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 As a result, Regulation 42/2019 has now been repealed and replaced.[2]