Sumber: Istimewa
THE Financial Services Authority (OJK) has a new chairwoman: Friderica Widyasari Dewi. The woman who is familiarly known as Kiki, was appointed by the House of Representatives (DPR) Plenary Session on March 12, 2026, along with four other members of the Financial Services Authority (OJK) Board of Commissioners. They are Hernawan Bekti Sasongko as Deputy Chairperson, Hasan Fawzi as Chief Executive for Capital Markets, Financial Derivatives, and Carbon Exchange Supervision, Dicky Kartikoyono as Chief Executive for Financial Services Business Conduct, Education, and Consumer Protection, and Adi Budiarso as Chief Executive for Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets. They will serve as commissioners for the next five-year term, changing from their initial interim positions.
The emergence of a woman as the number one person in the financial services authority is certainly a source of pride for women in the financial services sector. Unlike the three previous OJK chairs, who came from regulatory and technocratic backgrounds, Kiki comes from industry. “We are proud of the election of Ibu Friderica Widyasari Dewi as the new Chair of the Financial Services Authority (OJK), the first woman to hold this position. We pray that under her leadership, OJK can bring even greater synergy between the banking and real sector sectors for Indonesia,” said Lani Darmawan, President Director of Bank CIMB Niaga, to Infobank last month.
“The election of Ibu Kiki as Chair of OJK is proof that every woman has the ability to contribute optimally to the financial industry and has undeniable credibility as a top leader in a regulatory institution, even when handling crisis situations,” said Eka Fitria, the Human Capital Director of Bank Mandiri, to Infobank in mid-March. “The election of a woman to lead a crucial institution like OJK is a matter of great pride. This demonstrates that women’s capacity, competence, and leadership are increasingly recognized and trusted to hold strategic responsibilities in maintaining the stability and future of the national financial industry,” said Lisawati, Commissioner of Bank Ganesha, to Infobank.
“She is the first woman to lead OJK and, for me, embodies the spirit of Kartini today: a competent leader with integrity and respect within the industry. Most importantly, Ibu Kiki is known as a highly competent figure with a strong track record and a deep understanding of the dynamics of the financial industry,” Michellina Triwardhany, Deputy President Director of Bank SMBC Indonesia, told Infobank last month.
According to data from Infobank Research Bureau, of the 1,917 board seats in 469 financial institutions and state-owned enterprises, 368 seats, or 19.20 percent, are held by women. Meanwhile, of the 1,530 commissioner seats, 221, or 14.44 percent, are held by women. The large number of Indonesian women in leadership positions at prestigious institutions is breaking down the long-held stigma that women are confined to taking care of the kitchen, well, and bed.
Besides pride, there is also hope. Business people in the Indonesian financial industry have high hopes, especially that the Financial Services Authority (OJK) will remain an independent institution, in keeping with its original purpose. “We also hope that OJK, under her leadership, will remain steadfast in maintaining its independence, upholding integrity, and carrying out its supervisory function objectively and professionally, so that OJK can continue to stand above the broader interests without being influenced by pressure from certain forces or the interests of any group,” said Lisawati.
“I am confident that under Ibu Kiki’s leadership, the Financial Services Authority (OJK) will continue to maintain financial sector stability while encouraging the industry to grow healthily, innovatively, and sustainably. Strong collaboration between regulators and industry business people will be key to a more resilient Indonesian financial sector,” said Triwardhany.
“We hope OJK to become a regulatory institution that can increase the trust of domestic and international stakeholders and provide effective stimulation and protection for financial industry players in Indonesia to achieve a healthy level of economic growth for Indonesia,” Eka Fitria hoped.
The OJK’s independence as a financial authority is a key factor in market confidence. Meanwhile, market confidence is key to the stability of Indonesia’s financial system in facing a series of simultaneous challenges, ranging from geopolitics marked by armed conflict, trade wars, climate change, cyber vulnerabilities, to a series of contradictory and politically charged government policies.
