Five-pillar financial sector reform in Indonesia
Indonesia’s Vice Minister of Finance Suahasil Nazara outlined the main elements of  the reformation of the financial sector through the implementation of the Law on Financial Sector Development and Strengthening (UU P2SK), Antara news agency reports.
Five-pillar financial sector reform in Indonesia
The Economics of Geography

Five-pillar financial sector reform in Indonesia

Photo: iStock
Eurasia 04/03/2023 08:00

Indonesia’s Vice Minister of Finance Suahasil Nazara outlined the main elements of  the reformation of the financial sector through the implementation of the Law on Financial Sector Development and Strengthening (UU P2SK), Antara news agency reports.

Speaking at an event in Jakarta, he explained that the reform will be based on five pillars:

  • strengthening public trust in financial service institutions;
  • the logic of the digital financial sector and its innovations;
  • efforts to promote long-term fund accumulation;
  • state protection of financial product consumers;
  • financial sector literacy and inclusion.

According to Dentons HPRP partner Fabian Buddy Pascoal, who addressed the same event, UU P2SK requires the financial industry sector to implement a sustainable system to integrate environmental conservation, good corporate governance, and people’s social life. “Both ecological and economic interests must go well together. Humans may forgive, but nature cannot. One thing to remember is that we all live in one boat,”he said.

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