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
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
Ira A. Eddymurthy, a founding partner of SSEK Indonesian Legal Consultants, has been recognized as a leading lawyer in the 2017 edition of Who’s Who Legal: Banking. Ira is a supervising partner of SSEK’s banking and finance practice. Who’s Who Legal notes that the exceptional Ira Eddymurthy is a market-leading banking and finance practitioner with … SSEK Partner Ira Eddymurthy Recognized as Leading Banking Lawyer for Indonesia
SSEK has acted as Indonesian counsel to Shinhan Investment Corporation, one of South Korea’s leading securities brokerage and investment banking houses, in its acquisition of Indonesian securities company PT Makinta Securities. Jonathan M. Streifer, a foreign legal advisor at the firm, led the SSEK team advising on the transaction. Kim & Chang was Shinhan Investment … SSEK Advises Shinhan Investment Corp. on Acquisition of Indonesian Securities Company
SSEK has represented the Credit Guarantee and Investment Facility (CGIF) in its role as guarantor in the issuance of two tranches of medium-term notes in the amount of IDR 140 billion (US$10.7 million). A joint venture multi-finance company issued the notes. The SSEK team was led by founding partner Ira A. Eddymurthy, with partner Denny … SSEK Represents CGIF in Notes Issuance
The Financial Services Authority (the OJK) has had regulatory authority over Indonesian banks, except Bank Indonesia (BI), since December 31, 2013, as stipulated under Law No. 21 of 2011 regarding the Financial Services Authority. BI is Indonesia’s central bank and maintains jurisdiction over the monetary supply. Bank Acquisition Trends The OJK changed its policy in … Indonesian Legal Review: Banking
By Ira A. Eddymurthy The Indonesian Government has issued Government Regulation No. 21 of 2015 regarding Procedures to Register Fiduciary Security and Fees to Draw Up a Fiduciary Security Deed (GR 21/2015). GR 21/2015 revokes GR No. 86 of 2000 regarding the same (GR 86/2000). GR 21/2015 regulates, inter alia, the procedures for the registration … Fiduciary Security Registration in Indonesia
The Financial Services Authority (Otoritas Jasa Keuangan or OJK), the financial services supervisory body in Indonesia, issued more than 30 regulations in 2014 covering capital markets, banks and non-bank financial institutions. Muliaman Hadad, the chairman of the Board of Commissioners of the OJK, issued a statement that the enactment of the regulations supported the goals … Indonesian Financial Regulation: A Year in Review
By Andini H. Dewi B ank Indonesia (BI) recently issued several regulations related to foreign exchange transactions by Indonesian banks, which update existing regulations issued by BI. Below is a brief summary of the new regulations: 1. Bank Indonesia Regulation No. 16/16/PBI/2014 dated September 17, 2014 regarding Foreign Exchange Transactions against Rupiah with Domestic Parties … Bank Indonesia Regulations on Foreign Exchange Transactions
SSEK acted as Indonesian counsel to Woori Bank of South Korea in its purchase of a 33 percent stake in Indonesia’s Bank Himpunan Saudara 1906 for 713.1 billion Rupiah, about US$61 million. Securing approval from Indonesia’s central bank, Bank Indonesia, for the purchase took about 18 months amid an evolving regulatory environment for bank acquisitions … SSEK Advises Woori Bank on Acquisition of Stake in Listed Indonesian Bank
