BI Issues New Reporting Requirements: Payment System Operators, Mark Your Calendars!

In 2024, Bank Indonesia (“BI”) introduced Regulation No. 5 of 2024 (“Regulation 5/2024”) on the Standardization of Competencies Within the Field of Payment Systems (Standardisasi Kompetensi di Bidang Sistem Pembayaran – “SK SP”) which, at its core, mandates that banks (“Banks”) and non-banking institutions (lembaga selain bank – “LSB”) (collectively referred to as “SK SP Operators”) must fulfill various SK SP-related requirements within their internal organizations. In this regard, it should be noted that the various SK SP requirements that feature under Regulation 5/2024 were summarized in the following edition of Indonesian Legal Brief (“ILB”): “New Obligation Alert: Payment Systems Operators Required to Submit Funding Provision Plans by December 2024”.