FINANCIAL STABILITY CHALLENGES
Financial system stability is the main anchor of the Financial Services Authority (OJK)’s policies under the leadership of Friderica Widyasari Dewi, which has been able to restore public trust. Financial system stability is crucial amidst Indonesia’s weak economy, which is unable to withstand external storms. Before the outbreak of the US-Israel war against Iran, the Indonesian economy was already in dire straits. The exchange rate has been steadily depreciating since August 2025, reaching a low of Rp 16,169 per USD, climbing to nearly Rp 17,000 in January 2026.
According to discussions held by Infobank Institute, the stability of Indonesia’s financial system is being tested by two factors.
The first factor is the global economic uncertainty caused by the escalating conflict in the Middle East, which is certain to impact the Indonesian economy. As predicted by many economists, oil prices could reach US$ 100-120 if the conflict lasts more than two weeks. A weakening exchange rate to above Rp 17,000 per USD would be a powerful hammer that will blow two points. The first point is the import costs that will be soaring; the industrial raw materials and food are also being pushed up, which will trigger inflation and public purchasing power. The second point is the burden of government and private foreign debt in dollars, including subsidies, is also increasing, and foreign exchange reserves are declining.
The second factor is the political intervention by power which has the potential to erode the independence of financial authorities amidst signs of a return to authoritarianism, where the government is tempted to exploit the financial sector for political gain. The ongoing revision of the Law on Strengthening and Development of the Financial System also risks compromising the independence of financial authorities. One such issue relates to the proposed evaluation of financial authority management, which could lead to dismissal by the House of Representatives (DPR).
The market has already seen signs of weakening independence of financial authorities, such as Bank Indonesia (BI). The rupiah exchange rate weakened to nearly Rp 17,000 per USD when President Prabowo Subianto nominated his nephew, Thomas Djiwandono, as Deputy Governor of Bank Indonesia. Morgan Stanley Capital International’s (MSCI) decision to freeze several stock indexes due to concerns about transparency and governance of stock trading in Indonesia has undermined foreign investor confidence, leading to a decline in the Jakarta Composite Index (JCI) at the end of January 2026. Fitch Ratings has also downgraded Indonesia’s credit rating outlook from stable to negative. Moody’s has also warned of fiscal risks and lowered its outlook to negative. A downgrade in Indonesia’s credit rating will lead to a surge in debt costs. The government’s interest payments will increase, eroding budgets for education, health care, and the free nutritious meal program (MBG).
The centralization of Prabowo’s administration is already evident in politically charged government policies and programs. In addition to MBG, another top-down policy demonstrated to the public is the establishment of 81,000 Koperasi Desa Merah Putih (KDMP), established upon presidential instruction. The Cooperatives Law stipulates that cooperatives must be formed voluntarily by members. The physical construction of KDMP, which displaces public land, also does not involve local administrators or the existing economic ecosystem.
The government suddenly imported 105 cars from India for KDMP operations without involving domestic automotive manufacturers. Then, village heads worried that their village funds would be cut for operations that didn’t meet the village’s real needs.
Furthermore, state-owned banks were “assigned” to channel funds sourced from the public to the newly established KDMP without a financial track record, assets, or verifiable financial statements. This situation is certainly high-risk, and if the government guarantees it through village funds, instructions to publicly listed state-owned banks could undermine investor confidence.
This is certainly not easy for Himbara (the Association of State-Owned Banks) because they are positioned between government instructions and prudential banking regulations. Furthermore, as a publicly listed bank, it must be market- and investor-oriented and remain subject to OJK regulations on risk management and non-performing loans, as well as audits by the Supreme Audit Agency (BPK) and the Financial and Development Supervisory Agency (BPKP) regarding state funds.
Meanwhile, the Financial Services Authority (OJK) ensures that the financial services sector can provide tangible benefits to national economic development through its support for strategic government programs, including KDMP, MBG, MSMEs (Micro, Small, and Medium Enterprises) development programs, the three million house construction program, and food and energy security. If OJK relaxes regulations on financing disbursement for priority government programs, it could potentially increase the risk of rising non-performing loans (NPLs) and liquidity pressures in the financial services sector. The NPLs risk is further heightened by global uncertainty, which depresses the exchange rate and increases import costs and inflation.
