While the existence of an arbitration clause prohibits any party from filing the dispute to the District Court, Indonesian laws stipulate that any dispute related to bankruptcy can and must be settled before the Commercial Court
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Month: June 2024
Arbitration as Alternative Dispute Settlement in the Capital Market
“ Arbitration as an alternative dispute settlement forum has unique characters that consider more beneficial to the business actor than dispute settlement in the court.” In Indonesia, legal disputes can be settled in or outside the court. The process of dispute settlement in court is usually referred to as litigation, while the process of dispute […]
Types of Dispute Resolution in Indonesia
In an attempt to accommodate specific needs of contracting parties, Indonesian law provides multiple methods of dispute resolution to ensure maximum effectivity and welfare.” In Indonesia, the methods of dispute resolution can be divided into two categories based on the method of dispute resolution carried out within the court of justice shall be referred to […]
Differences Between Negotiation and Mediation from Indonesia Dispute Resolution Law Perspective
“In general, alternative dispute resolution options can be grouped into two, one which uses assistance of a 3rd party and one which doesn’t. Mediation belongs to the first group, while negotiation belongs to the later.” It is commonly known that when two parties have a legal dispute, they could settle it in court. However, there […]
Roles of Payment Gateway Company in Indonesia
“To accommodate business model development and innovations in providing the payment services, the Indonesian government has reform of its payment system regulation to support economic and financial digitization.” In Indonesia, the main authorities who hold jurisdiction over financial technology are the Bank of Indonesia and the Financial Services Authority (Otoritas Jasa Keuangan). Particularly for Payment Systems, […]
Integrated Licensing via Bank of Indonesia Licensing Front Office
As per May 2020, Bank of Indonesia shifts more of its services to the online system to avoid the need to meet physically.
Highlight Aspects Obtaining Payment Gateway License in Indonesia
“Several aspects must be fulfilled to obtain a Payment Gateway License, including institutional, capital and finance, risk management, and information system capability.” Payment gateway is included in Payment Service Provider (“PJP”) as payment initiation and/or acquiring services. Payment gateway must get licensing from Bank Indonesia (“BI”). The provision of payment gateway, including the procedure on […]
OJK Mandatory Reporting for P2P Company
Author: Daffa Zidan The current technological advancements have brought about several innovations in various sectors, one of which is in the financial sector with the emergence of Peer-to-Peer Lending (“P2P Lending”). In Indonesia, Crowdfunding is regulated through Regulation of the Financial Services Authority No. 10/POJK.05/2022 of 2022 concerning Information Technology-Based Co-Funding Services (“POJK 10/2022“) and […]