Regulatory Alerts2020-12-29
Bank Indonesia Regulation Number 22/23/PBI/2020 On Payment System
Bank Indonesia issued Regulation Number 22/23/PBI/2020 to establish a comprehensive regulatory framework for the payment system industry, addressing risks associated with digitalization and innovation. The regulation defines key entities such as Payment Service Providers and Infrastructure Providers, mandating licensing for the former and designation for the latter based on strict ownership, capital, and risk management criteria. It further outlines operational obligations, supervisory authorities, and administrative sanctions to ensure system stability, consumer protection, and fair competition.
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