The selection team for OJK commissioners, including Finance Minister Sri Mulyani Indrawati, center, its chairwoman. (Antara Photo/Rosa Panggabean)

Senior Banker Leads in Race to Become Financial Services Regulator


MARCH 13, 2017

Jakarta. A special team responsible for selecting Indonesia's financial services regulator's commissioners announced on Monday (13/03) it has submitted a list of 21 candidates to President Joko "Jokowi" Widodo with Sigit Pramono, a veteran banker, leading the race for chairman.

Sigit, along with current Bank Mandiri president commissioner Wimboh Santoso and former Bank Mandiri president director Zulkifli Zaini, are in with a shout of becoming the chairman of the Financial Services Authority's (OJK) board of commissioners.

The full list of candidates can be found here. The president has until March 29 before submitting 14 names to the House of Representatives for final vetting.

"The list was arranged according to the candidates' scores during the selection process. The higher the score, the higher is your name on the list," Bank Indonesia Governor Agus Martowardojo said in a press conference.

The 21 names on the list, three for each position in the OJK board, comprise five nominees from Bank Indonesia, five from OJK, five from the financial industry, three from the Finance Ministry, two academics and one from another government institution, Sri Mulyani Indrawati, Finance Minister and the chairwoman of the selection team, said.

The incumbent OJK commissioner for capital market supervision Nurhaida and Bank Indonesia spokesperson Tirta Segara remain on the list with Nurhaida expected to retain her position as capital market supervisor and Tirta the frontrunner to become OJK's commissioner in charge of consumer education and protection.

Nine candidates had dropped out of the race, among them Fauzi Ichsan, the Saving Insurance Corporation's (LPS) chief executive and Samsul Hidayat, a director at the Indonesia Stock Exchange.

Economist A. Tony Prasetiantono, another member of the selection team, said the selection process had been grueling and time-consuming as the team must cross reference each of the candidate's track record with data from the Corruption Eradication Commission (KPK), the Financial Transaction Reports and Analysis Center (PPATK) and the public as well.

"We broke our own record, staying up for a meeting until 4.30 in the morning," Tony said. "The team and the public have high expectations [for all of the candidates]."