OJK Amends Multiple-Licensing Policy

In a bid to further improve the growth of two priority sectors, specifically the housing and tourism sectors, [1] the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) has issued Regulation (“ Amendment ”), which amends Regulation on Business Activities and Office Networks Based on Banks’ Core Capital (“ Regulation 6/2016 ”). [2] The Amendment redefines guidelines for the conducting of business activities and the establishment of branch offices by both conventional and sharia banks (“ Banks ”) by establishing that said business activities should be based on their core-capital levels (multiple-licensing policy), specifically, as they relate to following matters: