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View all search resultsHouse picks new financial watchdog chair after January market crash
Friderica Widyasari Dewi has been formally appointed as OJK chair, alongside several other leaders, in an accelerated selection process to restore market certainty amid the Mideast war, according to the government.
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Friderica Widyasari Dewi prepares to attend a fit and proper test with the House of Representatives’ Commission XI at the Senayan Legislative Complex on March 11, 2026. (Antara/Asprilla Dwi Adha)
T
he House of Representatives has appointed Friderica Widyasari Dewi as chair of the Financial Services Authority (OJK) amid the agency's leadership shakeup following the stock market collapse in January, triggered by a warning from global index provider MSCI.
The selection of Friderica, a former OJK commissioner, was formalized on Thursday at a plenary session that also confirmed a deputy chair and three other members of the board of commissioners for the 2026-2031 term. Their appointments come a day after House Commission XI, which oversees held a fit and proper test for 10 candidates and an internal meeting immediately afterward.
Commission XI chair Mukhamad Misbakhun said the decision to appoint Friderica was reached through consensus based on her performance as OJK acting chair since Mahendra Siregar resigned in January, which he described as a challenging period for Indonesia’s financial sector, particularly the capital market.
“One of the main considerations is that in a short period, she was able to provide positive responses to several fundamental issues,” Misbakhun said on Wednesday.
During the fit and proper test earlier that day, Commission XI members discussed issues related to strengthening banking supervision, developing the domestic capital market and regulating the fast-growing digital financial services sector.
The lawmakers also stressed an expectation that the OJK's new leadership would be able to maintain financial system stability, improve capital market transparency and support economic growth, particularly as the benchmark Indonesia Stock Exchange index, or IDX Composite, had come under pressure in recent weeks.
Alongside Friderica, the commission also appointed OJK supervisory board member Hernawan Bekti Sasongko to serve as deputy chairman. It decided that Hasan Fawzi would formally take the role of commissioner for capital market supervision, financial derivatives and the carbon exchange, which he had served in an interim capacity.
