Expertise: Financial Services

Deadline Looming as New BI Regulation Requires Payment System Providers in Indonesia to Allocate Human Resources Development Funds

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On July 9, 2024, Indonesia’s central bank, Bank Indonesia (“BI”), issued a regulation setting out a framework to harmonize the development and implementation of competency standards in the field of payment systems. BI Regulation No. 5 of 2024 regarding the Standardization of Competencies in the Payment Systems Field (Standardisasi Kompetensi di Bidang Sistem Pembayaran or … Deadline Looming as New BI Regulation Requires Payment System Providers in Indonesia to Allocate Human Resources Development Funds

Fintech – Indonesia

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SSEK Law Firm partner Winnie Yamashita Rolindrawan and associate Pasha Umar Hubeis have contributed the Indonesia chapter to the Lexology Panoramic: Fintech 2025 practice guide. Fintech – Indonesia provides local insight into fintech innovation and government/regulatory support; regulatory bodies and regulated activities; cross-border regulation; regulation of sales and marketing and of changes of control; financial … Fintech – Indonesia

New OJK Regulation on Technological Innovation in Indonesia’s Financial Sector

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To help regulate Technological Innovations in the Financial Sector (Inovasi Teknologi Sektor Keuangan or “ITSK”), Indonesia’s Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) recently issued OJK Regulation No. 3 of 2024 dated February 16, 2024, regarding the Implementation of ITSK (“OJK Reg. 3/2024”). This is an implementing regulation for Law No. 4 of 2023 … New OJK Regulation on Technological Innovation in Indonesia’s Financial Sector

Regulation of Artificial Intelligence in Indonesia

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The introduction and rise of artificial intelligence (“AI”) in different industries and sectors, including the financial services sector and the telecommunications industry, is affecting almost every aspect of how those industries and sectors operate. Despite the many advantages of AI, the transition to its increased carries potential risks if not accompanied by appropriate laws and … Regulation of Artificial Intelligence in Indonesia

Indonesia‚ OJK Introduces New Regulation on IT-Based Co-Financing Services

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Indonesia’s Financial Services Authority (Otoritas Jasa Keuangan or OJK) has issued a new regulation on information technology-based co-financing services, which include peer-to-peer (P2P) lending. This new regulation seeks to improve the previous regulation on the peer-to-peer lending sector, OJK Regulation No. 77 /POJK.01/2016 regarding P2P Lending Services (OJK Reg. 77/2016), and support the growth and … Indonesia‚ OJK Introduces New Regulation on IT-Based Co-Financing Services

Fintech in Indonesia – AI and Distributed Ledger Technology

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Presently, there is no specific law or regulation in Indonesia that addresses the use of artificial intelligence, including robo-advice. However, artificial intelligence is mentioned in Financial Services Authority (OJK) Regulation No. 13/POJK.02/2018, dated 16 August 2018, regarding Digital Financial Innovation in the Financial Services Sector as one of the examples of digital financial innovation in … Fintech in Indonesia – AI and Distributed Ledger Technology

Fintech in Indonesia – P2P and Marketplace Lending

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In Indonesia, loan agreements in a peer-to-peer lending platform are acknowledged and regulated. Based on Financial Services Authority (OJK) Regulation No. 77/POJK.01/2016 regarding Information Technology-Based Money Lending Services, dated 29 December 2016, there are two agreements in a peer-to-peer lending scheme:   an agreement between the provider of the peer-to-peer lending service (the provider of … Fintech in Indonesia – P2P and Marketplace Lending

Fintech in Indonesia – Consumer Lending

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Consumer lending is regulated in Indonesia, with a particular focus on information technology-based money lending services (peer-to-peer lending), as regulated under Financial Services Authority (OJK) Regulation No. 77/POJK.01/2016 regarding Information Technology-Based Money Lending Services, dated 29 December 2016. The OJK has the authority to regulate, register and issue licenses, as well as supervise the fintech … Fintech in Indonesia – Consumer Lending

Indonesia Issues Regulation Clearing Way for Trading of 229 Cryptoassets

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Indonesia’s Commodity Futures Trading Supervisory Body (Badan Pengawas Perdagangan Berjangka Komoditi or “Bappebti”) has issued the long-awaited list of cryptoassets that can be traded in Indonesia. This list of approved cryptoassets is contained in Bappebti Regulation No. 7 of 2020 regarding the Stipulation of the List of Cryptoassets that Are Allowed to Be Traded in … Indonesia Issues Regulation Clearing Way for Trading of 229 Cryptoassets

Fintech in Indonesia – Financial Regulation

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Fintech products and services in Indonesia are mainly regulated by two government bodies, Bank Indonesia and the Financial Services Authority (OJK). Bank Indonesia Regulation No. 19/12/PBI/2017 regarding the Organization of Financial Technology, dated 30 November 2017, regulates fintech activities that require licensing or registration in relation to monetary stability, financial system stability and payment systems, … Fintech in Indonesia – Financial Regulation