Back in December 2020, Bank Indonesia (“BI”) has issued BI Regulation No. 22/23/PBI/2020 of 2020 concerning Payment System (“PBI 22/2020”), which recently came into effect on 1 July 2021. As the implementing regulations of PBI 22/2020, in July 2021 BI has further issued these followings:
a. BI Regulation No. 23/6/PBI/2021 concerning Payment Service Operator (Penyedia Jasa Pembayaran or “PJP”) (“PBI on PJP”);
b. BI Regulation No. 23/7/PBI/2021 concerning Payment System Infrastructure Operator (Penyelenggara Infrastruktur Sistem Pembayaran – “PIP”) (“PBI on PIP”).

PBI 22/2020 and its implementing regulations are part of BI’s initiatives to reform Indonesia’s payment system as contemplated in BI’s 2025 Payment System Blueprint. Given the wide-ranging scope of the PBI 22/2020 and its implementing regulations, this client alert only focuses on (i) the re-classification of payment system operator; (ii) license classification; (ii) shares ownership, control and capital structure; and (iv) board members composition....

This summary only highlights certain issues under PBI 22/2020 and may not be complete and comprehensive. Please visit our website at www.aymp.law for more information about our firm.