Financial Technology Sandbox 2.0: New Criteria Introduced for Innovation and Mandatory Testing Plans

In 2018, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) introduced Regulation No. 13/POJK.02/2018 on Digital Financial Innovations (Inovasi Keuangan Digital – “IKD”) Within the Financial Services Sector (“Regulation 13/2018”), which outlined various provisions that applied to financial services institutions (Lembaga Jasa Keuangan – “LJK”) regarding the development of IKD. It should be noted that various IKD-related provisions that featured under the framework of Regulation 13/2018 were summarized in the following edition of Indonesian Legal Brief (“ILB”): “OJK Finally Issues Umbrella Legal Framework for Financial Technology”.