Toward the end of 2023, the Indonesian Financial Services Authority (“OJK”) published new regulations on the processes and mechanisms pertaining to the licensing of electronic financial services and products.* The regulations apply to both sharia and non-sharia financial institutions.

One key aspect of the new regulations is that all communication, including applications, must be submitted via the OJK’s online platform. The Companies must retain printed copies of all submitted documents, which may be checked and validated by the OJK to ensure their authenticity and accuracy.

As Indonesia’s financial sector embraces electronic services, staying informed and compliant with these regulations is imperative for the Companies to navigate this digital era successfully.

*The regulations took the form of Circular Letter Number 20/SEOJK.06/2023 regarding Electronic Licensing, Approval, and Reporting Applications for Financing Companies and Sharia Financing Companies.