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Fintech products and services in Indonesia are mainly regulated
by two government bodies, Bank Indonesia and the Financial Services
Authority (OJK).
Bank Indonesia Regulation No. 19/12/PBI/2017 regarding the
Organization of Financial Technology, dated 30 November 2017,
regulates fintech activities that require licensing or registration
in relation to monetary stability, financial system stability and
payment systems, as follows:
payment system activities, including
authorization, clearing, final settlement and implementation of
payment; for example, blockchain or distributed ledgers for the
provision of fund transfers, electronic money, electronic wallet
and mobile payments;