First introduced on 19 February 2024, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”), through the issuance of Regulation No. 3 of 2024 (“Regulation 3/2024”) on the Organization of Technological Innovations Within the Financial Sector (Inovasi Teknologi Sektor Keuangan – “ITSK”), has mandated that participants in the mechanism that is facilitating trials aimed at assessing the feasibility and reliability of ITSK (“Sandbox”) in order to ultimately become registered organizers of ITSK (“Organizers”) that have been passed by the OJK, should first register themselves before securing relevant business permits.[1] In addition to said participants, organizers of Digital Financial Innovations (Inovasi Keuangan Digital – “IKD”) that were previously in the process of registering themselves as Sandbox participants, as recommended by the OJK, are also mandated to be registered.[2]
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