Expertise: Banking & Finance

Indonesia’s OJK Issues Regulation on Fit and Proper Test Reassessment

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The Indonesian Financial Services Authority (Otoritas Jasa Keuangan or “OJK“) has issued a regulation that sets the guidelines for a fit and proper reassessment of the primary parties of a financial services institution, including the scope, procedure, results and consequences of such reassessment. OJK Regulation No. 34/POJK.03/2018 regarding Fit and Proper Test Reassessment for the … Indonesia’s OJK Issues Regulation on Fit and Proper Test Reassessment

SSEK Assists KEB Hana Bank Korea on LINE Acquisition of PT Bank KEB Hana Indonesia Stake

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SSEK has acted as Indonesian counsel to KEB Hana Bank Korea, South Korea’s largest bank by assets, and the largest foreign exchange bank in South Korea, in connection with the acquisition by LINE Corporation, through its subsidiary LINE Financial Asia, of a 20 percent stake in PT Bank KEB Hana Indonesia through a Share Subscription … SSEK Assists KEB Hana Bank Korea on LINE Acquisition of PT Bank KEB Hana Indonesia Stake

SSEK Associate Features at ICC Indonesia Workshop on Bank Guarantees

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SSEK spoke at a recent International Chamber of Commerce (ICC) Indonesia workshop on bank guarantees. The event took place September 13 in Jakarta. Leading the workshop was Dr. Andrea Hauptmann, Senior Director, Head of Guarantees Department at Raiffeisen Bank International. The workshop introduced participants to key terminology related to bank guarantees, looked at the life … SSEK Associate Features at ICC Indonesia Workshop on Bank Guarantees

Indonesia: What Licenses Can Still Be Processed at BKPM Post-OSS?

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With the introduction of the Online Single Submission (OSS) system, as regulated under Government Regulation Number 24 of 2018 on Integrated Business Licensing Services through Electronic System (GR 24/2018), the issuance and supervision of a significant portion of capital investment licensing has been transferred from the Capital Investment Coordinating Board (BKPM) and several other government … Indonesia: What Licenses Can Still Be Processed at BKPM Post-OSS?

Bank Indonesia Sets New Limits for the Provision of E-Money

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Bank Indonesia (“BI”) has issued a long-anticipated regulation on e-money that stipulates a number of requirements and prohibitions that were previously unregulated. The new regulation, BI Regulation No. 20/6/PBI/2018 regarding Electronic Money (“BI Reg 20”), revokes all existing BI e-money regulations. E-Money Classification BI Reg 20 opens with an explicit classification of e-money based on … Bank Indonesia Sets New Limits for the Provision of E-Money

Virtual Currency Is Here, So How Is Indonesia Going to Regulate It?

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Virtual currency, or cryptocurrency, has made its way to Indonesia and government agencies are working to regulate its use. But as Bitcoin, Ripple, Peercoin and other virtual currencies increasingly attract the interest of Indonesians for all kinds of reasons, there is no regulation in Indonesia that deals specifically with virtual currency, a gap regulators hope … Virtual Currency Is Here, So How Is Indonesia Going to Regulate It?

Indonesian Central Bank Regulates Financial Technology

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Indonesia’s central bank has for the first time issued a regulation designed to deal with financial technology (“fintech”) in general. Bank Indonesia (“BI”) Regulation Number 19/12/PBI/2017 regarding the Provision of Financial Technology, dated November 30, 2017 (“Reg. 19/2017”), was made public by BI on December 7. The stated aim of Reg. 19/2017 is to regulate … Indonesian Central Bank Regulates Financial Technology

SSEK Adviser Delivers Updates on Banking, Insurance and Financial Technology, and Non-Cash Payment Transaction Processing in Indonesia

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Michael S. Carl, an international legal adviser at SSEK Indonesian Consultants, recently provided updates to audiences in Tokyo on banking, insurance and financial technology regulation in Indonesia, and on non-cash payment transaction processing in Indonesia. Michael joined SSEK in 2004 and has nearly 20 years of experience practicing law in Southeast Asia. Before joining SSEK, … SSEK Adviser Delivers Updates on Banking, Insurance and Financial Technology, and Non-Cash Payment Transaction Processing in Indonesia

Bank Indonesia Issues Rules for Payment System Service Providers

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Bank Indonesia (BI) has issued a circular letter on licensing procedures and requirements related to payment system transactions in Indonesia. BI Circular Letter No. 18/41/DKSP regarding the Implementation of Payment Transaction Processing, dated December 30, 2016 (the Circular Letter), is an implementing regulation for BI Regulation No. 18/40/PBI/2016 on the Implementation of Payment Transaction Processing … Bank Indonesia Issues Rules for Payment System Service Providers