BI Issues New Regulation on Electronic Money

Bank Indonesia (“ BI ”) has finally issued its long-awaited regulation on electronic money ( “E-Money” ), specifically Regulation of BI No. 20/6/PBI/2018 on Electronic Money (“ Regulation 20/2018” ).Regulation 20/2018 aims to adjust certain provisions relating to E-Money so that they are in harmony with current technological developments and also addresses several requirements and obligations which were not previously regulated under the now obsolete Regulation of BI No. 11/12/PBI/2009 which dealt with the same matters. Regulation of BI No. 11/12/PBI/2009 was amended twice, most recently through the issuance of Regulation No. 18/17/PBI/2016 (collectively referred to as “ Previous Regulations ”). [1] Regulation 20/2018 encompasses several provisions which pertain to the following matters: