Financial Literacy and Financial Inclusion Enhancement in the Financial Services Sector for Consumers and the Public

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 3 OF 2023
CONCERNING
THE ENHANCEMENT OF FINANCIAL LITERACY AND FINANCIAL INCLUSION IN THE FINANCIAL SERVICES SECTOR FOR CONSUMERS AND THE PUBLIC BY THE GRACE OF THE ALMIGHTY GOD THE BOARD OF COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering:
a. that in order to realize the enhancement of knowledge, understanding, and availability of access to institutions, products, and services, as well as the availability of products and/or services that are appropriate to the needs and capabilities of the public, and to ensure compliance with statutory regulations, it is necessary to strengthen regulations regarding the enhancement of financial literacy and financial inclusion; b. that the development of the financial services sector has resulted in an increase in the types of financial services business actors that need to be involved in carrying out the enhancement of financial literacy and financial inclusion;
c. that with the rapid and dynamic development of innovation and technology in the financial services sector, it is necessary to increase the implementation of financial literacy and inclusion activities by utilizing the development of innovation and technology as well as financial education learning management systems;
d. that Financial Services Authority Regulation Number 76/POJK.07/2016 concerning the Enhancement of Financial Literacy and Financial Inclusion in the Financial Services Sector for Consumers and/or the Public is no longer in line with the development of financial services business actors as well as innovation and technology, and therefore needs to be replaced; e. that based on the considerations as referred to in letters a, b, c, and d, it is necessary to establish a Financial Services Authority Regulation concerning the Enhancement of Financial Literacy and Financial Inclusion in the Financial Services Sector for Consumers and the Public; Recalling:
Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253); DECIDING:
Establishing: FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING THE ENHANCEMENT OF FINANCIAL LITERACY AND FINANCIAL INCLUSION IN THE FINANCIAL SERVICES SECTOR FOR CONSUMERS AND THE PUBLIC.

CHAPTER I
GENERAL PROVISIONS
Article 1
In this Financial Services Authority Regulation, the following terms are defined as:

1. Financial Services Institution is an institution that carries out activities in the Banking, Capital Market, Insurance, Pension Fund, Financing Institution, and Other Financial Services Institutions sectors.
2. Financial Services Business Actor, hereinafter abbreviated as PUJK, is a Financial Services Institution and/or a party that carries out business activities of fund collection, fund disbursement, and/or fund management in the financial services sector.
3. Consumer is a party that places their funds and/or utilizes available services at a Financial Services Institution, including customers in Banking, investors in the Capital Market, policyholders in Insurance, and participants in Pension Funds, based on statutory regulations in the financial services sector.
4. Board of Directors for PUJK or an organ equivalent to the Board of Directors in a legal entity, hereinafter referred to as Board of Directors, is an organ that carries out the management functions of PUJK for the benefit of PUJK in accordance with the respective purposes and objectives of each PUJK and represents PUJK in and out of court in accordance with the articles of association, or the branch office leader and officials one level below the branch office leader for PUJK that is a branch office of a PUJK located outside the country.
5. Board of Commissioners for PUJK or an organ equivalent to the Board of Commissioners in a legal entity, hereinafter referred to as Board of Commissioners, is an organ in each PUJK that plays a role in carrying out general and/or specific supervision functions in accordance with the articles of association and providing advice to the Board of Directors, or a party appointed to carry out supervision functions for PUJK that is a branch office of a PUJK located outside the country.
6. Financial Literacy is knowledge, skills, and confidence, which influence attitudes and behaviors to improve the quality of decision-making and financial management to achieve financial well-being.
7. Financial Inclusion is the availability of access and utilization of affordable, quality, and sustainable products and/or services of PUJK in accordance with the needs and capabilities of the public to improve the financial well-being of the public.
8. Financial Education is a series of processes or activities to enhance Financial Literacy.

Article 2
PUJK as referred to in Article 1 number 2 consists of:
a. Commercial Banks; b. People's Credit Banks/Financing Banks;
c. Securities Brokers;
d. Investment Managers; e. Pension Funds; f. Insurance Companies; g. Reinsurance Companies; h. Financing Companies;
i. Infrastructure Financing Companies;
j. Venture Capital Companies; k. Government Pawnshops;
l. Private Pawnshops;
m. Guarantee Companies; n. Microfinance Institutions; o. Indonesia Export Financing Institution; and/or p. Other Financial Services Institutions and/or parties that carry out business activities of fund collection, fund disbursement, fund management in the financial services sector, and those stated to be supervised by the Financial Services Authority, based on statutory regulations, whether conducting business activities conventionally or Sharia-compliant.

CHAPTER II
FINANCIAL LITERACY
First Section
Activities to Enhance Financial Literacy
Article 3
(1) PUJK is obligated to carry out activities to enhance Financial Literacy to Consumers and/or the public as an annual program.
(2) The implementation of activities as referred to in paragraph (1) must be carried out at least 1 (one) time in 1 (one) semester.
(3) PUJK is obligated to document the implementation of activities as referred to in paragraph (1).
(4) PUJK that violates the provisions as referred to in paragraph (1), paragraph (2), and/or paragraph (3) may be subject to administrative sanctions in the form of:
a. written warning; b. fine; and/or
c. prohibition as a primary party in accordance with the Financial Services Authority Regulation concerning the re-evaluation of primary parties of Financial Services Institutions.
(5) Fines and prohibitions as referred to in paragraph (4) letters b and c may be imposed with or without prior imposition of a written warning as referred to in paragraph (4) letter a. (6) Fines as referred to in paragraph (4) letter b are imposed at most IDR 15,000,000,000.00 (fifteen billion rupiah). (7) The Financial Services Authority may announce the imposition of administrative sanctions as referred to in paragraph (4) to the public.

Article 4
(1) PUJK is obligated to have written guidelines regarding activities to enhance Financial Literacy.
(2) PUJK that violates the provisions as referred to in paragraph (1) is subject to administrative sanctions in the form of a written warning.
(3) The Financial Services Authority may announce the imposition of administrative sanctions as referred to in paragraph (2) to the public.

Article 5
Activities to enhance Financial Literacy as referred to in Article 3 paragraph (1) include planning and implementation of:
a. Financial Education; and/or b. development of facilities and infrastructure supporting Financial Literacy for Consumers and/or the public.

Article 6
(1) The implementation of activities to enhance Financial Literacy as referred to in Article 5 is carried out based on principles:
a. planned and measurable; b. achievement-oriented; and
c. sustainable.
(2) PUJK may cooperate with other parties in carrying out activities to enhance Financial Literacy.
(3) In the event that cooperation as referred to in paragraph (2) is carried out with other PUJK, PUJK may cooperate with at most 3 (three) other PUJK. (4) The limitation on cooperation as referred to in paragraph (3) is excluded for activities initiated by the government or authority. (5) In the event that PUJK carries out activities to enhance Financial Literacy in cooperation with more than 3 (three) other PUJK not initiated by the government or authority, such activities are not counted as activities to enhance Financial Literacy.

Article 7
(1) The implementation of activities to enhance Financial Literacy as referred to in Article 5 is carried out by avoiding:
a. the use of specific product and/or service brands; and/or b. the sale of specific products and/or services.
(2) PUJK that carries out Financial Education activities initiated by the government or authority is excluded from the avoidance as referred to in paragraph (1).

Second Section
Activity Plans to Enhance Financial Literacy
Article 8
(1) PUJK must prepare activity plans to enhance Financial Literacy.
(2) Activity plans to enhance Financial Literacy as referred to in paragraph (1) must at least include:
a. activity name; b. activity objectives;
c. implementation form;
d. implementation methods; e. materials; f. targets and/or number of participants; g. schedule and/or region; h. implementation frequency;
i. sources and amount of costs; and
j. indicators and forms of evaluation.

