- The use of electronic money (e-money) and e-payments in Indonesia is currently undergoing a period of rapid expansion, with total transactions reaching some IDR 4 billion in July 2018. However, several businessmen and lawyers have aired criticisms regarding BI Regulation No. 20/6/PBI/2018 of 2018 on Electronic Money (“Regulation 20/2018”) due to several provisions which they claim are unclear.
- The following provisions are unclear according to the abovementioned businessmen and lawyers: 1) The licensing timeline; 2) Documentary requirements for the securing of e-money issuance licenses; 3) The obligation for e-money organizers to report all product developments, e-money activity and cooperation with third parties; 4) The supervision mechanism; and 5) The daily reporting obligation and procedures.
- In order to address the more technical and detailed aspects of Regulation 20/2018, Bank Indonesia’s board of governors is planning to issue a regulation this August which will feature a set of guidelines for e-money issuers and relevant stakeholders that will specifically address the following matters: 1) E-money licensing; 2) E-money transactions; and 3) Supervisory measures.
- For more on this story, see Hukumonline: “Mencermati Persoalan Aturan Main Uang Elektronik”.
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