20 Sep 2018
OJK Issues Umbrella Regulation for Fintech Development, Establishes Regulatory Sandbox Regime
A. Introduction The financial technology (“fintech”) sector in Indonesia is regulated by two separate institutions: (i) the central bank (Bank Indonesia / “BI”) for fintech related to the payments system, such as payment gateways, e-money, e-wallet, etc.) and (ii) the Financial Services Authority (“OJK”) for fintech related to lending and all other aspects of fintech.…
10 Sep 2018
Minimum Equity Requirement for Foreign Investors Wishing to Use OSS System Reduced to IDR 2.5 Billion
In our Legal Update titled OSS System Requires Foreign Investment Companies to Have More Than IDR 10 Billion in Equity, which was published on 5 September 2018, we reported that foreign investment companies ("PT PMA") could only register on and use the OSS System if they had a minimum equity (issued and paid up capital) of more than IDR 10 billion. We described how this was a deliberate policy that…
05 Sep 2018
OJK Issues New Regulation on Takeovers of Public Companies
The Financial Services Authority (“OJK”) has issued a new regulation governing takeovers of public companies. The regulation (OJK Regulation No. 9/POJK.04/2018 / “Reg 9/2018”), which entered into effect on 25 July 2018, supersedes Bapepam-LK Rule No. IX.H.1 (the “Previous Regulation”). Reg 9/2018 introduces a number of significant changes, including the following:…
04 Sep 2018
The OSS System: What Exactly is it?
The establishment of the integrated OSS system under Government Regulation No.24 of 2018, which entered into force on 21 June 2018, constitutes a quite fundamental overhaul of Indonesia’s business licensing regime. The essential idea is that all necessary business and operating licenses from both central and local government should eventually be capable of being obtained online using the OSS…