Third Section
Implementation of Activities to Enhance Financial Literacy Paragraph 1 Financial Education
Article 9
(1) The obligation of PUJK as referred to in Article 3 paragraph (2) is carried out at least 1 (one) time for Financial Education activities as referred to in Article 5 letter a. (2) In the event that PUJK does not carry out Financial Education activities as referred to in paragraph (1), PUJK is considered not to have fulfilled the obligation to implement activities to enhance Financial Literacy. (3) Implementation of Financial Education as referred to in Article 5 letter a is carried out by delivering Financial Education materials. (4) Financial Education materials as referred to in paragraph (3) must at least include:
a. characteristics of the financial services sector; b. characteristics of products and/or services, consisting of:

1. description;
2. benefits;
3. risks;
4. costs;
5. rights and obligations;
6. access methods; and
7. complaint handling and dispute resolution;
   c. financial management; and
   d. taxation related to products and/or services.
   (5) In the event that PUJK has digital products and/or services, Financial Education materials as referred to in paragraph (4) include information regarding digital products and/or services. (6) In the event that PUJK carries out Financial Education activities initiated by the government or authority, such Financial Education activities are excluded from the complete delivery of Financial Education materials as referred to in paragraph (4). (7) Implementation of activities as referred to in paragraph (1) is excluded for Private Pawnshops.

Article 10
(1) Financial Education as referred to in Article 5 letter a may be carried out in the form of:
a. socialization; b. workshops;
c. mentoring;
d. community training; e. outreach programs; and/or f. games.
(2) PUJK may include simulations in the implementation forms of Financial Education as referred to in paragraph (1).
(3) In the event that PUJK includes simulations as referred to in paragraph (2), PUJK is obligated to include calculation formulas and disclaimers stating that the activity is only a simulation. (4) Implementation of Financial Education activities may be carried out using methods:
a. face-to-face; and/or b. non-face-to-face.
(5) PUJK that violates the provisions as referred to in paragraph (3) is subject to administrative sanctions in the form of a written warning.
(6) The Financial Services Authority may announce the imposition of administrative sanctions as referred to in paragraph (5) to the public.

Article 11
(1) In the event that PUJK carries out Financial Education in the form of mentoring as referred to in Article 10 paragraph (1) letter c to prospective Consumers and/or Consumers who have micro or small businesses, PUJK must at least:
a. provide understanding of the characteristics of the financial services sector, how to use products and/or services, and taxation; b. assist in improving financial skills for managing business activities; and
c. inform how to use financial access continuously.
(2) PUJK that carries out mentoring as referred to in paragraph (1) is excluded from the provisions regarding avoidance as referred to in Article 7 paragraph (1).

Paragraph 2
Development of Facilities and Infrastructure
Article 12
(1) Development of facilities and infrastructure as referred to in Article 5 letter b may take the form of:
a. construction or development of infrastructure and media to access Financial Education materials as referred to in Article 9 paragraph (4); b. provision of Financial Education materials as referred to in Article 9 paragraph (4) that can be accessed by Consumers and/or the public; and/or
c. provision and/or training of human resources.
(2) Provision of Financial Education materials as referred to in paragraph (1) letter b may take the form of printed or non-printed materials.
(3) For Private Pawnshops, construction or development of infrastructure and media as referred to in paragraph (1) letter a is carried out to access characteristics of products and/or services, consisting of:
a. description; b. benefits;
c. risks;
d. costs; e. access methods; and f. complaint handling and dispute resolution.
(4) For Private Pawnshops, the provision form as referred to in paragraph (1) letter b contains characteristics of products and/or services as referred to in paragraph (3). (5) Provision as referred to in paragraph (4) may take the form of leaflets, brochures, and/or others. (6) In the event that PUJK other than Private Pawnshops provides Financial Education materials in the form as referred to in paragraph (5), the provision of Financial Education materials is not counted as the implementation of activities to enhance Financial Literacy.

Article 13
(1) PUJK is prohibited from charging fees to Consumers and/or the public in carrying out activities to enhance Financial Literacy.
(2) PUJK that violates the provisions as referred to in paragraph (1) is subject to administrative sanctions in the form of a written warning.
(3) The Financial Services Authority may announce the imposition of administrative sanctions as referred to in paragraph (2) to the public.

CHAPTER III
FINANCIAL INCLUSION
First Section
Activities to Enhance Financial Inclusion
Article 14
(1) PUJK is obligated to carry out activities to enhance Financial Inclusion to Consumers and/or the public as an annual program.
(2) The implementation of activities as referred to in paragraph (1) must be carried out at least 1 (one) time in 1 (one) semester.
(3) PUJK is obligated to document the implementation of activities as referred to in paragraph (1).
(4) PUJK that violates the provisions as referred to in paragraph (1), paragraph (2), and/or paragraph (3) may be subject to administrative sanctions in the form of:
a. written warning; b. fine; and/or
c. prohibition as a primary party in accordance with the Financial Services Authority Regulation concerning the re-evaluation of primary parties of Financial Services Institutions.
(5) Fines and prohibitions as referred to in paragraph (4) letters b and c may be imposed with or without prior imposition of a written warning as referred to in paragraph (4) letter a. (6) Fines as referred to in paragraph (4) letter b are imposed at most IDR 15,000,000,000.00 (fifteen billion rupiah). (7) The Financial Services Authority may announce the imposition of administrative sanctions as referred to in paragraph (4) to the public.

Article 15
(1) PUJK is obligated to have written guidelines regarding activities to enhance Financial Inclusion.
(2) PUJK that violates the provisions as referred to in paragraph (1) is subject to administrative sanctions in the form of a written warning.
(3) The Financial Services Authority may announce the imposition of administrative sanctions as referred to in paragraph (2) to the public.

Article 16
(1) Activities to enhance Financial Inclusion as referred to in Article 14 paragraph (1) include planning and implementation of:
a. expansion of access to institutions, products, and/or services to target Consumers; b. provision of products and/or services; and/or
c. sustainability:

1. access to institutions, products, and/or services; and/or
2. products and/or services,
   which have been owned or provided by PUJK to continue to be utilized by Consumers and/or the public.
   (2) Activities to enhance Financial Inclusion as referred to in paragraph (1) are carried out in physical or digital forms.

Article 17
(1) The implementation of activities to enhance Financial Inclusion as referred to in Article 14 paragraph (1) is carried out based on principles:
a. planned and measurable; b. affordable;
c. targeted; and
d. sustainable.
(2) PUJK may cooperate with other parties in the implementation of activities to enhance Financial Inclusion.

Second Section
Activity Plans to Enhance Financial Inclusion
Article 18
(1) PUJK must prepare activity plans to enhance Financial Inclusion.
(2) Activity plans to enhance Financial Inclusion as referred to in paragraph (1) must at least include:
a. activities to be carried out as referred to in Article 16 paragraph (1); b. targets for activities to enhance Financial Inclusion;
c. number of target Consumers;
d. schedule and region; and e. indicators and forms of evaluation.

Third Section
Implementation of Activities to Enhance Financial Inclusion
Article 19
(1) Expansion of access as referred to in Article 16 paragraph (1) letter a is carried out through the provision of infrastructure by PUJK so that target Consumers can reach:
a. PUJK; and/or b. products and/or services of PUJK.
(2) Provision of infrastructure as referred to in paragraph (1) may be carried out in the form of:
a. addition of office networks; b. addition of cooperation with other parties;
c. development of distribution channels for products and/or services;
d. provision of special facilities for Consumers and/or the public with disabilities and/or the elderly; e. support for government or authority programs to enhance Financial Inclusion; and/or f. other infrastructure.

