ITSK Compliance Alert: OJK Officially Requires Single BoD Member to Oversee Periodic and Incidental Reports

In July 2024, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) introduced Regulation No. 3 of 2024 on the Organization of Technological Innovations Within the Financial Sector (Inovasi Teknologi Sektor Keuangan – “ITSK”) (“Regulation 3/2024”).[1] As its title suggests, this new framework outlines the applicable mechanism that prospective ITSK organizers (“Organizers”) should comply with in order to participate in a dedicated facility that is used in order to assess the feasibility and reliability of ITSK (“Sandbox”). This mechanism includes a mandate for Sandbox participants to report the results of all trials and innovation developments to the OJK periodically and/or at any time deemed necessary.[2]