- Regulation of the Financial Services Authority (“OJK”) No. 13/POJK.02/2018 on Digital Financial Innovations within the Financial Services Sector (“Regulation 13/2018”) officially came into force on 16 August 2018.
- Regulation 13/2018 serves as a general framework for the following digital financial-innovation (Inovasi Keuangan Digital – “IKD”) activities: 1) Transaction settlements; 2) Capital accumulation; 3) Investment management; 4) Fund accumulation and distribution; 5) Insurance-related activities; 6) Market support; 7) Other supporting activities; and 8) Other financial-service-related activities.
- Sets out the various parties eligible to operate IKD (“IKD Operators”), specifically: 1) Financial-service institutions; and/or 2) Limited-liability companies or cooperatives operating financial service businesses, on condition that said parties are not allowed to manage portfolios or exposures.
- IKD Operators are required to register with the OJK within six months of being recommended for registration unless said parties have already have secured a license from the OJK.
- Regulation 13/2018 adopts the regulatory sandbox principle which allows for certain IKD Operators to be exempt from compliance with certain OJK regulations, as long as various prerequisites are satisfied.
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