Article 20
(1) Provision of products and/or services as referred to in Article 16 paragraph (1) letter b includes:
a. creation of new products and/or services; or b. development of products and/or services, which are appropriate to the needs and capabilities of Consumers and/or the public. (2) Creation of new products and/or services or development of products and/or services as referred to in paragraph (1) is carried out in accordance with:
a. the needs and capabilities of target Consumers; b. the characteristics of products and/or services of each PUJK; and
c. the appropriateness of risks and costs.
(3) Creation of new products and/or services as referred to in paragraph (1) letter a may be carried out in the form of:
a. creating products and/or services that are general; b. creating products and/or services that are simple;
c. creating thematic products and/or services; and/or
d. implementing government or authority programs to enhance Financial Inclusion.
(4) Development of products as referred to in paragraph (1) letter b may be carried out in the form of:
a. developing products and/or services that are general; b. developing products and/or services that are simple;
c. developing thematic products and/or services; and/or
d. implementing government or authority programs to enhance Financial Inclusion.

Article 21
(1) In the event that PUJK has simple products and/or services that are government or authority programs, PUJK is obligated to:
a. provide information regarding such products and/or services to prospective Consumers in accordance with the established segmentation and targets; and b. receive and process the review of the feasibility of prospective Consumers' applications to utilize such products and/or services by considering statutory regulations. (2) PUJK that violates the provisions as referred to in paragraph (1) is subject to administrative sanctions in the form of a written warning. (3) The Financial Services Authority may announce the imposition of administrative sanctions as referred to in paragraph (2) to the public.

CHAPTER IV
INFRASTRUCTURE FOR THE ENHANCEMENT OF FINANCIAL LITERACY AND FINANCIAL INCLUSION First Section Functions or Units for Financial Literacy and Financial Inclusion
Article 22
(1) PUJK is obligated to have a function or unit for the implementation of the provisions of this Financial Services Authority Regulation.
(2) The function or unit as referred to in paragraph (1) may be combined with other functions or units.
(3) The combination of functions or units as referred to in paragraph (2) follows regulations governing the combination of functions or units in each respective PUJK. (4) In the event that there are no regulations regarding the combination of functions or units, PUJK may combine functions or units according to needs. (5) The combination of functions or units as referred to in paragraph (2) is carried out by avoiding conflicts of interest among PUJK employees. (6) In forming a function or unit as referred to in paragraph (1), PUJK considers:
a. the amount of assets; b. the number of offices;
c. the number and complexity of products and/or services;
d. the number of Consumer classifications; and/or e. the number of PUJK human resources.
(7) In the event that PUJK is part of a financial conglomerate, the formation of a Financial Literacy and Inclusion function or unit may be carried out integrally at the main entity. (8) PUJK that violates the provisions as referred to in paragraph (1) is subject to administrative sanctions in the form of a written warning. (9) The Financial Services Authority may announce the imposition of administrative sanctions as referred to in paragraph (8) to the public.

Article 23
(1) The Financial Literacy function or unit has the duties:
a. preparing written guidelines for activities to enhance Financial Literacy; b. planning and implementing activities to enhance Financial Literacy;
c. evaluating the implementation and impact of activities to enhance Financial Literacy that have been carried out by PUJK;
d. reporting to the Board of Directors regarding the implementation of activities and providing recommendations for improvement and development of activities to enhance Financial Literacy; e. coordinating the preparation and submission of reports related to activities to enhance Financial Literacy in accordance with statutory regulations; f. providing input to business units that conduct research and development of products and/or services to develop products and/or services that are appropriate to the needs and capabilities of Consumers and/or the public based on the results of activities to enhance Financial Literacy; and g. carrying out other tasks to enhance Financial Literacy. (2) Written guidelines for activities to enhance Financial Literacy as referred to in paragraph (1) letter a must at least include:

a. fulfillment of support for strategies and/or programs for enhancing Financial Literacy issued by the Financial Services Authority; b. fulfillment of principles for implementing activities to enhance Financial Literacy;
c. preparation of activity plan reports for enhancing Financial Literacy;
d. implementation of activities to enhance Financial Literacy; and e. preparation of activity realization reports for enhancing Financial Literacy.
(3) The Financial Inclusion function or unit has the duties:
a. to prepare written guidelines for activities to enhance Financial Inclusion; b. to plan and implement activities to enhance Financial Inclusion;
c. to evaluate the implementation of activities to enhance Financial Inclusion that have been carried out by PUJK;
d. to provide input to the business unit conducting research and development of products and/or services to create schemes and develop products and/or services that are appropriate for the needs and capabilities of Consumers and/or the public; e. to provide input to the Financial Literacy function or unit for the preparation of Financial Education materials related to expanding access and providing products and/or services; f. to report to the Board of Directors regarding the implementation of activities and provide recommendations for improvement and development of activities to enhance Financial Inclusion; g. to coordinate the preparation and submission of reports related to activities to enhance Financial Inclusion in accordance with statutory regulations; and

h. to perform other duties to enhance Financial Inclusion.
(4) The written guidelines for activities to enhance Financial Inclusion as referred to in paragraph (3) letter a must at least include:
a. fulfillment of support for strategies and/or programs for enhancing Financial Inclusion issued by the Financial Services Authority; b. fulfillment of principles for implementing activities to enhance Financial Inclusion;
c. preparation of activity plan reports for enhancing Financial Inclusion;
d. implementation of activities to enhance Financial Inclusion; and e. preparation of activity realization reports for enhancing Financial Inclusion. Second Section Organization and Reporting
Article 24
(1) The Board of Directors is responsible for compliance with the implementation of the provisions of this Financial Services Authority Regulation.
(2) The Board of Commissioners must supervise the implementation of the Board of Directors' responsibilities regarding compliance with the implementation of the provisions of this Financial Services Authority Regulation. (3) PUJK must have a reporting mechanism to the Board of Directors for the fulfillment of compliance with the provisions of this Financial Services Authority Regulation. (4) PUJK, the Board of Directors, and/or the Board of Commissioners who violate the provisions as referred to in paragraph (1), paragraph (2), and/or paragraph (3) may be subject to administrative sanctions in the form of:
a. written warnings; and/or

b. prohibition from acting as a principal party in accordance with Financial Services Authority Regulations regarding the re-evaluation of principal parties of Financial Service Institutions. (5) The sanctions as referred to in paragraph (4) letter b may be imposed with or without prior imposition of written warning sanctions as referred to in paragraph (4) letter a. (6) The Financial Services Authority may announce the imposition of administrative sanctions as referred to in paragraph (4) to the public.
CHAPTER V
FINANCIAL LITERACY AND FINANCIAL INCLUSION REPORTS
Article 25
(1) PUJK must prepare and submit:
a. Financial Literacy reports; and b. Financial Inclusion reports, to the Financial Services Authority.
(2) The reports as referred to in paragraph (1) become part of the business plan and the business plan realization report.
(3) The reports as referred to in paragraph (1) are submitted to the Financial Services Authority c.q.:
a. Executive Head of PUJK Behavior Supervision, Education, and Consumer Protection; and b. Executive Head of Supervision according to the industry of each PUJK. (4) The Financial Literacy reports as referred to in paragraph (1) letter a consist of plan reports and realization reports as referred to in Article 3. (5) The Financial Inclusion reports as referred to in paragraph (1) letter b consist of plan reports and realization reports as referred to in Article 14.

