Sumber: Istimewa
THE selection process for interim members of the Financial Services Authority (OJK) board of commissioners (ADK) is underway. The Selection Committee (Pansel) will announce the names of applicants who passed the first stage of selection on March 3, 2026. After passing the four stages of selection, three candidates will be selected for each position and will be submitted to President Prabowo Subianto. Next, the president will select two names to submit to the House of Representatives (DPR). In the final stage, the DPR will conduct a fit and proper test to examine the candidates’ vision, mission, and ideas.
The selection of the OJK’s ADK to fill the vacant seats left by Mahendra Siregar, Mirza Adityaswara, and Inarno Djajadi will be a gamble and a test of the OJK’s credibility. The independence of the financial sector authority has been under scrutiny during the administration of President Prabowo Subianto, particularly following the inclusion of the President’s nephew, Thomas Djiwandono, as Deputy Governor of Bank Indonesia, in the fast-paced fit and proper test process. Previously, Thomas served as Deputy Minister of Finance.
Therefore, if the OJK’s ADK or chairman is someone close to the president or a former political official, it could signal that the financial authority’s previously assertive independence is shifting toward independence closer to political power. The name M. Misbakhun, a member of the House of Representatives from the Golkar Party who currently serves as Chairman of Commission XI, was rumored to be a potential candidate for OJK ADK chairman. However, both Purbaya Yudhi Sadewa and Bahlil Lahadalia, the Golkar Party Chairman, claimed to be unaware of this.
According to research conducted on several OJK ADK candidates who failed to pass the final selection process, or the selection process by the President and the House of Representatives, the OJK ADK selection process was heavily influenced by their close ties to the selection committee and their sponsors. For example, Mahendra Siregar, favored by Sri Mulyani, who was the Minister of Finance in 2022, as well as the chief of the selection committee at that time.
Meanwhile, in 2017, banking professionals such as Sigit Pramono and Zulkifli Zaini, who met the requirements and boasted extensive experience in the financial services sector, failed to pass the political selection process for OJK chairman. In fact, Sigit Pramono, who ranked first in the selection committee, was moved to second place by President Joko Widodo, and his name was not selected during the House of Representatives (DPR) selection process. Meanwhile, Wimboh Santoso, who is close to President Joko Widodo, was successfully elected as Chairman of the OJK.
As a result, even top professionals in the market are not interested in participating in the OJK ADK selection process, especially when they see the profiles of the selection committee members, which are filled with technocrats, regulators, bureaucrats, and academics. They are Purbaya Yudhi Sadewa as the chief and a member, Perry Warjiyo (Governor of Bank Indonesia), Aida S. Budiman (Deputy Governor of Bank Indonesia), Suahasil Nazara (Deputy Minister of Finance), Bambang Eko Suhariyanto (Deputy Minister of State Secretary), Erwan Agus Purwanto (Deputy Minister of Administrative and Bureaucratic Reform), Dhahana Putra (Director General of Legislation, Ministry of Law), Muhammad Rullyandi (Constitutional Law Expert), and Gusti Aju Dewi (academic).
Purbaya also acknowledged that most of the registered participants are not prominent figures in the financial services sector. “Perhaps we’re still waiting for other, more qualified individuals to join.” “I still see that most of them aren’t experts,” he said, as quoted by Infobanknews.com (February 24, 2026).
Amidst the spotlight on political interference in financial authorities, the public still hopes that the selection process will be conducted independently and transparently, with the Selection Committee, the president, and the House of Representatives (DPR) prioritizing the interests of building a healthy and strong financial services industry.
According to the results of a focus group discussion (FGD) conducted by Infobank Institute with several economists and practitioners in the financial services sector, there are at least seven criteria for OJK ADK members who can meet these requirements so that the OJK can strengthen its position as an independent and market-trusted super body.
The first criterion is the experience in the financial industry, at least having served as a director. A strong banking background is essential for the position of OJK Chairperson, as the banking industry dominates the financial services sector and is a highly systemic and complex sector.
The second criterion is being independence and having on-affiliation with political parties are essential so that the OJK can become a super body that cannot be threatened by DPR or pressured by the government, especially in handling troubled financial institutions. Nevertheless, they must continue to provide coordination space with the government so that it cannot be rigid and is willing to listen.
The third criterion is that they must possess strong character, be courageous in making decisions and taking responsibility, and be resilient, as OJK officials will undoubtedly face considerable pressure and are not afraid of losing their positions or being investigated.
The fourth criterion is that they must possess a strong and unblemished track record, making them less susceptible to being overthrown or undermined by vested interests.
