Financing Companies to Offer Buy Now Pay Later Services: Approval, Debt Collection and Termination Procedures Made Clear

In 2024, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) introduced Regulation No. 46 of 2024 on the Development and Strengthening of Financing Companies, Infrastructure Companies and Venture Capital Companies, which was an amendment to both Regulation No. 35/POJK.05/2018 on the Organization of the Business Activities of Financing Companies (“Regulation 35/2018”) and Regulation No. 10/POJK.05/2019 (“Regulation 10/2019”) on the Organization of Sharia Financing Companies and Sharia Business Units of Financing Companies (collectively referred to as “Sharia Financing Companies”).