(6) In the event that PUJK is a financial conglomerate, each PUJK must submit plan reports and realization reports as referred to in paragraph (1) to the Financial Services Authority. (7) Further provisions regarding the preparation and submission of plan reports and realization reports for Financial Literacy and Financial Inclusion are determined by the Financial Services Authority.
Article 26
(1) Business plan reports as referred to in Article 25 paragraph (2) are submitted in accordance with regulations governing the submission of business plans for each PUJK. (2) In the event that PUJK does not have the obligation to prepare and submit a business plan, PUJK must submit the plan reports as referred to in Article 25 paragraph (1) no later than November 30 before the year of activity implementation. (3) If November 30 falls on a Saturday, Sunday, or holiday, the plan reports as referred to in paragraph (2) are submitted on the next working day.
Article 27
(1) Business realization reports as referred to in Article 25 paragraph (2) are submitted in accordance with regulations governing the submission of business plan realization reports for each PUJK. (2) In the event that PUJK does not have the obligation to prepare and submit business plan realization reports, PUJK must submit the realization reports as referred to in Article 25 paragraph (1) on a semi-annual basis. (3) Submission of realization reports as referred to in paragraph (2) is carried out no later than July 31 of the current year and January 31 of the following year. (4) If the deadline for submission of realization reports as referred to in paragraph (3) falls on a Saturday, Sunday, or holiday, the realization reports as referred to in paragraph (3) are submitted on the next working day.
Article 28
(1) PUJK may make adjustments or changes to Financial Literacy and Financial Inclusion plan reports.
(2) Adjustments or changes to plan reports as referred to in paragraph (1) may be carried out based on:
a. requests from the Financial Services Authority; and/or b. PUJK initiative.
(3) PUJK submits adjustments or changes to plan reports as referred to in paragraph (1), in accordance with regulations governing adjustments or changes to business plans for each PUJK. (4) In the event that there are no regulations governing adjustments to business plans as referred to in paragraph (3), PUJK must submit adjustments to plan reports as referred to in paragraph (2) letter a no later than 20 (twenty) working days after the date of the Financial Services Authority's request letter. (5) In the event that there are no regulations governing changes to business plans as referred to in paragraph (3), PUJK may submit changes to plan reports as referred to in paragraph (2) letter b no later than 20 (twenty) working days before the implementation of the activities. (6) In the event that there are no regulations governing the number of business plan changes for PUJK, PUJK may make changes to plan reports as referred to in paragraph (2) letter b at most 1 (one) time for 1 (one) semester.
Article 29
(1) Submission of plan reports, realization reports, report adjustments, and report changes is carried out through the electronic reporting system provided by the Financial Services Authority. (2) In the event that the Financial Services Authority declares that the electronic reporting system as referred to in paragraph (1) cannot be accessed due to disruption, reports are submitted to the Financial Services Authority offline and/or online. (3) Submission of reports offline and/or online as referred to in paragraph (2) is accompanied by a cover letter in printed form signed by one of the Board of Directors members. (4) PUJK that has submitted reports as referred to in paragraph (2) must resubmit the reports through the electronic reporting system provided by the Financial Services Authority no later than 5 (five) working days after the Financial Services Authority declares that the system disruption has been resolved. (5) PUJK that violates the provisions as referred to in paragraph (4) is subject to administrative sanctions in the form of written warnings. (6) The Financial Services Authority may announce the imposition of administrative sanctions as referred to in paragraph (5) to the public.
Article 30
(1) In the event that PUJK cooperates with other parties as referred to in Article 6 paragraph (2) and Article 17 paragraph (2), PUJK must state the role of PUJK and the cooperating parties in the plan reports and realization reports.

(2) PUJK that violates the provisions as referred to in paragraph (1) is subject to administrative sanctions in the form of written warnings.
(3) The Financial Services Authority may announce the imposition of administrative sanctions as referred to in paragraph (2) to the public.
Article 31
PUJK may publish the realization of activities to enhance Financial Literacy and Financial Inclusion in the PUJK's annual report.
Article 32
(1) PUJK that violates the provisions as referred to in Article 25 paragraph (1) and paragraph (6) is subject to administrative sanctions in the form of fines:
a. amounting to IDR 10,000,000.00 (ten million rupiah) for PUJK in the form of Commercial Banks, Securities Brokers, Investment Managers, Pension Funds, Insurance Companies, Government Pawnshop Companies, Indonesia Export Financing Institutions, Information Technology-Based Joint Financing Service Providers, PT Permodalan Nasional Madani, and Crowdfunding Service Providers; or b. amounting to IDR 5,000,000.00 (five million rupiah) for PUJK in the form of Rural Banks/Financing Institutions, Financing Companies, Venture Capital Companies, and Guarantee Companies. (2) PUJK that violates the provisions as referred to in Article 26 paragraph (2), Article 27 paragraph (2), and/or Article 28 paragraph (4) is subject to administrative sanctions in the form of fines:
a. amounting to IDR 100,000.00 (one hundred thousand rupiah) per day of delay and at most IDR 10,000,000.00 (ten million rupiah) for PUJK in the form of Commercial Banks, Securities Brokers,

Investment Managers, Pension Funds, Insurance Companies, Government Pawnshop Companies, Indonesia Export Financing Institutions, Information Technology-Based Joint Financing Service Providers, PT Permodalan Nasional Madani, and Crowdfunding Service Providers; or b. amounting to IDR 50,000.00 (fifty thousand rupiah) per day of delay and at most IDR 5,000,000.00 (five million rupiah) for PUJK in the form of Rural Banks/Financing Institutions, Financing Companies, Venture Capital Companies, and Guarantee Companies. (3) Private Pawnshop Companies, other Financial Service Institutions and/or parties conducting business activities of fund collection, fund disbursement, and/or fund management in the financial services sector and which are declared supervised by the Financial Services Authority, based on statutory regulations, who violate the provisions as referred to in Article 25 paragraph (1) and paragraph (6), Article 26 paragraph (2), Article 27 paragraph (2), and/or Article 28 paragraph (4), are subject to administrative sanctions in the form of written warnings. (4) The Financial Services Authority may announce the imposition of administrative sanctions as referred to in paragraph (1), paragraph (2), and paragraph (3) to the public.
CHAPTER VI
STRATEGY AND PROGRAM FOR ENHANCING FINANCIAL LITERACY AND FINANCIAL INCLUSION FOR CONSUMERS AND THE PUBLIC BY THE FINANCIAL SERVICES AUTHORITY
Article 33
(1) The Financial Services Authority establishes strategies and/or programs for enhancing Financial Literacy and Financial Inclusion.

(2) PUJK plays an active role in the implementation of strategies and/or programs as referred to in paragraph (1).
Article 34
(1) The Financial Services Authority provides a financial education learning management system that can be utilized by Consumers and/or the public to enhance Financial Literacy. (2) In carrying out the obligation of activities to enhance Financial Literacy, PUJK may utilize the financial education learning management system as referred to in paragraph (1).
CHAPTER VII
OTHER PROVISIONS
Article 35
(1) The Financial Services Authority may request information, and/or data on the implementation of activities to enhance Financial Literacy and Financial Inclusion from PUJK. (2) Requests for information and/or data as referred to in paragraph (1) are carried out through letters and/or electronic mail. (3) PUJK must fulfill information requests as referred to in paragraph (1) within a maximum of 10 (ten) working days from the date of submission of the information request via letter and/or electronic mail. (4) PUJK that violates the provisions as referred to in paragraph (3) may be subject to administrative sanctions in the form of:
a. written warnings; b. fines; and/or

c. prohibition from acting as a principal party in accordance with Financial Services Authority Regulations regarding the re-evaluation of principal parties of Financial Service Institutions.
(5) Sanctions as referred to in paragraph (4) letter b and letter c may be imposed with or without prior imposition of written warning sanctions as referred to in paragraph (4) letter a. (6) Fine sanctions as referred to in paragraph (4) letter b are imposed at most IDR 15,000,000,000.00 (fifteen billion rupiah). (7) The Financial Services Authority may announce the imposition of administrative sanctions as referred to in paragraph (4) to the public.
Article 36
This Financial Services Authority Regulation is exempted for Reinsurance Companies, Infrastructure Financing Companies, Employer Pension Funds, and Microfinance Institutions.
Article 37
(1) PUJK may submit a request for exemption from the obligation to carry out activities as referred to in Article 3 paragraph (1) and Article 14 paragraph (1) to the Financial Services Authority. (2) Requests for exemption from obligations as referred to in paragraph (1) may be submitted by PUJK that meet the criteria:
a. having risks that impact the continuity and ability to fulfill PUJK obligations; and b. booking/experiencing losses for 2 (two) consecutive years. (3) Requests for exemption as referred to in paragraph (1) are submitted no later than September 30 before the year of activity implementation.

