Indonesia | Regulating the Growth of Electronic and Digital Banking Services

With the rapid development of technology and the rise of new finance products and players in the fintech industry, banks are pushed to produce new products and innovative services in order to serve their customers and keep abreast of the behaviour of consumers who appreciate the convenience of digital services. In response to this, the Financial Services Authority (Otoritas Jasa Keuangan -- OJK) has issued OJK Regulation No. 12/POJK.03/2018 on the Organization of Digital Banking Services by Commercial Banks (“OJK 12/18”).

You may read the advisory here.