New omnibus bill proposes broad changes to Indonesia's financial sector

New omnibus bill proposes broad changes to Indonesia's financial sector

Photo: Dariusz Sankowski / Unsplash.com

Indonesia’s new omnibus bill, which seeks to provide an updated regulatory framework for the financial services sector, has been met with concerns and critical observations from the players in the industry due to the changes it proposes.

The bill covers all segments of financial services including banking, capital markets, insurance, financing companies, venture capital, pension funds, and new innovations in the sector. The latest draft, seen by DealStreetAsia, also points to possible changes in the roles of the finance ministry, the central bank, and the Financial Services Authority (OJK).

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