The fifth criterion is that they must have no personal interests and not be job seekers. Therefore, they will carry out their duties as ADK members as a service to the advancement of the financial industry, which will benefit the nation’s economy.
The sixth criterion is that they must possess the ability to communicate and coordinate with all stakeholders, not just the government. The ability to communicate with the government is crucial to avoid being perceived as opposing policies. The ability to communicate with legislators is crucial to prevent the OJK from being under pressure from political parties.
The seventh criterion is that OJK’s ADK must be able to meet the challenges of an industry increasingly populated by Gen Z, who will determine the need for financial services products. However, this does not mean that the OJK’s ADK positions must be filled by young people because they are in leadership positions in sutepervisory agencies or financial institutions. Not all areas can be filled by young people, especially in leadership.
The elected OJK Chairperson and ADK who meet these seven criteria are expected to rebuild the OJK’s credibility and increase market trust.
Competent ADK figures, courageous decision-makers, and responsible individuals can also meet market needs and the opportunities for improvement expected by the government, financial industry players, and consumers of financial services. Furthermore, the Financial Services Authority (OJK), along with the financial institutions it supervises, are facing challenges such as those in the capital market, pension funds, excessive online lending, the risk of bad debts and the rise of bad debt criminalization, as well as increasingly aggressive technological risks and cyber attacks.
CYBER THREAT ALERT
Cyber attacks in Indonesia are becoming increasingly concerning. According to e-Governance Academy (eGA) in 2025, Indonesia’s National Cyber Security Index (NCSI) dropped to 47.50, dropping from 48th to 84th. At the same time, Global Fraud Index in 2025, published by Sumsub, ranked Indonesia 111th, the second-weakest country in terms of fraud protection, after Pakistan.
The banking industry, which processes large amounts of transactions daily, is a prime target for cybercriminals seeking to steal money directly through payment and money transfer systems. Last year, hackers successfully bypassed the security systems of eight banks and exploited the BI-FAST payment system to transfer funds quickly without immediate detection. However, only two banks participating in BI-FAST reported losses: Bank Jakarta (Rp 228 billion) and Bank Jatim (Rp 120 billion). The most recent breach occurred at Bank Jambi, but as of this article was being written, the exact amount of losses had not been disclosed and was still being investigated by The Police.
Bank breaches have become a systemic alarm, exposing the fragility of security governance at the operational level, and highlighting how financial authorities conduct audits to ensure information technology (IT) infrastructure and operations are resilient to cyberattacks.
As a microprudential supervisor, the Financial Services Authority (OJK) continues to accelerate banking digitalization. Because digitalization opens up vulnerabilities to cyberattacks, OJK must conduct audits to ensure banks’ information technology (IT) governance is adequate to mitigate cyber risks and protect customer data, as stipulated in OJK Regulation No. 11 of 2022. Similarly, Bank Indonesia (BI) acts as the supervisor, regulator, and licenser of payment service providers.
The financial and payment industry can be vulnerable to cyberattacks from some points of attack. The first point is the front-end, where customers are targeted through phishing and social engineering. The Financial Services Authority (OJK) and Bank Indonesia (BI), along with players in the financial and payment industry, must intensify their efforts to educate and educate the public about transaction security.
The second point is the back-end, where banking institutions are targeted through their core banking systems. The OJK and BI must conduct audits to thoroughly ensure that banks’ infrastructure and software are robust and secure enough to detect and deter cyberattacks.
These systems are supported by servers that sometimes involve third parties and can be infiltrated by fraudsters to gain access to money transfer providers. Threats to server security continue to increase. Hackers and cybercriminals are constantly seeking vulnerabilities to steal data, spread malware, or even shut down systems completely.
The financial and payment industry must strengthen its defenses to counter increasingly sophisticated fraud in the digital era, and regulators, who play a crucial role with their authority, must also enhance their knowledge. “If regulators don’t understand, then when a problem occurs, it’s easy to shift the blame to the industry, while hackers watch and work,” a CEO at a financial company told Infobank at the end of February.
The financial and payment industry must strengthen its defenses to counter increasingly sophisticated fraud in the digital era, and regulators, who play a crucial role with their authority, must also enhance their knowledge.
The selection of the OJK’s ADK to fill the vacant seats left by Mahendra Siregar, Mirza Adityaswara, and Inarno Djajadi will be a gamble and a test of the OJK’s credibility. The independence of the financial sector authority has been under scrutiny during the administration of President Prabowo Subianto, particularly following the inclusion of the President’s nephew, Thomas Djiwandono, as Deputy Governor of Bank Indonesia, in the fast-paced fit and proper test process. Previously, Thomas served as Deputy Minister of Finance.
