Regulatory Alerts2009-04-13
Bank Indonesia Circular Letter on Electronic Money Licensing Requirements
Bank Indonesia issued Circular Letter 11/11/DASP to establish detailed licensing requirements and procedures for entities acting as Principals, Issuers, and Acquirers in the electronic money sector. The regulation mandates that both banks and non-bank institutions submit comprehensive documentation, including business plans, IT audit reports, and legal agreements, to obtain authorization from the central bank. These provisions support the implementation of Bank Indonesia Regulation 11/12/PBI/2009 by ensuring operational readiness, risk management, and regulatory compliance for all electronic money participants.
Share