Global uncertainty itself has increased fiscal pressure, making it difficult for the government to maintain the state budget deficit at a maximum of 3 percent. The government has prepared several scenarios to anticipate a potential widening of the state budget deficit, as conveyed by Airlangga Hartarto, the Coordinating Minister for Economic Affairs, to the President during a Plenary Cabinet Meeting at the State Palace, Jakarta, Friday (March 13, 2026).
The first scenario involves crude oil prices around US$ 86 per barrel, with the rupiah exchange rate around Rp 17,000 per US dollar. Assuming economic growth of 5.3% and government bond yields of around 6.8%, the state budget deficit is estimated to reach 3.18% of GDP.
The second scenario sees oil prices rise to US$ 97 per barrel, with the rupiah exchange rate at around Rp 17,300 per US dollar. Assuming economic growth declines slightly to 5.2% and bond yields rise to 7.2%, the state budget deficit is estimated to widen to 3.53% of GDP.
The third scenario sees oil prices surge to US$ 115 per barrel, with the rupiah weakening to Rp 17,500 per US dollar. Assuming economic growth remains at around 5.2% and bond yields at 7.2%, the state budget deficit has the potential to increase to 4.06% of GDP.
The MBG program is expected to continue despite fiscal pressures and criticism from economists. In fact, the MBG program, implemented by the Nutrition Fulfilment Service Units (SPPG) in each region, has not had an impact on the economy, as it has actually increased the price of raw food ingredients and weakened existing food businesses and canteens.
Consequently, the MSMEs sector, which has been a mainstay of the economy during difficult times, has actually contracted due to the MBG program. According to Bank Indonesia (BI) data, the share of MSMEs credit to total bank credit continued to decline from 20.55% in 2023 to 19.24% in 2024, and then to 17.49% by the end of 2025. MSMEs credit realization throughout 2025 contracted 0.3% annually. Small business credit increased by 6.8%, medium business credit contracted by -2.02%, and micro business credit contracted by -4.68%.
The decline in the MSMEs sector, which absorb 97% of the national workforce, will hamper efforts to address the unemployment rate, which by November 2025 reached 18.9 million people, consisting of 7.35 million openly unemployed and 11.55 million underemployed. The widening deficit should provide room for expanded government spending to create jobs and stimulate the economy, which can stimulate the MSMEs sector and stimulate market demand.
If the widening deficit and debt proceeds are used to finance unproductive projects, excessive routine spending, or priority programs that only seek short-term popularity, then Indonesia is sitting on a ticking time bomb. Moreover, a state budget deficit exceeding 3 percent could be interpreted as a signal of declining fiscal health by the market, investors, and credit rating agencies.
Even if the financial sector remains stable at the macro level and government-claimed statistics indicate a healthy economy, the lives of many workers and the lower middle class are increasingly difficult. Many of the lower middle class have already dipped into their savings. Data from the Deposit Insurance Corporation (LPS) reveals that the average deposit value per account under Rp 100 million continues to shrink, from Rp 1,904,199 in 2023, Rp 1,838,525 in 2024, and Rp 1,739,854 in 2025.
If a crisis were to occur, Indonesia would become a hell for the poor, whose lives are already struggling. It would also threaten banks, which would suffer from non-performing loans (NPLs) and the threat of a rush on money that could destabilize the financial system.
In large businesses, many women have successfully reached the top leadership positions. Of the 1,917 board seats in 469 financial institutions and state-owned enterprises, 368, or 19.20%, are held by women. Of the 1,530 commissioner seats, 221, or 14.44 percent, are held by women. The same applies in public institutions, such as financial authorities, executive bodies, and legislative bodies. For example, Friderica Widyasari Dewi has been officially elected Chairwoman of the Financial Services Authority (OJK) since March, and many in the financial services sector are hopeful that OJK will maintain its independence.
The emergence of a woman as the number one person in the financial services authority is certainly a source of pride for women in the financial services sector. Unlike the three previous OJK chairs, who came from regulatory and technocratic backgrounds, Kiki comes from industry. “We are proud of the election of Ibu Friderica Widyasari Dewi as the new Chair of the Financial Services Authority (OJK), the first woman to hold this position. We pray that under her leadership, OJK can bring even greater synergy between the banking and real sector sectors for Indonesia,” said Lani Darmawan, President Director of Bank CIMB Niaga, to Infobank last month.
