“KBLI 2020 has categorized fintech industry into specific code which adjusted based on its development.”
Following the promulgation of Regulation of Head of Indonesia Central Bureau of Statistics No. 2 of 2020 on Indonesia Standard Industrial Classification (“Klasifikasi Baku Lapangan Usaha Indonesia” or “KBLI 2020”), KBLI category of financial technology (“fintech”) industry has categorized into specific code. This specification adjusts to the development of fintech industry under the authority of Bank Indonesia (“BI”) and Financial Services Authority (“Otoritas Jasa Keuangan” or “OJK”).
Fintech Industry
Indonesia Fintech Industry can be regarded into 2 (two) categories, under BI’s authority and OJK’s authority. Both authorities have stipulated several regulations related to Fintech Industry that can be found in the following table:
| Regulations | Fintech Regulation Scope | |
| BI | BI Regulation No. 19/12/PBI/2017 on Financial Technology Organization | Payment SystemSupporting MarketInvestment and Risk ManagementLending, Financing or Funding, and Capital RisingOther Financial Services |
| BI Regulation No. 20/6/PBI/2018 on Electronic Money | E-Money | |
| BI Regulation No. 18/40/PBI/2016 on Organization of Payment Transaction Process | E-Wallet Payment Gateway | |
| OJK | OJK Regulation No. 77/POJK.01/2016 on Technology-based Fund-Lending Services | Fintech Lending |
| OJK Regulation No. 13/POJK,02/2018 on Digital Financial Innovations within The Financial Services Sector | Settlement of TransactionsCapital Accumulation/RisingInvestment managementFund Acquirement and DistributionInsuranceMarket SupporterSupporter of the other digital financeOthers Financial Services Activity | |
| OJK Regulation No. 37/POJK.04/2018 on Technology-based Equity Crowdfunding | Fintech Equity Crowdfunding |
Aside from the scope above of Fintech based on the regulations, there is distinction authority for the specific fintech scope. As for BI, they have focused on the fintech payment system (e-money, payment gateway, e-wallet, etc). Meanwhile OJK has focused on the fintech lending, fintech equity crowdfunding, and digital financial innovation (aggregator, block-chain, e-KYC, etc).
KBLI 2017 on Fintech Industry
Regulations of Bank Indonesia do not stipulate further about KBLI provisions for fintech payment systems. Moreover, KBLI 2017 also do not specify a category for fintech payment system.
As for fintech lending, there is an obligation to use KBLI code 64190 (Other Monetary Intermediary) as a company’s business activity. Hereinafter, OJK does not specify KBLI code for fintech equity crowdfunding and digital financial innovation (“Inovasi Keuangan Digital” or “IKD”). Nevertheless, OJK has allowed IKD companies to use KBLI code 63122 (Web Portal and/or Digital Platform for Commercial Purposes) in the IKD registration process. KBLI code 63122 covers the utilization of web portal/digital platform for fintech purposes.
KBLI 2020 on the Fintech Industry
KBLI 2020 has specified the following code for fintech industry:
| Fintech Industry | KBLI 2020 code |
| E-Money, E-Wallet, Payment Gateway | 66411 : Payment Services Provider |
| Fintech Lending | 64591 : Conventional Fintech Lending |
| 64952 : Sharia Fintech Lending | |
| 64953 : Sharia Business Unit of Fintech Lending | |
| Fintech Equity Crowdfunding | 66118 : Stocks offering Provider through Technology-based Equity Crowdfunding |
Limitation on KBLI code 63122 (Web Portal and/or Digital Platform for Commercial Purposes)
By KBLI 2017, KBLI code 63122 includes web portal/digital platform for marketplace, fintech, digital advertising, and on-demand online services.
Aligned with the stipulation of specific code for the fintech industry, KBLI 2020 has no longer includes fintech in KBLI code 63122, which regarded fintech industry to fintech lending (category 6495) and fintech payment service (6641).
Author: Kristalia Andiani Puteri
Gaffar & Co., Indonesian Boutique Law Firm which specializing and focus on commercial law areas include Energy Law.
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+62- 21 2271 8638 | +62 – 811 877 216 | info@gaffarcolaw.com | www.gaffarcolaw.com
