Bank Indonesia is developing the regulatory roadmap of financial technology in Indonesia to support the fast changing in digital money system and payment disruption.
Indonesian Central Bank (BI) is developing the regulatory roadmap of financial technology (fintech) in Indonesia. The regulatory roadmap is to support the fast changing in the digital money system and thanks to fintech in Indonesia, it disrupts people behavior in managing money and how they spent it.
The update of fintech regulatory roadmap was firstly conveyed by the Director of Policy and Payment Department of Bank Indonesia, Sukarelawati Permana, in the event of Digital Economy Disruption Embracing Digital Challenges in Hotel Raffles, Jakarta, on February 2018.
Although, Sukarelawati hasn’t clearly informed what kind of fintech roadmap that has been developing by the Central Bank, she explained that the regulations that are coming out soon would be a form of risk mitigation to support the changing of money system to digital. Moreover, she explained that the Central Bank also study how to change the Indonesian currency (Rupiah) into digital and the impact of digital money to the society.
Sukarelawati also explained that BI as the Central Bank that has the authority to manage the payment system in Indonesia will always be responsive to the improvement of technology as well as economy escalations.
Thus, has been proven previously when BI also responded to the changing of payment of cash to cards, such as credit card and debit card. BI immediately issued a policy to manage the development at that time.
Back in November 2017, the Central Bank has been issued terms and regulation in organizing Fintech in Indonesia to support the birth of various innovations and establishing the benefiting ecosystem for Indonesia economic growth. This regulation has implemented three main principles namely the consumer protection, risk management, and cautions.
Bank Indonesia Regulations No.19/12/PBI/2017
The terms and regulations that include the management, supervision, and monitoring towards the organizing of financial technology has been put in Bank Indonesia Regulations (PBI) No.19/12/PBI/2017 about The Organizing of Financial Technology on 29 November 2017.
In that regulation, the Fintech Organizer that belong to the field of payment system must register its service to Bank Indonesia. This registration obligation is excluded for Payment System Service Organizer (PJSP) that has already received permits from the Central Bank or Financial Technology Organizer that has been managing under other authority.
However, PJSP must still convey information to the Central Bank about their product, services, technology, and their business model that should fulfill the criteria of fintech in Indonesia.
The Regulations of Governor Board Member (PADG) of Financial Technology
The Central Bank also issued the implementation rules of PBI no.19/12/PBI/2017 about The Organizing of Financial Technology into The Regulations of Governor Board Member (PADG) No. 19/14/PADG/2017 about the Limited Trial Space (Regulatory Sandbox) for Financial Technology and PADG No.19/15/PADG/2017 about The Procedure of Registration, Information Delivery, and the Monitoring of Financial Technology Organizer. The upcoming Fintech roadmap will definitively complete the previous regulations.
Financial Technology as an Economic Growth Solution
Many people believe that fintech in Indonesia is a solution to growth and escalate the Indonesian economy. Financial technology has shown us the capability in reaching vital economic sectoral in Indonesia.
Fintech can increase the level of national fund inclusion, small-medium enterprise empowerment, as well as the empowerment of creative industry players such as musician so that they can creatively distribute their work, mass, and no boundaries.
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