SLIK OJK Update 2024: Fintech and Insurance Companies Now Required to Report to OJK

Many of us may have previously been familiar with BI Checking, a term commonly used when applying for loans or credit from financial institutions. With the shift in oversight functions from Bank Indonesia (BI) to the Financial Services Authority (OJK), the process of checking the quality of prospective debtors also moved to OJK. Since 2018, OJK has introduced SLIK as the replacement for BI Checking. A year earlier, the transition of reporting from SID to SLIK began in the Indonesian financial industry. From the debtor’s perspective, this process may not differ significantly from BI Checking. However, for lenders or reporters, this change has introduced several data reporting modifications necessary for OJK to enhance its supervision.

Before delving deeper into SLIK, it's useful to understand what SLIK is. According to OJK*, SLIK is an information system managed by OJK to support the implementation of supervision duties and information services in the financial sector. SLIK can be utilized to streamline the provision of funds, apply credit or financing risk management, assess debtor quality, manage human resources at SLIK reporters, verify collaborations between SLIK reporters and third parties, and improve discipline in the financial industry.

Since its launch, SLIK OJK has undergone several changes, one of which is the adjustment of reporting data to accommodate government policies related to restructuring due to the COVID-19 pandemic. This adjustment is outlined in OJK Circular Letter NUMBER 3/SEOJK.03/2021, which is an improvement upon SEOJK No.50/SEOJK.03/2017.

The key improvements in this SEOJK are as follows:

a. Adjustments to SEOJK regarding the refinement of POJK SLIK, including:

1. Additional SLIK reporters;

2. Limits on information requests and procedures for additional (top-up) information requests;

3. Online information requests by debtors;

4. Procedures for the resignation of SLIK reporters;

5. Procedures for SLIK user registration; and

6. Completeness of documents for debtor information usage.

b. Refinements to SLIK reporting guidelines, including:

1. Adjustments to reference codes with reporting integration – ANTASENA, covering economic sector information, facility details, third-party classifications, countries, and currency types.

2. Additional references to accommodate restructured credit or financing in line with stimulus policies.

Moreover, OJK continues to strengthen consumer protection in the financial services sector through the issuance of Financial Services Authority Regulations (POJK). In this regard, OJK has issued POJK Number 11 of 2024 concerning SLIK, which expands the mandatory reporting scope of SLIK, based on Financial Services Authority Regulation Number 11 of 2024 (POJK 11/2024) concerning the Second Amendment to Financial Services Authority Regulation Number 18/POJK.03/2017 on Reporting and Requesting Debtor Information through the Financial Information Service System.

The parties required to be reporters according to POJK 11/2024 include:

1. Commercial Banks;

2. Rural Banks (BPR);

3. Islamic Rural Banks (BPRS);

4. Financing Institutions providing Funding Facilities;

5. Securities Companies acting as securities brokers;

6. Securities Funding Institutions;

7. Insurance Companies marketing credit and/or suretyship insurance products;

8. Islamic Insurance Companies marketing sharia financing and/or sharia suretyship products;

9. Guarantee Companies;

10. Islamic Guarantee Companies;

11. LPBBTI Providers;

12. Other LJKs providing Funding Facilities, including export financing institutions in Indonesia, pawnshops, secondary housing finance companies, and companies financing infrastructure development, cooperatives, and small and medium enterprises; and

13. LJKs mandated to be reporters in accordance with OJK regulations.

This demonstrates that SLIK is quite adaptive to policies, necessitating a system that is also adaptable to changes, especially for reporters, i.e., financial institutions in Indonesia.

For this reason, Maleo SLIK, a product of PT. DENTSU SOKEN INDONESIA, is well-developed and ready to follow and implement the active changes made by OJK. This is evident from the growing number of customers, both those who have used Maleo SLIK from the start and those who have switched to Maleo SLIK midway due to its user-friendly and adaptable features.

If you are interested in learning more or seeing a demo of Maleo SLIK solutions from PT. DENTSU SOKEN INDONESIA, please click here.

*Source: https://www.ojk.go.id/id/kanal/perbankan/Pages/Sistem-Layanan-Informasi-Keuangan-SLIK.aspx.