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JAKARTA (TheInsiderStories) – Wimboh Santoso elected as the Chairman of the Board Commissioners of the Financial Services Authority (OJK) for the period of 2017-2022 replacing Muliaman Hadad. Last night, Wimboh defeated Sigit Pramono in the voting process at the House of Representatives (DPR).

Wimboh started his bureaucrats career in Bank Indonesia as a banking supervisor in 1984. The last position of the Boyolali-born man in the central bank headquarter as a Director for Banking Regulation in 2012 before appointed as Head of BI Representative in New York.

He also served as Executive Director of the International Monetary Fund (IMF). Since 2015, he served as President Commissioner of Bank Mandiri.

Wimboh obtained his bachelor degree in Economics from Sebelas Maret University Surakarta in 1983. In 1991, Wimboh went on to study the Master of Science in Business Administration at the University of Illinois, USA and graduated in 1993. He also took a doctorate at Loughborough University, UK with concentration studies of Financial Economics in 1995.

During the fit and proper test, Wimboh emphasize he will strengthen the role of OJK in creating an advanced national financial industry, and able to encourage economic improvement of the homeland and welfare of the community throughout the territory of Indonesia.

He also sees the strong synergy between OJK, Bank of Indonesia, and the Ministry of Finance is important to mitigate risk and potential financial crisis.

Another important issue that Wimboh expressed to review the amount of financial institutions contribution to OJK as well ass transparency about contribution that requested by OJK.

Other programs that Wimboh delivered during the fit and proper test in Commission XI are early detection program to maintain financial stability, strengthening the policy by looking at the business sector and priority areas of potential, but in terms of growth is still low, use of technology to boost the growth of SMEs, Deepening the capital market sector by adding investment alternatives such as, commercial paper, transforming OJK by applying one-door permissions, improve governance and transparency with sophisticated IT and providing autonomy to OJK in the regions.

The Association of Indonesian Securities Companies (APEI) hopes that the selected OJK Commissioners pay more attention to the capital market. This is so that the level of literacy and inclusion of capital markets can be as big as other financial industries.

Meanwhile, Indonesian Issuers Association (AEI) said, for the capital market, the public listed company will like OJK’s commisioner board could increase the number of issuers in the country. In addition, they expect the commissioners can reduce or even eliminate the contributions charged for the issuer.

For the insurance market, Chief Corporate Affairs Officer of AXA Indonesia Benny Waworuntu mentioned that there are some jobs in the insurance sector that become the homework for the new financial services industry. first is to increase penetration, literacy, and insurance inclusion in the country.

Second, how regulators can better apply their institutions in running a one-stop regulation. Another thing that must be improved is to encourage the synergy of insurance companies with other financial services institutions.

Another point that the OJK Commissioner needs to continue in the next period, He added, is a matter of several rules derived from the Insurance Law. Benny continued, is to be more accommodating aspirations of business actors, including in the making of regulations.

Bank Central Asia’s economist, David Sumual sees banking industry players will love commissioners who can serve the industry through the ease of regulation and encourage the advancement of banking compete in the global world. For that, He said, not only supervision that must be improved, but also services for industry players should be a priority DK OJK.

While, Bank Permata economist Josua Pardede added, banks would like OJK could accelerate the deepening of the market and could realize the domestic single digit rate cost of funds. (RF)

OJK Commisioner Board for 2017-2020.

Chairman: Wimboh Santoso
Vice Chairman/Chairman of the Ethics Committee: Riswinandi

Commisioner for Banking Supervisor: Ahmad Hidayat
Commisioner for Capital Market Supervision: Nurhaida
Commisioner for Insurance, Pension Fund, Financial Institution and Other Financial Services Institution Supervision: Hoesen
Chairman of the Audit Board: Haryono Umar
Commisioner for Education and Consumer Protection: Tirta Segara.

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