OJK Updates Provisions on Credit Information Management Agencies: Minimum Paid-up Capital Increased to Rp. 200 billion

Matters relating to Credit Management Information Agencies (Lembaga Pengelola Informasi Perkreditan– “ LPIP ”) were previously addressed under Regulation of the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) No. 42/POJK.03/2019 (“ Regulation 42/2019 ”). [1] However, in an attempt to increase the overall credit growth rate, which requires support from LPIP that includes the expansion of the scope of credit and financing data deriving from financial and non-financial agencies, the OJK has now updated provisions that apply to LPIP through the issuance of Regulation No. 5/POJK.03/2022 (“ Regulation 5/2022 ”). As a result, Regulation 42/2019 has now been repealed and replaced. [2]