Expertise: Financial services

New OJK Regulation on Technological Innovation in Indonesia’s Financial Sector

To help regulate Technological Innovations in the Financial Sector (Inovasi Teknologi Sektor Keuangan or “ITSK”), Indonesia’s Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) recently issued OJK Regulation No. 3 of 2024 dated February 16, 2024, regarding the Implementation of ITSK (“OJK Reg. 3/2024”). This is an implementing regulation for Law No. 4 of 2023 New OJK Regulation on Technological Innovation in Indonesia’s Financial Sector

Regulation of Artificial Intelligence in Indonesia

The introduction and rise of artificial intelligence (“AI”) in different industries and sectors, including the financial services sector and the telecommunications industry, is affecting almost every aspect of how those industries and sectors operate. Despite the many advantages of AI, the transition to its increased carries potential risks if not accompanied by appropriate laws and Regulation of Artificial Intelligence in Indonesia

Indonesia‚ OJK Introduces New Regulation on IT-Based Co-Financing Services

Indonesia’s Financial Services Authority (Otoritas Jasa Keuangan or OJK) has issued a new regulation on information technology-based co-financing services, which include peer-to-peer (P2P) lending. This new regulation seeks to improve the previous regulation on the peer-to-peer lending sector, OJK Regulation No. 77 /POJK.01/2016 regarding P2P Lending Services (OJK Reg. 77/2016), and support the growth and Indonesia‚ OJK Introduces New Regulation on IT-Based Co-Financing Services

Fintech in Indonesia – AI and Distributed Ledger Technology

Presently, there is no specific law or regulation in Indonesia that addresses the use of artificial intelligence, including robo-advice. However, artificial intelligence is mentioned in Financial Services Authority (OJK) Regulation No. 13/POJK.02/2018, dated 16 August 2018, regarding Digital Financial Innovation in the Financial Services Sector as one of the examples of digital financial innovation in Fintech in Indonesia – AI and Distributed Ledger Technology

Fintech in Indonesia – P2P and Marketplace Lending

In Indonesia, loan agreements in a peer-to-peer lending platform are acknowledged and regulated. Based on Financial Services Authority (OJK) Regulation No. 77/POJK.01/2016 regarding Information Technology-Based Money Lending Services, dated 29 December 2016, there are two agreements in a peer-to-peer lending scheme:   an agreement between the provider of the peer-to-peer lending service (the provider of Fintech in Indonesia – P2P and Marketplace Lending

Fintech in Indonesia – Consumer Lending

Consumer lending is regulated in Indonesia, with a particular focus on information technology-based money lending services (peer-to-peer lending), as regulated under Financial Services Authority (OJK) Regulation No. 77/POJK.01/2016 regarding Information Technology-Based Money Lending Services, dated 29 December 2016. The OJK has the authority to regulate, register and issue licenses, as well as supervise the fintech Fintech in Indonesia – Consumer Lending

Indonesia Issues Regulation Clearing Way for Trading of 229 Cryptoassets

Indonesia’s Commodity Futures Trading Supervisory Body (Badan Pengawas Perdagangan Berjangka Komoditi or “Bappebti”) has issued the long-awaited list of cryptoassets that can be traded in Indonesia. This list of approved cryptoassets is contained in Bappebti Regulation No. 7 of 2020 regarding the Stipulation of the List of Cryptoassets that Are Allowed to Be Traded in Indonesia Issues Regulation Clearing Way for Trading of 229 Cryptoassets

Fintech in Indonesia – Financial Regulation

Fintech products and services in Indonesia are mainly regulated by two government bodies, Bank Indonesia and the Financial Services Authority (OJK). Bank Indonesia Regulation No. 19/12/PBI/2017 regarding the Organization of Financial Technology, dated 30 November 2017, regulates fintech activities that require licensing or registration in relation to monetary stability, financial system stability and payment systems, Fintech in Indonesia – Financial Regulation

SSEK Leads e-Money and Anti-Money Laundering Training

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 Assists Leading Investment App in Entering Indonesia Market

SSEK has assisted PT Raiz Invest Indonesia in obtaining a Mutual Funds Sales Agency (APERD) license from Indonesia’s Financial Services Authority (OJK). Our work included drafting all the required documents for the APERD license and liaising with OJK officials. This was the first time in Indonesia that a foreign direct investment company had obtained an SSEK Assists Leading Investment App in Entering Indonesia Market