SSEK recently led a half-day corporate legal training event on electronic money and anti-money laundering in Indonesia. The training was provided for a leading Indonesian payments, rewards and financial services platform.
SSEK has assisted its client in successfully negotiating the document compliance process as part of its application for an e-money license from Bank Indonesia. As part of the due diligence exercise to support the client, the SSEK team ensured that the required compliance-related documentation was provided as required under the current central bank regulatory framework. … SSEK Successfully Assists Client with E-Money License Application
Indonesia’s central bank, Bank Indonesia (“BI”), has issued BI Regulation Number 21/2/PBI/2019 concerning the Reporting of Foreign Exchange Activities (“Regulation 2/2019”). This new regulation introduces several changes from the previous regulation on said activities, BI Regulation Number 16/22/PBI/2014 on the Reporting of Foreign Exchange Activities and the Reporting of Prudential Principles Activities in the Management … Indonesian Central Bank Issues Regulation on Reporting of Foreign Exchange Activities
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 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 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
SSEK has assisted DLA Piper Singapore in a US$28 million Series C funding for C88 Financial Technologies led by Experian, a global information services company based in Dublin, Ireland. According to media reports, this was one of the largest Series C funding rounds in Southeast Asia. C88, a Singapore startup that builds financial technology infrastructure, … SSEK Assists on US$28m Tech Startup Funding
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 (“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, 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?
