BI And Ministry Of Investment Cooperate On Financial Sector Licensing

Tuesday, 19 Nov 2024

By putri@insightinnews.com Bank Indonesia, in collaboration with the Ministry of Investment and the Investment Coordinating Board (BKPM), has signed a cooperation agreement concerning licensing in the financial sector. This signing represents a continued commitment between the two institutions, previously established through a Memorandum of Understanding on Cooperation and Coordination for the Execution of Duties, Functions, and Authorities between Bank Indonesia and the Ministry of Investment/BKPM, which was signed by the Governor of Bank Indonesia and the Minister of Investment/Head of BKPM on August 28, 2024. In her address, Senior Deputy Governor of Bank Indonesia, Destry Damayanti, stated that the implementation of this inter-agency cooperation is a tangible manifestation aimed at achieving a professional, accountable, simple, transparent, and informative (PASTI) licensing service in the financial sector. This initiative is intended to enhance the ease of doing business, ensure the credibility of financial industry players, and protect consumers. Destry noted in a written statement on Thursday (November 14) that the various innovative achievements have been made possible through effective synergy between Bank Indonesia and its stakeholders. She emphasized that moving forward, the synergy and digitalization of services must be continuously improved to meet the rising expectations of stakeholders. This collaborative effort aims to provide reliable, excellent, and internationally standardized services. Meanwhile, the Deputy Minister of Investment and Head of BKPM, Todotua Pasaribu, underscored the importance of strengthening investment development and climate in Indonesia. It is noteworthy that for the year 2024, Indonesia's investment target has been set at IDR 1,650 trillion, an increase from IDR 1,400 trillion in the previous year. As of September 2024, the total realization of investments reached Rp 1.261 trillion, which accounts for 76.45% of the target set by the President of the Republic of Indonesia. "To achieve an average economic growth target of 8% over the next five years, several strategic measures are necessary, including enhancing investment, downstream processing, digitalization, and green economy initiatives," he stated. Regarding the enhancement of investments, Todotua emphasized the need for a comprehensive investment strategy, which includes both the realization of investments and those that provide added value. "This cooperation agreement serves as a supporting factor for investments, and when combined with digitalization, it will facilitate investment processes to bolster investment realization," he added.

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