(4) Exemptions as referred to in paragraph (1) are valid for 1 (one) year.
(5) PUJK may submit a request for extension of exemption as referred to in paragraph (4) by submitting a request for extension of exemption no later than September 30 in the year of activity implementation. (6) The Financial Services Authority provides approval or rejection of exemption requests as referred to in paragraph (1) and extension of exemption requests as referred to in paragraph (5) no later than October 31. (7) In the event that exemption and extension of exemption requests are rejected, PUJK submits plan reports as referred to in Article 26.
CHAPTER VIII
CLOSING PROVISIONS
Article 38
(1) For Private Pawnshop Companies, Indonesia Export Financing Institutions, and other Financial Service Institutions and/or parties conducting business activities of fund collection, fund disbursement, and/or fund management in the financial services sector and which are declared supervised by the Financial Services Authority, based on statutory regulations, the obligation to have functions or units as referred to in Article 22 paragraph (1) takes effect after 6 (six) months counted from the date of promulgation of this Financial Services Authority Regulation. (2) Private Pawnshop Companies, Indonesia Export Financing Institutions, and other Financial Service Institutions and/or parties conducting business activities of fund collection, fund disbursement, and/or fund management in the financial services sector and which are declared supervised by the Financial Services Authority, based on statutory regulations, are exempted from the obligation to carry out activities as referred to in Article 3 and Article 14 for the year 2023. (3) Private Pawnshop Companies, Indonesia Export Financing Institutions, and other Financial Service Institutions and/or parties as referred to in paragraph (1) submit the first plan reports as referred to in Article 25 no later than November 30, 2023.
Article 39
(1) At the time this Financial Services Authority Regulation takes effect:
a. Financial Services Authority Circular Letter Number 30/SEOJK.07/2017 regarding the Implementation of Activities in the Framework of Enhancing Financial Literacy in the Financial Services Sector; b. Financial Services Authority Circular Letter Number 31/SEOJK.07/2017 regarding the Implementation of Activities in the Framework of Enhancing Financial Inclusion in the Financial Services Sector; and
c. regulations governing the submission of activity plans to enhance Financial Literacy and Financial Inclusion in the business plans and realization of business plans of PUJK, namely:

1. Article 22 paragraph (13), paragraph (14), paragraph (15), and paragraph (16) of Financial Services Authority Regulation Number 8/POJK.04/2022 regarding Reporting by Securities Companies Conducting Business as Underwriters of Securities and Securities Brokers (State Gazette of the Republic of Indonesia Year 2022 Number 126, Supplement to the State Gazette of the Republic of Indonesia Number 6796);

2. Article 7 paragraph (1) letter d number 8) of Financial Services Authority Regulation Number 24/POJK.05/2019 regarding Business Plans of Nonbank Financial Service Institutions (State Gazette of the Republic of Indonesia Year 2019 Number 175, Supplement to the State Gazette of the Republic of Indonesia Number 6392);

3. Roman II number 1 letter d item 7) of Financial Services Authority Circular Letter Number 23/SEOJK.05/2019 regarding Business Plans of Financing Companies and Sharia Financing Companies;

4. Roman II number 1 letter d item 7) of Financial Services Authority Circular Letter Number 4/SEOJK.05/2020 regarding Business Plans of Guarantee Institutions;

5. Roman II number 1 letter d item 7) of Financial Services Authority Circular Letter Number 13/SEOJK.05/2020 regarding Business Plans of Venture Capital Companies and Sharia Venture Capital Companies;

6. Roman II number 1 letter d item 7) of Financial Services Authority Circular Letter Number 16/SEOJK.05/2020 regarding Business Plans of Pawnshop Companies;

7. Roman I number 13 letter d item 3) Appendix of Financial Services Authority Circular Letter Number 12/SEOJK.03/2021 regarding Business Plans of Commercial Banks;

8. Roman I number 13 letter d item 3) Appendix of Financial Services Authority Circular Letter Number 14/SEOJK.03/2021 regarding Business Plans of Sharia Commercial Banks and Sharia Business Units;

9. Roman I letter A number 11 item a Appendix of Financial Services Authority Circular Letter Number 28/SEOJK.03/2021 regarding Business Plans of Rural Banks; and

10. Roman I letter A number 11 item a Appendix of Financial Services Authority Circular Letter Number 30/SEOJK.03/2021 regarding Business Plans of Sharia Rural Financing Banks,
    are declared to remain in force insofar as they do not conflict with this Financial Services Authority Regulation.
    (2) At the time this Financial Services Authority Regulation takes effect, Financial Services Authority Regulation Number 76/POJK.07/2016 regarding Enhancement of Financial Literacy and Financial Inclusion in the Financial Services Sector for Consumers and/or the Public (State Gazette of the Republic of Indonesia Year 2016 Number 315, Supplement to the State Gazette of the Republic of Indonesia Number 6003) is repealed and declared invalid.
    Article 40
    This Financial Services Authority Regulation takes effect on the date of its promulgation.

This copy is in accordance with the original
Director of Law 1
Legal Department signed
Mufli Asmawidjaja
In order that everyone may know it, order the promulgation of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia. Determined in Jakarta on February 24, 2023 CHAIRMAN OF THE COMMISSIONERS BOARD FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA, sign MAHENDRA SIREGAR Promulgated in Jakarta on February 28, 2023 MINISTER OF LAW AND HUMAN RIGHTS REPUBLIC OF INDONESIA, sign YASONNA H. LAOLY STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2023 NUMBER 5/OJK

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 3 OF 2023
REGARDING
ENHANCEMENT OF FINANCIAL LITERACY AND FINANCIAL INCLUSION IN THE FINANCIAL SERVICES SECTOR FOR CONSUMERS AND THE PUBLIC
I. GENERAL
Article 28 letter a of Law Number 21 of 2011 concerning the Financial Services Authority states that the Financial Services Authority has the authority to take preventive actions against losses to Consumers and the public by providing information and education to the public regarding the characteristics of the financial services sector, services, and products.
To follow up on this authority, the Financial Services Authority has carried out various actions including: (1) issuing Financial Services Authority Regulation Number 76/POJK.07/2016 regarding Enhancement of Financial Literacy and Financial Inclusion in the Financial Services Sector for Consumers and/or the Public; (2) issuing the Indonesia National Financial Literacy Strategy 2021-2025; and (3) providing a financial education learning management system (Financial Education Learning Management System/LMS). Financial Literacy and Financial Inclusion play an important role in the financial stability and economic growth of the Republic of Indonesia. The Government has established Presidential Regulation Number 114 of 2020 regarding the National Strategy for Inclusive Finance which specifically regulates the Financial Education pillar, the product, intermediation and distribution channels pillar, and the consumer protection pillar. In addition, in Presidential Regulation Number 18 of 2020 regarding the Medium-Term National Development Plan for 2020-2024, a plan was drawn up to strengthen the implementation of social protection through the expansion of financial product innovations, increasing public access to finance, and developing financial services sector infrastructure supported by financial education to enhance Financial Literacy

and Financial Inclusion through the distribution of social assistance and subsidies programs.

Optimal Financial Literacy and Inclusion has a positive contribution to the financial well-being of individuals and the community. In realizing this, synergy is needed between the government, authorities, and Financial Business Entities (PUJK) in carrying out activities to increase Financial Literacy and Inclusion. Furthermore, to strengthen the commitment, awareness, and responsibility of PUJK that have products and/or services and interact directly with Consumers and/or the community regarding the increase in Financial Literacy and Inclusion for Consumers and the community, provisions are needed regarding the increase in Financial Literacy and Inclusion in the financial services sector. The aforementioned provisions have been regulated in Financial Services Authority Regulation Number 76/POJK.07/2016 concerning Financial Literacy and Inclusion in the Financial Services Sector for Consumers and/or the Community. However, in its development, it is necessary to refine Financial Services Authority Regulation Number 76/POJK.07/2016 concerning Financial Literacy and Inclusion in the Financial Services Sector for Consumers and/or the Community.

