OJK relaxes single presence policy in banking sector but tightens minimum capital requirements

The Indonesian Financial Services Authority recently issued a regulation which relaxes bank ownership rules under the its single presence policy but simultaneously increases minimum capital requirements. The regulation was conceived prior to the COVID-19 crisis and the issuance of emergency economic legislation. Consequently, the big question is whether the regulation will continue to be relevant, given the perfect storm facing the national economy and the Indonesian financial services industry.

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