The Board of Commissioners of the Financial Services Authority (OJK) continues to synergize with the Coordinating Minister for Economic Affairs (Coordinating Minister for the Economy) Airlangga Hartarto to accelerate the national economic recovery program. Chairman of the OJK Board of Commissioners Mahendra Siregar said the OJK board of commissioners on Friday (19/8/2022) visited the Office of the Coordinating Ministry for the Economy, Jakarta to improve communication and coordination in order to further strengthen synergies in efforts to accelerate economic recovery. "We discussed several things and of course we are ready to improve coordination with the government, in this case with the Coordinating Ministry for the Economy," Mahendra said in a written statement, Saturday (20/8/2022). The meeting also discussed the condition of the financial services industry as well as a number of focuses and priorities for OJK policies in contributing to economic development and maintaining stability in the financial services sector. In addition, it also discussed the focus on increasing the distribution of People's Business Credit (KUR), the development of Covid-19 credit restructuring, increasing financial literacy and inclusion, as well as anticipatory steps in mitigating the risk of the impact of the weakening global economy on the recovery of the national economy. In relation to the Covid-19 restructuring policy, Mahendra said, currently the number of debtors and the value of restructured loans had dropped significantly. However, there are still certain sectors and regions that still need a stimulus and become the focus of attentionin the next policy direction. Furthermore, regarding improving financial literacy and inclusion, OJK currently has several programs, including the One Account One Account (KEJAR) Program which until the second quarter of 2022 recorded 49.59 million savings accounts with a total nominal value of IDR 27.66 trillion.
Then various programs through the Regional Financial Access Acceleration Team (TPAKD) throughout Indonesia which currently have formed as many as 398 TPAKD, with details of 34 TPAKD at the provincial level and 364 TPAKD at the district/city level. OJK also conveyed various collaborations with the Coordinating Ministry for the Economy, such as the involvement of OJK in the Secretariat of the National Council for Inclusive Finance (SDNKI) and the DNKI Working Group (Pokja). On that occasion, Coordinating Minister Airlangga hoped that OJK would continue to support the MSME development program. "Then increase product depth, especially for the non-bank financial industry, as well as understanding financial literacy and inclusion as a whole to the regions," he added. Previously, Chairman of the Financial Services Authority (OJK) Mahendra Siregar revealed that according to OJK survey data, the financial literacy index and financial inclusion still showed a fairly large gap. The financial literacy index is 38% and for financial inclusion it is 76.19%. "Even though the financial inclusion index has started to get high, the understanding of those who get an explanation in the form of financial inclusion only has 38 percent who really understand financial literacy itself," explained Mahendra Siregar, During the Like It Webinar, Jakarta, Friday (12/02/2020). 8/2022). The current sophistication of digitalization can also encourage the younger generation to invest sustainably and be literate in investment literacy. "One of the main drivers of young capital market investors is investment literacy, which is still high and increasingly accessible, especially social media," he explained. Mahendra explained, through Fintech, millennials are more interested in joining sustainable investments. This is because it has a positive impact on society and the environment. "Based on studies of the younger generation, who invest more in a sustainable, professional manner from their overall portfolio compared to the older generation," said the Chairman of OJK. Therefore, he continued, OJK continues to carry out various financial education programs to increase public awareness of financial service products. Previously, Chairman of the Financial Services Authority (OJK) Mahendra Siregar revealed that according to OJK survey data, the financial literacy index and financial inclusion still showed a fairly large gap. The financial literacy index is 38% and for financial inclusion it is 76.19%. "Even though the financial inclusion index has started to get high, the understanding of those who get an explanation in the form of financial inclusion only has 38 percent who really understand financial literacy itself," explained Mahendra Siregar, During the Like It Webinar, Jakarta, Friday (12/8/2022). The current sophistication of digitalization can also encourage the younger generation to invest sustainably and be literate in investment literacy. "One of the main drivers of young capital market investors is investment literacy, which is still high and increasingly accessible, especially social media," he explained.
Mahendra explained, through Fintech, millennials are more interested in joining sustainable investments. This is because it has a positive impact on society and the environment. "Based on studies of the younger generation, who invest more in a sustainable, professional manner from their overall portfolio compared to the older generation," said the Chairman of OJK. Therefore, he continued, OJK continues to carry out various financial education programs to increase public awareness of financial service products.
