
Otoritas Jasa Keuangan, or OJK, is an independent Financial Government body of Indonesia that oversees the micro-prudential policy in the country to protect customers from nancial frauds. The body also promotes competition in the nancial services industry to foster overall economic prosperity for the country and its people.
In the past, the regulatory frameworks around nancial institutions and banks have been traditionally formed and implemented by Bank Indonesia–the country’s central bank. But due to the rapid growth of digital and mobile banking in the last decade, the need for a separate and independent body to exclusively monitor, regulate, and direct these businesses was felt. This ultimately led to the inception of OJK in 2011.