BI Issues New Reporting Requirements: Payment System Operators, Mark Your Calendars!

In 2024, Bank Indonesia (“ BI ”) introduced Regulation No. 5 of 2024 (“ Regulation 5/2024 ”) on the Standardization of Competencies Within the Field of Payment Systems (Standardisasi Kompetensi di Bidang Sistem Pembayaran– “ SK SP ”) which, at its core, mandates that banks (“ Banks ”) and non-banking institutions (lembaga selain bank– “ LSB ”) (collectively referred to as “ SK SP Operators ”) must fulfill various SK SP-related requirements within their internal organizations. In this regard, it should be noted that the various SK SP requirements that feature under Regulation 5/2024 were summarized in the following edition of Indonesian Legal Brief (“ ILB ”): “ New Obligation Alert: Payment Systems Operators Required to Submit Funding Provision Plans by December 2024 ”.