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, as follows:

• payment system activities, including authorization, clearing, final settlement and implementation of payment; for example, blockchain or distributed ledgers for the provision of fund transfers, electronic money, electronic wallet and mobile payments;