Jakarta, Sept. 12 -- The Financial Services Authority (OJK) has said the government's mass bank account opening program holds strategic value for sustaining financial literacy, even though account ownership in Indonesia is already high and continues to grow.

OJK Chief Executive of Banking Supervision Dian Ediana Rae said formal bank account ownership among young people starting at age 17 serves as an important entry point for building early habits of safe saving and various financial transactions.

"OJK welcomes and supports the basic principle of the government's program to open bank accounts en masse for the public, especially young people who have just turned 17, as well as social assistance recipients," Rae said in a written response...