Notably, one major shift includes the opening of foreign investment opportunities for Rural Banks, which was previously restricted. This change has the potential to transform local banking dynamics, attracting foreign investors and bringing new capital inflows. Additionally, the Omnibus Law has expanded OJK’s supervisory authority, requiring a heightened focus on non-bank financial sectors while extending its regulatory oversight to emerging areas, such as crypto exchanges and bullion banks. This expansion reflects the evolving financial ecosystem and the necessity for robust regulatory frameworks to address new market complexities.

Moreover, with the inauguration of the new government in October 2024, we anticipate changes in the structure and roles of ministerial offices, potentially altering policies affecting the financial industry. We are preparing to adapt swiftly to any new regulatory or economic challenges while also positioning ourselves to leverage emerging opportunities effectively. This evolving environment demands our proactive engagement and continuous alignment with both regulatory requirements and strategic market shifts.

For in-house counsel, AI presents an opportunity to offload repetitive and routine tasks. Legal teams that frequently draft contracts, perform document reviews, or analyze regulatory frameworks should consider delegating these activities to AI systems. Doing so can free up legal professionals to focus on strategic and high-value work, such as risk management and internal client advisories. Yet, to maximize these benefits, in-house counsel must learn to craft effective prompts and thoroughly review AI-generated outputs, ensuring they align with the organization’s standards and expectations.