Jakarta, June 23 -- Indonesia's Ministry of Cooperatives has underscored the need to establish a dedicated deposit insurance agency (LPS) to protect customers' funds held in cooperatives.

"We envision cooperatives receiving support from an LPS, similar to the one that currently oversees banks," said Deputy Minister of Cooperatives Ferry Juliantono in a statement issued Monday.

He explained that the proposal is one of the ministry's key inputs for the Cooperatives Bill, which has been submitted to the House of Representatives (DPR).

Juliantono emphasized the bill's significance, noting that it also includes provisions to support cooperative digitization as a way to boost business efficiency.

In light of this, he called for the expedite...