In addition to loosening investment requirements, the Draft Bill is also clearly committed to the creation of greater numbers of job opportunities through the empowerment of micro-, small- and medium-scale enterprises, as well as cooperatives, through the introduction of revisions to a number of provisions set out under already existing relevant laws, as well as through the introduction of a number of new provisions which should allow for the improved development and operation of these types of business players.

While eliminating the extension restriction for PKWT, the Draft Bill also eliminates the limitations on types of work to be outsourced.

Due to the incorporation of risk-based approach for business licensing requirements, the Draft Bill switches the overall concept and framework from the granting of licenses to the granting of approvals.

This year got off to a flying start on 24 January 2020 as the government finally submitted the most recent version of the Draft Bill on Personal Data Protection to the DPR. This recent Draft Bill sets out a tighter, stricter set of provisions in comparison with the previous Draft Bill. In that sense, both Data Controllers or Data Processors should be aware with their obligations. Otherwise, then fines up to a maximum of IDR 70 billion may ultimately be imposed.

Indonesia was hailed by the Asian Development Bank as the fastest-growing bond market in the East Asia region in 2018 and it has been predicted that this development will continue throughout 2020

Based on the new interpretations under this decision, fiduciary grantees are no longer at liberty to immediately execute their fiduciary objects.

This version of the Draft Bill features a total of 553 articles which have been grouped into eight main clusters, specifically: 1) Simplification of business licensing; 2) Investment opportunities; 3) Employment; 4) Ease of doing business; 5) Development and protection of micro- and small-scale enterprises; 6) Economic zones; 7) Support for research and innovation; and 8) Land procurement

In addition to the initiatives of the relevant banks, corporate actions may now be performed as a result of OJK supervisions or assessments

As with any other financial technology business model, the cross-border e-Wallet scheme is subject to various existing provisions, including the provisions under Regulation of BI No. 18/40/PBI/2016 on the Organization of Payment Transaction Processing and Regulation of BI No. 20/6/PBI/2018 on Electronic Money.

With the newly elected legislative and executive bodies inaugurated, in place and working at full capacity, there is the hope of more breakthroughs as regards the further development of suitable legal frameworks.