“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, […]
“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”) […]
“Regulatory Sandbox by BI has purposed on a limited trial place to test Fintech Providers’ technologies, services, products, and/or business models which related into payment system industry.” Following the integration of technological innovation with financial features, Bank Indonesia (“BI”) has stipulated the framework of regulation, supervision, and observation upon Financial Technology (“Fintech”) as regulated in […]
“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 […]
The OJK through SEOJK 21/2020 mentioned specific aspects on creating a business plan for fintech lending company, including an evaluation of business plan in the previous period that has been established on 6 November 2020 and comes into force on the same date
”The Parties that conduct E-Commerce activity has legal compliance including specific license, namely SIUPMSE, obligation to have Electronic System Provider Certificate, use an Indonesian domain name (dot id), and so forth.” To face the growth of Electronic Commerce (“E-Commerce”) activity in Indonesia, Indonesia Government has issued the Government Regulation No. 80 of 2019 on Commerce […]
Author: Kristalia Andiani Puteri with Felicia Cindy Hanubrata “The rise of Financial Technology (“fintech“) must be accompanied by adequate regulation, supervision and monitoring as stipulated by Bank Indonesia Regulation No. 19/12/PBI/2017. Furthermore, Bank Indonesia introduced the categorisation of payment service providers and cooperation between the fintech and payment service providers through Bank Indonesia Regulation No. […]
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