To realize the increase in knowledge, understanding, and availability of access for the Indonesian community to institutions, products, and services, and the availability of products and/or services that match the needs and abilities of the community, as well as to ensure compliance with statutory regulations, this Financial Services Authority Regulation contains regulations including: (1) involving new PUJK that emerge as a result of developments in the financial services sector in carrying out the increase in Financial Literacy and Inclusion; (2) accommodating the rapid and dynamic development of innovation and technology in the financial services sector so as to provide opportunities for PUJK to create ways or methods using information technology in carrying out activities to increase Financial Literacy and Inclusion; (3) increasing the quantity of Financial Literacy and Inclusion activities, including by optimizing the role of PUJK in increasing Financial Literacy and Inclusion; (4) strengthening supervision to fulfill consumer and community protection aspects for the increase in Financial Literacy and Inclusion by submitting reports on plans and realization of Financial Literacy and Inclusion also to the Executive Head of Supervision of Behavior, Education, and Consumer Protection of PUJK; and (5) optimizing the utilization of the financial education learning management system in efforts to increase Financial Literacy and Inclusion.

Considering these matters, the formation of the Financial Services Authority Regulation concerning Financial Literacy and Inclusion in the Financial Services Sector for Consumers and the Community is carried out.

II. ARTICLE BY ARTICLE

Article 1

It is clear enough.

Article 2

Letter a

It is clear enough.

Letter b

It is clear enough.

Letter c

It is clear enough.

Letter d

It is clear enough.

Letter e

The term "Pension Fund" refers to Employer Pension Funds and Financial Institution Pension Funds in accordance with the Law concerning Pension Funds.

Letter f

It is clear enough.

Letter g

It is clear enough.

Letter h

It is clear enough.

Letter i

It is clear enough.

Letter j

It is clear enough.

Letter k

It is clear enough.

Letter l

It is clear enough.

Letter m

It is clear enough.

Letter n

It is clear enough.

Letter o

It is clear enough.

Letter p

The term "Other Financial Service Institutions and/or parties carrying out business activities in collecting funds, disbursing funds, managing funds in the financial services sector and which are stated to be supervised by the Financial Services Authority based on statutory regulations" includes, among others, Information Technology-Based Joint Financing Service Providers, PT Permodalan Nasional Madani, and Crowdfunding Service Providers.

Article 3

Paragraph (1)

Activities to increase Financial Literacy are carried out by PUJK not as an effort to increase the sales capacity of PUJK products and/or services.

Paragraph (2)

It is clear enough.

Paragraph (3)

The form of documentation of activity implementation includes, among others, printed copies and/or digital copies including photos and/or videos.

Paragraph (4)

The term "principal party" refers to members of the Board of Directors and/or members of the Board of Commissioners.

Paragraph (5)

It is clear enough.

Paragraph (6)

It is clear enough.

Paragraph (7)

Announcements of administrative sanctions are carried out, among others, through the official media channels of the Financial Services Authority.

Article 4

Paragraph (1)

The implementation of activities to increase Financial Literacy is carried out in accordance with written guidelines.

Paragraph (2)

It is clear enough.

Paragraph (3)

It is clear enough.

Article 5

It is clear enough.

Article 6

Paragraph (1)

The implementation of activities to increase Financial Literacy can be part of the PUJK's corporate social responsibility (CSR) activities. Implementation of activities that can be part of the PUJK's corporate social responsibility (CSR) are activities directed towards external parties of the PUJK.

Letter a

The term "planned and measurable" refers to activities carried out that have a concept in accordance with targets, strategies, authority policies, and PUJK policies, and have indicators to obtain information on the increase in Financial Literacy.

Letter b

The term "result-oriented" refers to activities carried out that are able to achieve the goal of increasing Financial Literacy by optimizing existing resources. In applying the principle of result-orientation, PUJK needs to prioritize the understanding of Consumers and/or the community regarding Financial Education materials and/or information on the characteristics of products and/or services.

Letter c

The term "sustainable" refers to activities carried out continuously to achieve planned targets and have long-term aspects.

Paragraph (2)

The term "other parties" includes, among others, authorities, government agencies, PUJK associations, other PUJK, business entities, organizations, non-governmental organizations, communities, researchers, and/or academics, both from within and outside the country.

Cooperation carried out with other parties avoids things that can harm the financial services sector, such as legal and reputational risks for PUJK.

Paragraph (3)

It is clear enough.

Paragraph (4)

It is clear enough.

Paragraph (5)

It is clear enough.

Article 7

Paragraph (1)

The term "product and/or service brand" refers to the name, image, and/or logo of products and/or services provided by PUJK as an identifier. PUJK may use or affix the PUJK logo in the implementation of activities to increase Financial Literacy.

Forms of avoiding the use of specific product and/or service brands include, among others, affixing product and/or service brands in Financial Education materials.

For products and/or services from government or authority programs that can be mentioned, they are generic names of products and/or services. Example: Student Savings (SimPel).

Paragraph (2)

It is clear enough.

Article 8

Paragraph (1)

It is clear enough.

Paragraph (2)

Letter a

The term "activity name" is:

1. a name that describes the activity; and
2. conventional and/or Shariah category.

Letter b

It is clear enough.

Letter c

It is clear enough.

Letter d

It is clear enough.

Letter e

It is clear enough.

Letter f

It is clear enough.

Letter g

It is clear enough.

Letter h

It is clear enough.

Letter i

It is clear enough.

Letter j

The term "evaluation indicator" is a measuring tool to determine the suitability of implementation and results/outcomes of activities to increase Financial Literacy, including:

1. knowledge level;
2. infrastructure availability; and/or
3. suitability of implementation form.

The term "form of evaluation" is a way to determine the suitability of implementation and results/outcomes of activities to increase Financial Literacy, including through:

1. pre-test and post-test, which is a measurement method that compares results before and after the implementation of activities to increase Financial Literacy;
2. surveys, which is a measurement method for specific segments, particularly internet users, which can be conducted online via websites or other electronic media; and/or
3. surveys, which is a measurement method to determine the level of Financial Literacy in specific groups.

Article 9

Paragraph (1)

It is clear enough.

Paragraph (2)

Example:
PUJK X carries out activities to increase Financial Literacy in the form of infrastructure development in 1 (one) year as many as 3 (three) times with details of the first semester carried out 1 (one) time and the second semester carried out 2 (two) times, but neither in the first semester nor in the second semester were Financial Education activities carried out, then PUJK X is considered not to have carried out activities to increase Financial Literacy in that year.

Paragraph (3)

Financial Education materials are compiled referring to Financial Education material standards by paying attention to the Financial Literacy and Inclusion strategy in the financial services sector issued by the Financial Services Authority.

Paragraph (4)

Letter a

Example information regarding financial services sector characteristics:

1. the banking sector includes, among others, the role and function of banks, institutional structure, types of banks, and products and/or services of the banking sector in general, both conventional and based on Shariah principles;
2. the non-bank financial industry sector includes, among others, institutions present in the non-bank financial industry sector, institutional structure, and products and/or services of the non-bank financial industry sector in general, both conventional and based on Shariah principles; and/or
3. the capital market sector includes, among others, institutional structure, actors in the capital market, and products and/or services in the capital market sector in general, both conventional and based on Shariah principles.

PUJK can explain the characteristics of the financial services sector from:

1. the PUJK concerned;
2. one financial services sector; and/or
3. all financial services sectors.

Letter b

Number 1

It is clear enough.

Number 2

It is clear enough.

Number 3

It is clear enough.

Number 4

It is clear enough.

Number 5

It is clear enough.

Number 6

It is clear enough.

