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The Role of OJK in Accelerating Digital Transformation in Banking in Indonesia

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Digital transformation in the financial services sector has provided various customized services, such as settlement, financing, insurance, and asset formation for the increasing customer demands. It has facilitated cashless services and improved financial access. In the meantime, financial services are expected to contribute to economic stability, as well as improve higher living standards and income equality.

According to World Bank (2021), Indonesia’s digital economy has rapidly grown and is the largest in Southeast Asia. Therefore, the acceleration of digital financing in Indonesia has been expected to have a huge economic potential.

Otoritas Jasa Keuangan (OJK), as Indonesian Financial Services Authority acknowledge the importance of utilizing digital transformation to accelerate digital financing the right way for business. This way, OJK supports finance service providers to focus on new propositions, customer experience and channels, and operational efficiencies.

OJK aims to accelerate digital transformation in the banking sector as stated in the 3rd pillar of MPSJKI (Master Plan for the Indonesian Financial Services Sector) and the 2nd pillar of RP2I (Roadmap of Indonesian Banking Development) 2020 - 2025.

In order to balance the acceleration of digital transformation in banking, OJK uses the regulatory triangle, which covers the following:

  • Regulatory reform, moving away from rule-based to using principle-based regulations to provide a conducive space for the banking industry to innovate and grow;
  • Supervision reform, revising the supervisory business process and developing more efficient and future-oriented sup tech support (supervisory for tomorrow); and
  • Licensing reform, increasing accuracy, speed, and transparency in the process using technology.

By implementing these blueprint, OJK is currently preparing a more concrete reference for policy and procedure breakthrough in digital transformation journey. The blueprint is aimed to accelerate digital transformation, specifically in finance and banking sectors, and prepare them to mitigate possible challenges and risks of banking digital transformation.

Find out more about how OJK accelerating digital banking in Indonesia In I2DIS 2023! Our guest speaker Mr. Triyono (Head of the Department of Supervision of Other Financial Services Institutions of OJK) will give you more insights about it!


OJK. (2020). Digital Finance Roadmap and Action Plan 2020-2024.

Rahmawati, A. I., & Sagita, R. (2022). Digital finance acceleration during COVID-19 pandemic in Indonesia. In A. P. Sunjaya, Y. B. Wang, R. Sagita, & D. Sugiharti (Eds.), Indonesia post-pandemic outlook: Rethinking health and economics post-COVID-19 (63–85). BRIN Publishing. DOI: 10.55981/brin.537.c518 ISBN: 978-623-7425-91-5 E-ISBN: 978-623-7425-92-2

OJK. (2020). Roadmap to Indonesia Banking Development 2020-2025

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