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ARTICLE · 07 FEBRUARY 2020

Digitalisation Trends In Indonesia's Financial Services Sector – Recent And Upcoming Developments

Herbert Smith Freehills Kramer LLP
Explore more from Herbert Smith Freehills Kramer LLP

In October 2019 Herbert Smith Freehills launched its 2019 Global Bank Review: The Data Game.

IndonesiaFinance and Banking
Vik Tang
Vik Tang
David Dawborn
David Dawborn
Teguh Arwiko
Teguh Arwiko
Michelle Virgiany
Michelle Virgiany

In October 2019 Herbert Smith Freehills launched its 2019 Global Bank Review: The Data Game. As several themes raised in this review resonate particularly strongly in the Indonesian context, we summarise here the latest regulatory developments pertaining to digitalisation and data in Indonesia's financial services sector. We also present our thoughts on what developments we can expect in 2020 and beyond.

Digitalisation of Banking Customer On-boarding – first steps towards joining the virtual banking revolution in Asia

On 30 September 2019, Indonesia's Financial Services Authority (Otoritas Jasa Keuangan or "OJK") issued Regulation No. 23/POJK.01/2019 ("POJK 23/2019"), which amends several provisions of OJK Regulation No. 12/POJK.01/2017 on Implementation of Anti-Money Laundering and Prevention of Terrorism Funding in Financial Sector Programs ("POJK 12/2017"). One change introduced by POJK 23/2019 is to allow banks to engage third party service providers to

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