Number 7

The term "Financial Education material covering product and/or service characteristics including complaint handling and dispute resolution" refers to general information regarding complaint handling and dispute resolution. If there is a complaint, the Consumer can submit a complaint to the PUJK, and if there is no agreement on complaint resolution, dispute resolution can be carried out through the court or out of court.

Letter c

Financial management materials are adjusted to the targets of Financial Education. The financial management materials mentioned include materials regarding financial resilience during crises.

Letter d

Example:
PUJK provides information on taxes attached to deposit products.

Paragraph (5)

Financial Education materials regarding digital products and/or services include, among others:

1. knowledge regarding digital financial products and/or services;
2. wise use of digital financial products and/or services;
3. awareness of digital financial risks and ways to mitigate them;
4. understanding rights, obligations, and procedures for filing complaints; and
5. digital-based financial crime modus operandi and ways to avoid them.

Paragraph (6)

It is clear enough.

Paragraph (7)

It is clear enough.

Article 10

Paragraph (1)

Letter a

The term "socialization" is an activity to disseminate information so that it can be known and understood by Consumers and/or the community.

Letter b

The term "workshop" is an activity to provide understanding in the form of training.

Letter c

The term "accompaniment" is a process, method, act of accompanying prospective Consumers and/or Consumers to increase financial skills.

Letter d

The term "community training" is an activity to increase the understanding of the community in a specific community regarding financial management, financial products and services, and Financial Service Institutions.

Letter e

The term "outreach program" is a series of activities with various combinations of Financial Education forms carried out continuously over a certain period of time from the time the community has not yet received access to information or institutions, products, and/or services until the community becomes Consumers in the financial services sector.

Letter f

The term "game" is a series of activities packaged and designed in the form of a game.

Paragraph (2)

The term "simulation" is a demonstration method in the form of an imitation that is similar to actual conditions.

Simulations can be carried out by providing facilities to provide an overview of the practice of using products and/or services so as to increase the knowledge and skills of Consumers and/or the community in understanding financial needs and abilities.

Paragraph (3)

It is clear enough.

Paragraph (4)

Letter a

The implementation of Financial Education activities with face-to-face methods is an activity that requires physical presence.

Letter b

Examples of implementation of Financial Education activities without face-to-face methods include, among others, utilizing information and communication technology devices such as online meeting platforms and social media with live activities.

Paragraph (5)

It is clear enough.

Paragraph (6)

It is clear enough.

Article 11

Paragraph (1)

The term "micro or small business" refers to micro or small businesses as regulated based on statutory regulations.

Accompaniment can be carried out by training transaction recording procedures, providing information on business capital loan application procedures, and/or training on interest calculation methods.

Paragraph (2)

It is clear enough.

Article 12

Paragraph (1)

The development of facilities and infrastructure is carried out by considering the needs and abilities of PUJK.

Letter a

The aforementioned construction or development includes the use of information and communication technology.

Examples of infrastructure development forms include the construction of facilities and media such as e-learning, websites, mobile applications, as well as the creation of social media or social media accounts.

Examples of infrastructure development forms including the development of facilities and media include, among others, adding voice features to e-learning to facilitate persons with disabilities.

Letter b

It is clear enough.

Letter c

Examples of human resource provision include, among others, recruiting competent human resources for the implementation of Financial Education activities.

Examples of human resource training include, among others, conducting training for internal and/or external parties of PUJK through trainer training and facilitator training.

Trainer training is an activity for prospective trainers to be able to present the materials obtained during training to their community or the general public.

Facilitator training is an activity for prospective facilitators to be able to present the materials obtained during training to their community or the general public.

Paragraph (2)

Examples of Financial Education materials include, among others, Financial Literacy series books and financial management pocketbooks.

Paragraph (3)

It is clear enough.

Paragraph (4)

It is clear enough.

Paragraph (5)

The term "others" includes, among others, banners and signs.

Paragraph (6)

It is clear enough.

Article 13

It is clear enough.

Article 14

It is clear enough.

Article 15

Paragraph (1)

The implementation of activities to increase Financial Inclusion is carried out in accordance with written guidelines.

Paragraph (2)

It is clear enough.

Paragraph (3)

It is clear enough.

Article 16

Paragraph (1)

Letter a

The term "Consumer target" refers to prospective Consumers and/or Consumers who are the targets of PUJK in expanding access to institutions, products, and/or services.

Letter b

It is clear enough.

Letter c

It is clear enough.

Paragraph (2)

It is clear enough.

Article 17

Paragraph (1)

Letter a

The term "planned and measurable" refers to activities to increase Financial Inclusion by considering the coverage area, costs, time, technology systems, and having mitigation for potential risks arising from product and/or service transactions so that the provided access and developed products and/or services have characteristics in accordance with the targets of activities to increase Financial Inclusion.

Letter b

The term "affordable" refers to activities to increase Financial Inclusion that can be accessed by Consumers and/or the community at low or no cost, and the use of technology.

Letter c

The term "targeted" refers to activities to increase Financial Inclusion in accordance with the needs and abilities of Consumers and/or the community who are the targets.

Letter d

The term "sustainable" refers to activities to increase Financial Inclusion carried out continuously to achieve planned targets and have long-term aspects that prioritize the needs and abilities of Consumers and/or the community.

Paragraph (2)

The term "other parties" includes, among others, authorities, government agencies, other PUJK, business entities, organizations, academics, individual agents, both from within and outside the country.

Article 18

Paragraph (1)

It is clear enough.

Paragraph (2)

Letter a

It is clear enough.

Letter b

The term "activity targets" refers to specific groups or segments of the community that are the purpose of the implementation of activities to increase Financial Inclusion.

Letter c

It is clear enough.

Letter d

The term "schedule" refers to the time or period of implementation of activities to increase Financial Inclusion.

The term "area" refers to the location of implementation of activities to increase Financial Inclusion.

Letter e

The term "evaluation indicator" is a measuring tool to determine the results of activities to increase Financial Inclusion, including through:
a. increased and/or availability of access to institutions, products, and/or services; b. increased and/or availability of products and/or services;
c. increased utilization of products and/or services; and/or
d. increased quality of users of products and/or services in accordance with the needs and abilities of Consumers and/or the community.

The term "form of evaluation" is a way to determine the results of activities to increase Financial Inclusion, including through:
a. paying attention to administrative data such as activity reports and implementation documentation; and/or b. paying attention to data and reports from previous periods.

Article 19

Paragraph (1)

It is clear enough.

Paragraph (2)

Letter a

It is clear enough.

Letter b

It is clear enough.

Letter c

Examples of developing distribution channels or delivery channels for products and/or services include, among others, automated teller machines (ATM), and the use of electronic data capture (EDC) machines.

Letter d

The term "special facilities" includes, among others:
a. providing forms using Braille and application features for service providers; b. providing ramps;
c. providing trained staff to serve Consumers with disabilities;
d. the existence of ATMs specifically for persons with disabilities; or e. providing information media that considers Consumers with disabilities and facilitates persons with disabilities to obtain products and/or services provided digitally.

The term "persons with disabilities" refers to persons with disabilities as regulated in statutory regulations.

Letter e

Examples of support for government or authority programs include, among others, financial inclusion programs without branch offices.

Letter f

The term "other infrastructure" includes, among others, the provision of financial service applications.

Article 20

Paragraph (1)

Letter a

The term "creation of new products and/or services" refers to creating products and/or services that can be reached by Consumers and/or the community.

Letter b

The term "development of products and/or services" refers to PUJK carrying out development on products and/or services that have been issued. Development is carried out so that Consumers and/or the community can more easily utilize products and/or services. Development of products and/or services is carried out, among others, by adding features to products and/or services that have been issued.

Paragraph (2)

It is clear enough.

Paragraph (3)

Letter a

The term "products and/or services that are general" refers to products and/or services that can be used by Consumers and/or the community, for example, products and/or services resulting from cooperation activities with other PUJK with a reference business model for products and/or services of PUJK.

