Indonesia Fintech Regulatory Developments - July 2017

OJK, BRI form fintech advisory forum

The financial regulator, OJK and central bank (BRI) have formed a fintech advisory forum. The Advisory Forum is to set the direction for the FinTech industry and its development in the coming years. The advisory forum will initiate cooperation between government agencies and the stock exchange, the police, associations related to banks, companies and government ministries. Issues to be covered include consumer protection, money laundering, terrorism financing, and the stability of the financial system.

OJK Board of Commissioners in place

Supreme Court Chief Justice H. Muhammad Hatta Ali swore in and inaugurated the Chairman and Members of the Board of Commissioners of the Financial Services Authority (OJK) for the upcoming period of 2017 – 2022. The swearing-in was conducted at the Supreme Court office in Jakarta. The new Board of Commissioners of the OJK now consists of the following members:

—-Chairman;

—-Deputy Chairman as the Chairman of Ethics Committee;

—-Executive Chairman of Banking Supervisory;

—-Executive Chairman of Capital Market Supervisory;

—-Executive Chairman or Supervisor of Insurance, Pension Funds, Financing Companies, and other Financial Services Companies;

—-Chairman of Audit Board;

—-Member who is in charge of consumer education and protection division;

—-Ex-officio member from Bank Indonesia who serves in the Board of Governors of Bank Indonesia; and

—-Ex-officio member from the Ministry of Finance who is a first-echelon official of the Ministry.

OJK issues regulations on sustainable finance

The Financial Services Authority (OJK) has issued a number of regulations, including one concerning sustainable finance, a capital market regulation on infrastructure financing, two capital market regulations on the development of small and medium-sized enterprises, and a circular regarding terrorism funding.

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