BI Introduces Enhanced Market Conduct Oversight: Financial Service Organizers Required to Review Standard Agreements and Strengthen Cross-Border Data Governance

Bank Indonesia (“BI”) recently issued Regulation No. 6 of 2026 on BI Consumer Protection (“Regulation 6/2026”), which introduces a number of sweeping reforms to its consumer protection framework and which also revokes the previous framework of Regulation of BI No. 3 of 2023 (“Regulation 3/2023”). In essence, Regulation 6/2026 has now expanded the operational mandates that apply to financial service organizers (“Organizers”), thereby formally establishing strict market conduct oversight that will now govern product design, marketing and contractual fairness.