Green Transformation in Financial Sector
It is time for BI to take the lead in developing the Green Swan Initiative to create a comprehensive policy ecosystem that supports sustainable finance.
A Prasetyantoko
The bill on Financial Sector Development and Strengthening (P2SK) was passed into law on Thursday (15/12/2022). In the President's statement read out by the Finance Minister, the government expressed its appreciation to the House of Representatives for enacting the P2SK Law to spur financial sector reform for the nation’s future prosperity.
The Omnibus Law on the Financial Sector integrates 17 laws, including the Bank Indonesia Law, the Financial Services Authority (OJK) Law, the Deposit Insurance Corporation (LPS) Law, as well as the laws on commodity futures trading, on cooperatives, and on the social security system. Compared to the Job Creation Omnibus Law, the legislation on financial sector reform has not generated much debate. The public reaction has instead been on how to accelerate its implementation through derivative regulations.