In early 2013, Indonesia welcomed its new Financial Services Authority namely Otoritas Jasa Keuangan/OJK. The OJK serves to regulate and supervise activities in the financial sector which are banking, capital markets, and other non-bank financial institutions.
In carrying out its duties, OJK is able to regulate and supervise bank entities and bank soundness, conduct various investigations, issue relevant rules and regulations in the financial services sector, impose administrative sanctions, as well as issue and revoke business licenses, certification, approval, etc.
As a corporate legal firm, Bahar & Partners recognizes the important role that the financial institutions play in the development of the Indonesian economy. A recent report from the World Bank at the end of 2012 said that the Indonesian economy is predicted to grow approximately up to 6.3%, slightly better than last year’s growth which only reached 6.1%. This progress will cause a demand for increased financial transactions.