Jakarta – The Ministry of Cooperatives (Kemenkop) submitted a list of cooperatives operating in the financial services sector to the Financial Services Authority (OJK). This handover is to implement Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (Law P2SK).
The Minister of Cooperatives, Budi Arie, stated that based on Article 321 of the UUP2SK, the Ministry of Cooperatives (Kemenkop) is obligated to foster cooperatives that operate in an open-loop manner, especially those engaged in financial services, to conduct socialization related to business supervision involving the OJK.
“We at the Ministry of Cooperatives have taken steps including the implementation of socialization of the P2SK Law to the cooperative movement and the Cooperative Offices throughout Indonesia,” said Budi Arie in a written statement, Tuesday (14/1/2025).
With the submission of the open loop cooperative list in the financial services sector to the OJK, Budi Arie urged cooperatives engaged in savings and loan activities to immediately improve their cooperative business governance because business supervision will be more intensive and in-depth with the involvement of the OJK.
“To further implement the P2SK Law, we at the Ministry of Cooperatives and Small and Medium Enterprises are actively coordinating with the OJK to form a joint team,” he said.
Strengthening the Financial Services Sector
Meanwhile, Mahendra Siregar on that occasion stated that he would soon process the list of open loop cooperatives submitted by the Ministry of Cooperatives to follow up in accordance with the regulations.
“Of course, in accordance with the OJK regulations that have been issued related to that, we will process it further starting from licensing and, of course, eventually regulation and supervision, as well as efforts for its development.” “Because the essence of the P2SK Law is the development and strengthening of the financial services sector,” said Mahendra.
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