OJK launches integrated license system for Indonesian banks issuing bonds

News24xx.com - The Financial Services Authority (OJK) launches on Tuesday the Integrated Licensing Information and Registration System (SPRINT) for listed lenders bonds and sukuk (sharia bonds) issuance. 

The SPRINT acts as a virtual single window for financial institutions to obtain certain licenses that usually require approvals from more than one supervisory commissioner of the authority. 

"We hope SPRINT could carry out banks' bond and sukuk issuances faster, more accurately and transparently," OJK commissioner for non-banking financial industry Firdaus Djaelani said during the launch in Jakarta. "This is a chance for banks to be able to run businesses faster."

Previously, bonds issuances by publicly listed banks were carried out by the OJK's capital market and banking supervisors and the process took up to 105 days. 

Through SPRINT, it can be completed in about 22 days. 

"We hope the launch can prepare the OJK to face future challenges, especially in terms of license procurement integration," OJK deputy chairman Rahmat Waluyanto said. 

The authority has launched SPRINT for bancassurance last year and implemented the system for license procurement of mutual funds sales through banks and public accountant officers and office registration earlier this year.