The priorities for Italy's G20 Presidency The annually rotating Presidency proposes priorities and coordinates activities between the members of the group with the assistance of its predecessor and its successor. The G20 has become the main forum for international economic cooperation since the 2008 global financial crisis and has raised the level of participation to include Heads of State and Government. The Presidency may decide to invite a few additional countries to ensure that the group is more representative, geographically speaking. International organizations such as the International Monetary Fund, the World Bank, the OECD, the Financial Stability Board and the United Nations also participate. Spain is also invited as a permanent guest. G20 was established in 1999 and is currently composed of 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, India, Indonesia, Italy, Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, the United Kingdom, and the United States) and the European Union. The Group of 20 ( G20) is a forum for dialogue and the exchange of information between the world's major economies. The pandemic crisis highlighted the complexity of the common global challenges that require increasingly closer cooperation between countries. However, this is still pending until further issuance of OJK’s implementing regulation.Italy's G20 Presidency Vai alla versione italiana Site SearchĪt a time when a collective effort is crucial for starting again after the unprecedented impact of the COVID-19 pandemic, Italy took on the Presidency of the G20, the main forum for global economic and financial cooperation, on 1 December 2020. To assess the digital maturity level of the Indonesian banking industry, the blueprint introduces the Digital Maturity Assessment for Banks (DMAB), which will be used by OJK as a tool to monitor digital transformation by banks. It is important for OJK to understand the digital maturity level of the Indonesian banking industry as a basis to create the most effective guidelines and policies in view of accelerating banking digital transformation. These challenges require close and continuous supervision by OJK. This can potentially create strategic, operational and reputational risks. Another challenge is the outsourcing activity, where some banks seem to outsource the information technology works to a third-party expert. One of the biggest challenges anticipated by the blueprint is the customer’s data protection due to lack of comprehensive regulations.
With the main focus in these areas, the policies on digital banking acceleration are expected to encourage banks to create efficient, safe, and innovative banking services that fulfil customer needs and expectations. The blueprint focuses on five areas: data governance, technology, risk management, collaboration and institutional arrangements. In Q4/2021, OJK issued a blueprint for digital transformation in banking (the blueprint) containing basic principles in creating digitalisation policies to create an orderly and safe ecosystem for Indonesian digital banking transformation. OJK expects more business players to tap into the Indonesian digital banking market in the next few years. OJK’s strategy seems to be effective by the rising number of foreign and domestic investors acquiring shares in Indonesian small banks and conversion into a digital bank, including the acquisition of minority shares in PT Bank Jasa Jakarta by WeLab Ltd., and the acquisition of PT Bank Fama Internasional by PT Elang Media Visitama (a subsidiary of PT Elang Mahkota Teknologi Tbk). The minimum capital injection is at least IDR 3 trillion ($203 million) when applying for the principle licence, which is lower than the IDR 4 trillion minimum capital injection for a conventional bank. With OJKR 12/2021, a business can now establish a new bank with a digital banking business model (or transform an existing conventional bank into a digital bank).īusinesses must meet several regulatory requirements to do this, including (i) having one physical head office, (ii) having a business model with innovative and secure technology, (iii) having the ability to manage a prudent and sustainable digital banking business model, (iv) having adequate risk management, and (v) applying personal data protection. To facilitate the digitalisation of banking business and to ease investment in digital banking, the Indonesian Financial Services Authority ( Otoritas Jasa Keuangan, OJK) introduced the concept of digital banks through OJK Regulation No.
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