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Legal Updates

OJK Regulates Digital Banking Services

30 October 2018

The Indonesian Financial Services Authority (the OJK) will now manage the provisions of digital banking services by commercial banks through its recently issued regulation POJK 12/2018, effective 8 August 2018. POJK 12/2018 was issued to increase operational efficiency, improve customer service quality, and to encourage responsible innovation. The regulation applies to any commercial bank providing digital banking services. Through this regulation, we recognise OJK's fortitude to ensure risk infrastructure is properly managed to support digital services in Indonesia.

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OJK's Fintech Sandbox

23 October 2018

Until very recently, the Financial Services Authority (OJK) only regulated peer-to-peer fintech lending platforms (P2P Firms). A recently issued OJK regulation (POJK 13/2018) increases its regulatory mandate over fintech firms in a bid to prevent financial sector stability, promote consumer protection, and improve non-competitive practices. POJK13/2018 is effective as of 16 September 2018.

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Aftech Releases Code of Conduct

08 October 2018

The Indonesian FinTech Association (Aftech) recently published a code of conduct providing guidance on ethical and responsible behavior (the code) for peer-to-peer financial technology (fintech) lending platforms that are registered or licensed by the Financial Services Authority (P2P firms). Fintechs that support P2P firms and are Aftech members (P2P supporting firms) will also be subject to the code, which will be de facto binding in nature.

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