New BI Regulation on Fintech

Bank Indonesia (“ BI ”) recently issued Regulation No. 19/12/PBI/2017 on the Organization of Financial Technologies (“ Regulation 19/2017 ”). Regulation 19/2017 is essentially aiming to accommodate technological developments, as well as to guarantee customer protection within the financial sector in a bid to maintain monetary stability and the stability of the financial system, as well as reliable payment systems capable of supporting sustained national economic growth. [1] With these goals in mind, Regulation 19/2017 sets out a comprehensive set of provisions which relate to the organization of financial technology (“ Fintech ”), and these will be elaborated upon in the following sections: