OJK Set to Introduce Digital Maturity Level Assessment Framework for Commercial Banks

As originally mandated under Regulation of the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) No. 11/POJK.03/2022 on the Organization of Information Technology by Commercial Banks (“ Regulation 11/2022 ”), [1] the OJK is currently preparing a Draft Circular (“ Draft Circular ”), which, when it ultimately comes into force, will have to be applied by commercial banks (“ Banks ”) during assessments of their own digital maturity (“ Maturity ”) levels. [2] At its core, the aforementioned Maturity assessments reflect the compliance of Banks in relation to all aspects of Information Technology (“ IT ”), as specifically mandated under the framework of Regulation 11/2022, as well as their readiness to offer support for ongoing digital transformation. [3]