Law No. 4 of 2023 or more commonly known as the PPSK Law continues to reshape Indonesia’s financial landscape. With the aim of modernising and strengthening the country’s financial industry, the PPSK Law sets the stage for a wave of new regulations. One of the key developments in this process is OJK[1] Regulation No. 30 of 2024 on Financial Conglomerate and Financial Holding Company (“Regulation“). Enacted in December 2024, the Regulation replaces OJK Regulation No. 45/POJK.03/2020 on Financial Conglomerate and introduces important changes to the governance and operation of these major financial players.
This alert provides a breakdown of these key changes and their potential implications.
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