The Indonesian Financial Services Authority (the “OJK”) has recently introduced Regulation 3/2023* (the “Regulation”), which came into force on 28 February 2023. The Regulation seeks to address the growing need for enhanced financial literacy and promote equitable access to financial services.

Recognising the importance of financial literacy in decision-making, the Regulation mandates that financial institutions must proactively educate consumers. Banks, insurance companies, and other financial service providers are now required to develop comprehensive financial literacy programs that equip individuals with essential skills and knowledge to navigate the complex world of finance.
To facilitate this, the OJK encourages financial institutions to use technology to make financial services more accessible, convenient, and user-friendly.

The Regulation is another step toward a financially literate society in Indonesia; fostering informed investment decisions, better risk management, and, as a result, improved economic stability.

*Regulation 3/2023 concerning Increasing Financial Literacy and Inclusion in the Financial Services Sector for Consumers and the Community