OJK Regulates Provisions on Credit Information Management Agencies

Due to the recent transfer of the supervisory and regulatory authorities over banking activities from Bank Indonesia to the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”), the OJK is now authorized to regulate and develop information systems for financial services institutions in order to gain more varied and comprehensive credit information, among other reasons. As a result, the OJK is expected to encourage more parties to develop their management of credit information.[1]

In order to achieve these goals, the OJK recently issued Regulation No. 42/POJK.03/2019 on Credit Information Management Agencies (“Regulation 42/2019”) as a set of updated guidelines for the organization of these agencies.[2]  Previously, similar guidelines were set out under Regulation of Bank Indonesia (“BI”) No. 15/1/PBI/2013 on Credit Information Management Agencies (“Regulation 15/2013”).[3]