BI Introduces Mandatory Possession of SPPUR Certificates for Certain Employees of Financial Services Institutions

In order to optimize the various opportunities which, continue to arise in relation to rapidly developing and innovating rupiah payment systems and management activities, Bank Indonesia (“ BI ”) is hoping to establish more competent human resources within this field. With this ultimate goal in mind, BI has now issued Regulation No. 21/16/PBI/2019 on the Standardization of Competencies within the Field of Payment Systems and the Management of Rupiah (“ Regulation 16/2019 ”), which in essence sets various requirements and guidelines for commercial banks (“ Banks ”) and non-banking institutions (lembaga selain bank– “ LSB ”). These requirements and guidelines specifically address the following areas: [1]