President Jokowi: FSA and Related Industry Players Should Maintain Market Confidence, Public Trust

President Jokowi delivers his remarks virtually at the 2021 Financial Services Industry Annual Meeting, Friday (15/1). (Photo by: Press Bureau of the Presidential Secretariat/Muchlis Jr)

In a bid to maintain market confidence and public trust, President Joko “Jokowi” Widodo has called on the Government and financial institutions to maintain their good cooperation amid the COVID-19 pandemic.

“I am elated that in 2020, the cooperation between the Government, Ministry of Finance, the OJK (Financial Services Authority), and central bank Bank Indonesia, with the LPS (Deposit Insurance Corporation) went hand in hand, every problem was always responded quickly. This year, the Government wants this cooperation to be continued,” the President said at the 2021 Financial Services Industry Annual Meeting, virtually from the Bogor Presidential Palace, West Java, Friday (15/1).

The Government, the President said, continues to strive to accelerate the recovery and revival of the national economy. A number of indicators have also shown improvement on the economic side, including an increase in investment and a trade balance surplus.

“This provides optimism and we hope that in 2021 it will continue to increase and we will maintain the surplus in our trade balance,” he said.

Nevertheless, complacency and lack of efforts are discouraged in the efforts to improve the achieved realizations.

“We must continue to manage this optimism well, the OJK and financial services industry players must maintain market confidence, maintain the public trust as well as possible,” the President said.

According to the President, practices that harm the society should not be exercised. “Financial transactions that lead to fraud must be dealt with firmly, OJK supervision should not be fruitless, must show your strength, show your teeth,” he said.

Furthermore, he also stressed the importance of maintaining credibility and integrity. “We have to build a good internal system, build a system with international standards, thereby increasing international confidence in our financial services industry,” he added.

On the occasion, the President invited the financial industry to improve development and access for micro, small and medium enterprises (MSMEs) to obtain financing.

“Don’t just serve the big ones. Small business actors, who have the potential, which are very large in scale, must also be given priority. Access to finance for businesses in the informal sector of MSMEs must also be easier and faster,” President Jokowi said.

The President has ordered Coordinating Minister for Economic Affairs and Minister of Finance to prepare new regulations that prioritize new ways in dealing with matters pertaining to global finance. “This will accelerate our economic growth,” he said.

Younger generation and MSME business actors are also invited to develop their business by utilizing access to capital from various financial institutions such as Smallholder Business Credit (KUR) or Micro Waqf Bank.

“We must build inclusive economic growth that is shared by all Indonesian people which brings Indonesia forward and just,” the President said. (TGH/UN) (FI/MMB)