Credit Information Management Institution

Bank Indonesia (“BI”) has issued Regulation No. 15/1/PBI/2013 on Credit Information Management Institution (“Regulation”). The Regulation aims to support financial institutions in managing risks, as well as develop a comprehensive credit management system by stipulating provisions on Credit Information Management Institution (Lembaga Pengelola Informasi Perkreditan – “LPIP”).

In general, the Regulation stipulates licensing procedures for LPIP (minimum capital requirement, shares ownership, etc.), supervisory obligations for LPIP (reporting, BI’s oversight, etc.), and LPIP’s duties and functions  (information management, ensuring data accuracy, etc.).