Regulatory Alerts2021-07-01
Bank Indonesia Regulation Number 23/6/PBI/2021 On Payment Service Providers
Bank Indonesia issued Regulation Number 23/6/PBI/2021 to establish a comprehensive regulatory framework for Payment Service Providers (PJP) to support financial digitalization and consumer protection. The regulation defines PJP activities including fund administration, payment initiation, and remittance, while mandating licensing through three distinct categories based on operational scope. It imposes strict institutional, capital, and integrity requirements on applicants, including domestic ownership thresholds and fit-and-proper tests for management and major shareholders.
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