TEMPO.CO, Jakarta - Indonesia's Financial Services Authority or OJK launched OSIDA, a supervisory technology on integrated data analytics, which is expected to be a game-changer in banking supervision as it uses automatic integrated data analysis. This system aims at early detecting weaknesses in banks' businesses.

“This is a banking supervision initiative to build an innovative concept of future supervision and is a game-changer,” said OJK Banking Supervision Chief Executive Heru Kristiyana in a written statement in Jakarta, Tuesday, March 29.

Heru explained that with OSIDA, the banking supervision system will focus on in-depth analysis and be able to follow up on red flags.

The analysis of the resulting data, he added, could also allow OJK to follow up on the results of supervision on a wider policy scale.

“In its early stages of implementation, the scope of OSIDA’s analytical scenario is still per individual bank and industry-wide banking,” said Heru.

According to him, similar data processing system was expected not to only be applied to banking industry data but also to capital market and non-bank financial industry data in order to cross-analyze each sector to detect increased risk in one sector that could affect other sectors.

“The implementation of OSIDA is part of the development of supervisory technology (technology-based supervision) which is intensively being carried out by all supervisory authorities of the financial services industry around the world,” said Heru.

Read: OJK Instructs Binary Option Trade 'Influencers' to Stop Promoting

ANTARA