OJK Updates Establishment and Ownership Provisions for Financing Companies

In an attempt to boost the development and competitiveness of conventional and sharia financing companies, the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) has now issued Regulation No. 47/POJK.05/2020 (“ Regulation 47/2020 ”), which updates provisions relating to the establishment of and business licensing for financing companies and sharia financing companies (collectively referred to as “ Companies ”), as previously addressed under the following frameworks: [1]