Jakarta (ANTARA) – Indonesia’s Financial Services Authority (OJK) is committed to supporting the new capital Nusantara City’s development by conducting a study on the potential for developing a financial center in the new capital.”As OJK is committed to supporting the acceleration of the new capital’s construction and development, the OJK has conducted a study on the establishment of the financial center in the new capital,” OJK’s Chief Executive of Banking Supervision, Dian Ediana Rae, noted as per the statement here on Friday. The study will be the basis for future policies to realize a financial center that can positively impact the national economy, he affirmed. The financial center in Nusantara City is expected to be the hub for financial services and the center for technological development of financial services and its supporting aspects, Rae explained. “The financial center in the new capital, which will be known as the Nusantara Financial Centre, is projected to be the financial center niche to gather and supply the funding from and to local and offshore markets,” the chief executive stated. The financial center is also expected to be the hub of financial services’ innovation in Indonesia, with a greater diversity of financial products, to bolster the Indonesian financial sector’s competitiveness and stature in the Southeast Asian region. He expounded that several products and services that will be available at the financial center would be commercial banking, cryptocurrency, sustainable finance, wealth management, trustee, and Islamic financial services. Those services will be handled by special business units that will be autonomous with their own capital allocation, Rae stated. Meanwhile, the OJK official affirmed that the success of the financial center development hinges on several factors, such as the business environment, human resources, and infrastructure. Hence, contributions from other ministries and agencies to the development will be vital. “OJK hopes for inputs to the study and policy recommendation on the development of the financial center conceived by the OJK to accommodate banks’ aspirations, so we can develop an ideal financial center concept to benefit Indonesia’s economy,” Rae remarked. Related news: PPATK launches FIR to fortify financial system integrity

Source: Antara News Agency