Jakarta – The Financial Services Authority (OJK) noted that currently the total assets of Indonesia’s financial services industry have reached Rp34 thousand trillion. This amount shows a significant contribution to national economic growth.
“Currently, the total assets plus capitalization of the financial services industry as a whole have reached Rp34 thousand trillion. Indeed, some of them are duplicated between the total assets and capitalization,” said OJK Chairman of the Board of Commissioners Mahendra Siregar, at the launch of the Financial Smart National Movement (GENCARKAN), Thursday, August 22, 2024.
However, the total financial services assets figure, he said, showed a very significant contribution for the financial services sector to national economic growth.
Even if it looks large in nominal terms, its ratio to Gross Domestic Product (GDP) compared to other ASEAN countries still looks small.
“This means that the room for increasing added value for the contribution of the financial services sector to the national economy is still very large,” he explained.
According to him, the strengthening and development will also increase the efficiency of the financial services sector which in turn will reduce the cost of funds, the cost or interest of loans provided to the public.
“Therefore, strengthening and developing the financial services industry cannot but be an urgent priority,” he explained.
Meanwhile, according to Mahendra, the space for the development of the financial services sector is still very wide open, given the current level of financial inclusion in Indonesia of 75 percent and a financial literacy index of 65.43 percent.
“We believe that strong financial literacy and inclusion is the key to increasing liquidity market deepening and financing distribution to provide leverage for national economic growth,” he concluded. (*)
Editor: Galih Pratama
