“The aspect of control in Remittance Service Company activities it must be held by domestic shareholder.” Under Article 2 letter Bank Indonesia (“BI”) Regulation No. 23/6/PBI/2021 of 2021 on PJP (“BI Reg 23/2021”), Remittance Service is included within the scope of PJP. PJP itself is defined as Banks or Non-Bank Institutions that provide services to […]
“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 […]
“An Electronic Signature must meet some requirements to have the same legal force as a Manual Signature.” Nowadays, almost everything can be done online through the internet, including transactions and correspondence. Therefore, an Electronic Signature (“E-Signature”) is needed to support and accommodate the online transactions and correspondence which need an online approval from the person […]
Author: Vania Aqilla Cahyaningrum with Felicia Cindy Hanubrata “The Institutional aspect of a legal entity is a crucial prerequisite in obtaining PJP licensing from Bank Indonesia; thus, it necessitates a thorough examination for the correctness and completeness through Legal Due Diligence (LDD).” Payment Service Providers (“PJP”) is stipulated in Bank Indonesia Regulation Number 23/6/PBI/2021 (“PBI […]
Author: Vania Aqilla Cahyaningrum with Adam Kausar “The Financial Service Authority (OJK) issued POJK No.10/POJK.05/2022 to respond to the developing area of Peer Peer Lending business in Indonesia. The main aspects that have been changed are the capital requirement, controller shareholder, licensing procedure, and minimum equity.” By 4 July 2022, the Financial Service Authority (“OJK”) […]
“Digital stamp duty has issued to accompany the development of digital technology, including electronic transaction which uses electronic document during the transaction process.” On 1 October 2021, the Minister of Finance has launched Digital Stamp Duty (“e-Stamp Duty”) at the same time as the publication of Minister of Finance Regulation No. 134/PMK.03/2021 on the Payment […]
“Cryptocurrency Business in Indonesia. Crypto development is currently regulated briefly under the Ministry of Information and Communication. On the other hand, crypto trading is regulated a bit more thoroughly as it has been acknowledged as commodities that can be traded under the supervision of Indonesia Commodity Futures Trading Regulatory Agency.” Nowadays, cryptocurrency has become quite […]
“According to Bank Indonesia Regulation on Payment System Provider and Payment System Infrastructure Provider, the licensed applicant required legal due diligence from an independent law consultant.” Starting from 1 July 2021, Bank Indonesia, through Bank Indonesia Regulation No. 22/23/PBI/2020 on Payment System (“PBI 22/2020”), has reformed the payment system provisions digitalization and innovation of payment […]
Issuance the Debt Securities without Public Offering “The issuance of EBUS without Public Offering still requires the submission process to the OJK, rating/guarantee process, using an arranger and monitoring agent (for non-public company), and registration in Indonesia Central Securities Depository.” To obtain business development funding, the company has an alternative in various financial instruments based […]
Roles of Payment Gateway Company in Indonesia “To emulate technological advancement, the Indonesian government has rapidly promulgated new regulations to govern new inventions in the financial industry. The urgency drives such expansion of authority to prevent illicit practices by the existing actors.” In Indonesia, the main authorities who hold jurisdiction over financial technology are the […]
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