Jakarta. The Financial Services Authority (OJK) is open to submissions by institutions that wish to become Indonesia's bullion banks.

President Prabowo Subianto recently launched Indonesia's first bullion banks, which are run by the state-run pawnbroker Pegadaian and the government-owned sharia bank Bank Syariah Indonesia (BSI). Both had to secure OJK's approval before they could operate as bullion banks, which engage in the buying and selling of gold.

OJK's senior executive Agusman recently revealed that no other financial institution had applied to become a gold bank so far even though they were very much welcomed to do so.

"To this date, we are still opening up opportunities for other financial service institutions to apply for bullion services permit as long as they meet the requirements," Agusman was quoted as saying by the state-owned news agency Antara.

OJK requires any bullion bank hopeful to have an initial capital of Rp 14 trillion (almost $859 million) and to have a special unit dedicated to running the bullion services. Its main business must also revolve around financing.

Indonesia also plans to set up a national gold council. This body will reportedly help oversee the policies on bullion banks. Agusman said that the council would consist of ministries and bodies that are related to the national bullion ecosystem.

Indonesia is banking on the bullion banks to spur its economic growth. Prabowo claimed that the recently launched gold banks could add Rp 245 trillion or around $15 billion to Indonesia's gross domestic product. These banks are also expected to create 1.8 million jobs.