Fintech Organizers Required to Increase Financial Literacy and Financial Inclusion

The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has issued Regulation No. 3 of 2023 on Increased Financial Inclusion and Literacy Within the Financial Services Sector for Consumers and the General Public (“Regulation 3/2023”) in an effort to further boost levels of financial inclusion and literacy through the use of innovations, technological developments and financial-education learning management systems.[1] Regulation 3/2023 has been in force since 28 February 2023 and simultaneously repeals and replaces Regulation of the OJK No. 76/POJK.07/2016 (“Regulation 76/2016”), which was the previous legal framework to address similar matters.[2]