Expertise: Banking & Finance

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

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

SSEK Partner Ira Eddymurthy Recognized as Leading Banking Lawyer for Indonesia

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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 Advises Shinhan Investment Corp. on Acquisition of Indonesian Securities Company

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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 Represents CGIF in Notes Issuance

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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

Indonesian Legal Review: Banking

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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