Indonesia’s FinTech Office and New FinTech Regulation
Bank Indonesia just launched a FinTech Office on 14 November 2016. The office is expected to boost the growth of the Indonesian FinTech industry, optimize technology developments in the sector, improve the industry's competitiveness and provide feedback from business players.
Bank Indonesia also issued the FinTech Regulation, i.e., Bank Indonesia Regulation No. 18/40/PBI/2016 on Implementation of Payment Transactions Processing (Regulation No. 18). Regulation No. 18 introduces new FinTech services to Indonesia's payment-system industry, which previously consisted of e-money, card-based payment instruments and fund transfers.