Regulatory Alerts2024-12-31
Added · Updated
Financial Services Sector Cooperatives
OJK Regulation No. 47 of 2024 establishes the framework for cooperatives operating in the financial services sector, defining their scope, capital requirements, and licensing procedures. It sets minimum paid-up capital thresholds for various financial institution types, such as Rp100 billion for conventional rural banks in Zone 1 and Rp2.5 billion for crowdfunding service providers. The regulation mandates that existing cooperatives meeting specific criteria, including a maximum 5% non-performing financing ratio, may apply for conversion into licensed financial institutions, subject to OJK approval and operational readiness assessments.