FINANCIAL TECHNOLOGY | Staff Reporter, Indonesia

Indonesia sets new regulations on payment systems: report

Non-bank payment services will now have to be at least 15% locally owned.

The Indonesian central bank has announced new payment systems regulations effective 1 July as an effort to merge existing rules, reports Reuters.

Payment service and infrastructure providers will be classified based on transaction size, interconnectivity, complexity, and whether it is replaceable. This will determine a provider’s capital and risk management requirements.

Non-bank payment services will now need to have at least 15% Indonesian owners, whilst at least 51% of shares with voting rights must be owned by Indonesians individuals or entities.

Non-bank payment infrastructure companies must be at least 80% Indonesian-owned.

The central bank will be holding consultations with payment service companies, said Bank Indonesia’s payment systems department head Filianingsih Hendarta.

Here’s more from Reuters.

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