Letter b

The term "products and/or services that are simple" refers to products and/or services with features and requirements that are easy and can be reached by various groups of Consumers and/or the community initiated by PUJK, for example, savings with basic saving account characteristics, micro insurance, and/or MSME credit.

Letter c

The term "thematic products and/or services" refers to products and/or services with specific features adjusted to the characteristics of Consumers and/or the community initiated by PUJK, for example, student savings for students, ship engine financing credit for fisherman groups, and/or crop failure insurance for farmer groups.

Letter d

The term "government or authority programs" refers to programs initiated by the government or authorities, for example, rice farming business insurance, cattle farming business insurance, Student Savings Product (SimPel), and Student and Youth Savings (SiMuda).

Paragraph (4)

It is clear enough.

Article 21

Paragraph (1)

Examples of simple products and/or services that are government or authority programs include, among others, Laku Pandai Product, People's Business Credit (KUR), Student Savings (SimPel/SimPel iB/SimPel BSA), Student and Youth Savings (SiMuda), and/or Credit/Financing Against Loan Sharks (K/PMR).

Letter a

Information dissemination can be carried out, among others, by affixing stickers containing information regarding simple products and/or services at PUJK offices that provide such products and/or services.

Letter b

It is clear enough.

Paragraph (2)

It is clear enough.

Paragraph (3)
Clearly stated.

Article 22
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.
Paragraph (4)
Clearly stated.
Paragraph (5)
Examples of avoiding conflicts of interest for PUJK employees include PUJK employees who conduct internal audits on activities to enhance Financial Literacy and Financial Inclusion; they are not permitted to plan and carry out activities to enhance Financial Literacy and Financial Inclusion. Paragraph (6) Clearly stated. Paragraph (7) What is meant by "financial conglomerate" refers to Financial Service Institutions that are within one group or cluster due to ownership and/or control linkages based on Financial Services Authority Regulations regarding financial conglomerates. What is meant by "integrated" refers to the merger in the formation of a Financial Literacy and Financial Inclusion unit, for example, PT Bank ABC as a financial conglomerate, has subsidiary companies operating in the insurance and capital market sectors, then that financial conglomerate can form 1 (one) Financial Literacy and Financial Inclusion unit at the main entity for all PUJKs present within that financial conglomerate.

What is meant by "main entity" refers to the parent Financial Service Institution of the financial conglomerate or the Financial Service Institution designated by the controlling shareholders of the financial conglomerate, as regulated in Financial Services Authority Regulations governing financial conglomerates. In the event that the parent Financial Service Institution is not a PUJK as referred to in this Financial Services Authority Regulation, the main entity of the financial conglomerate is the PUJK designated according to the agreement of the financial conglomerate. Paragraph (8) Clearly stated. Paragraph (9) Clearly stated.

Article 23
Paragraph (1)
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Evaluations of activity implementation cover plans and activity realization.
Letter d
Clearly stated.
Letter e
Clearly stated.
Letter f
Clearly stated.
Letter g
Clearly stated.
Paragraph (2)
Clearly stated.

Paragraph (3)
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Clearly stated.
Letter d
Clearly stated.
Letter e
Providing input to the Financial Literacy function or unit for the preparation of Financial Education materials regarding access expansion and the provision of products and/or services includes:

1. information regarding the characteristics of products and/or services consisting of descriptions, benefits, risks, costs, rights and obligations, access methods, and information on transaction mechanisms for products and/or services developed as information in the preparation of Financial Education materials;
2. information regarding examples of infrastructure provision that can be carried out by PUJK; and
3. information regarding targets of Consumers and/or the public using products and/or services that are developed.
   Letter f
   Clearly stated.
   Letter g
   Clearly stated.
   Letter h
   Clearly stated.
   Paragraph (4)
   Clearly stated.

Article 24
Clearly stated.

Article 25
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.
Paragraph (4)
Financial Literacy realization reports have the same report components as plan reports, accompanied by an evaluation of activity implementation.
Paragraph (5)
Financial Inclusion realization reports have the same report components as plan reports, accompanied by an evaluation of activity implementation.
Paragraph (6)
Clearly stated.
Paragraph (7)
Clearly stated.

Article 26
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
What is meant by "holiday" is a national holiday established by the central government and/or a local holiday established by the local government.

Article 27
Paragraph (1)
Clearly stated.
Paragraph (2)
What is meant by "semi-annual" is the end-of-month position in June and December.

Paragraph (3)
Clearly stated.
Paragraph (4)
Clearly stated.

Article 28
Clearly stated.

Article 29
Paragraph (1)
Clearly stated.
Paragraph (2)
The Financial Services Authority states information that the electronic reporting system cannot be accessed due to disruption through:
a. the electronic reporting system; b. email to PUJK; or
c. letter to PUJK.
Paragraph (3)
Submission of reports offline is done by:
a. direct handover; or b. sending via a courier service company.
Submission of reports online is done by sending to the email address (e-mail) established by the Financial Services Authority, accompanied by a digital copy or scanned copy of the cover letter signed by one of the Board of Directors members. Paragraph (4) Clearly stated. Paragraph (5) Clearly stated. Paragraph (6) Clearly stated.

Article 30
Paragraph (1)
What is meant by "role" includes, among others, the provision of human resources, costs, and/or premises.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.

Article 31
Clearly stated.

Article 32
Clearly stated.

Article 33
Paragraph (1)
To establish strategies and/or programs for enhancing Financial Literacy and Financial Inclusion, the Financial Services Authority may coordinate and synergize with the Government and Bank Indonesia in order to achieve inclusive economic development. Strategies and/or programs serve as references for PUJK and other parties in efforts to enhance Financial Literacy, making it more directed and measurable. Examples of strategies for enhancing Financial Literacy and Financial Inclusion include the Indonesia National Financial Literacy Strategy. Examples of programs for enhancing Financial Literacy and Financial Inclusion include the One Account One Student program, Financial Inclusion Month, and Regional Financial Access Acceleration Teams. Paragraph (2) Forms of active PUJK roles can include the implementation of activities to enhance Financial Literacy and Financial Inclusion according to the targets and programs established in the strategies and/or programs issued by the Financial Services Authority.

Article 34
Paragraph (1)
What is meant by "financial education learning management system" is the mechanism and devices managed by the Financial Services Authority to enhance Consumer and/or public Financial Literacy. Forms of utilization of the financial education learning management system by Consumers and/or the public include, among others:
a. learning materials to enhance Financial Literacy; b. using teaching materials from the financial education learning management system as a means to enhance Financial Literacy; and
c. assessment media regarding understanding related to enhancing Financial Literacy.
Paragraph (2)
Utilization of the financial education learning management system is not included in activities to enhance Financial Literacy as referred to in Article 3 paragraph (1). Forms of utilization of the financial education learning management system by PUJK include, among others, the use of the financial education learning management system as:
a. teaching materials for Consumers of PUJK; and b. assessing the level of Consumer understanding regarding the characteristics of specific products and/or services.

Article 35
Clearly stated.

Article 36
Clearly stated.

Article 37
Paragraph (1)
Clearly stated.
Paragraph (2)
Letter a
Examples of criteria for "having risks that impact the sustainability and ability to fulfill PUJK obligations" include General Banks, People's Credit/Business Financing Banks, Financing Companies, Insurance Companies, Pension Funds, Financial Institutions, Indonesia Export Financing Institutions, which have health levels at composite risk or composite risk rank 4 or composite risk or composite risk rank 5 according to provisions in legislation in the financial services sector for the last 1 (one) consecutive year. Letter b Clearly stated. Paragraph (3) Clearly stated. Paragraph (4) Clearly stated. Paragraph (5) Clearly stated. Paragraph (6) Clearly stated. Paragraph (7) Clearly stated.

Article 38
Paragraph (1)
See explanation of Article 2 letter p.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.

Article 39
Clearly stated.

Article 40
Clearly stated.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 30/OJK