Regulatory Alerts2024-06-03
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Mechanism for Regulatory Sandbox and Innovation Development
The Financial Services Authority (OJK) issued Circular Letter No. 5/SEOJK.07/2024 to establish the operational mechanism for the Regulatory Sandbox and Innovation Development in the financial technology sector. This regulation implements the mandates of Law No. 4 of 2023 and POJK No. 3 of 2024 by detailing the procedures for participant applications, verification, sandbox execution, monitoring, and final reporting. The circular became effective upon its promulgation on June 3, 2024, providing a structured framework for testing financial innovations under OJK supervision.
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