contributing up to 80 percent—a condition often referred to as a bank-driven economy. So far, the operations of financial institutions have run in silos, causing transformation in the banking industry to tend to stagnate. The presence of universal banking is expected to break down these sectoral barriers.
The legal basis for implementing this concept has been established through the Financial Sector Development and Strengthening Law (UU P2SK). The OJK is committed to continuing coordination with the legislature and related agencies in drafting technical regulations. This step is believed to be the key to transforming the national financial system so that it can contribute more optimally to accelerating economic growth in the future.
