Bank Indonesia to Issue Fintech Regulation Today

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  • TEMPO.CO, Jakarta - Bank Indonesia (BI) announced that it would issue a regulation on technology-based financial firms or fintech today, Dec. 5.

    Eny Panggabean, the executive director of BI’s Policies and System Supervisory Department, said her office had finalized the regulation, which is currently being processed by the Law and Human Rights Ministry.

    “The regulation on fintech companies is currently being recorded at the Law and Human Ministry. Well see tomorrow,” Eny said on the sidelines of Indonesian Business’ Economic Challenges 2018 held in Jakarta yesterday.

    Read: OJK to Issue Regulation for Financial Technology Companies

    However, Eny declined to answer a question related the details of the regulation. She only mentioned several main points covered by the new regulation, namely those related to risk mitigation and consumer protection.

    “The point is that we will continue to support innovation, but there must be a solid consumer protection scheme. Next is the establishment of anti-money laundering agency, and they have to register with Bank Indonesia,” Eny added.

    The new regulation only applies to financial technology firms operating in the field of the payment system, which is under BI’s control.

    In order to release relevant regulations without hampering fintech developments, Bank Indonesia will also issue a regulatory sandbox expected to facilitate fintech inventors.