OJK Regulation Number 4 of 2025 on Financial Service Aggregation Institutions

EXTRACT
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 4 OF 2025
ON
FINANCIAL SERVICE AGGREGATION INSTITUTIONS
BY THE GRACE OF THE ALMIGHTY GOD,
THE BOARD OF COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering:
a. that the development of products and services in the financial services sector has increased rapidly following the emergence of financial service products and services originating from various financial institutions and/or parties conducting activities in the financial services sector; b. that to support the development of products and services in the financial services sector as referred to in letter a, aggregation services are needed that can facilitate consumers in comparing, selecting, and/or using financial service products and/or services that match the profile and/or needs of consumers;
c. that to ensure that the aggregation of information on financial service products and services does not pose risks to consumers, financial institutions, and/or parties conducting activities in the financial services sector, adequate regulations are needed, particularly regarding governance and risk management for each party conducting activities as a financial service aggregation institution;
d. that based on the considerations referred to in letter a, letter b, and letter c, it is necessary to establish a Financial Services Authority Regulation on Financial Service Aggregation Institutions; Considering:

Law Number 21 of 2011 on the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253) as amended by Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);
Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);
DECIDING:
Establish: FINANCIAL SERVICES AUTHORITY REGULATION ON FINANCIAL SERVICE AGGREGATION INSTITUTIONS.

CHAPTER I
GENERAL PROVISIONS
Article 1
In this Financial Services Authority Regulation, the following terms are defined:

Financial Sector Technology Innovation, hereinafter abbreviated as ITSK, is technology-based innovation that impacts products, activities, services, and business models in the digital financial ecosystem.
ITSK Institution is any party conducting ITSK.
Financial Institution, hereinafter abbreviated as LJK, is an institution conducting activities in the banking, capital market, insurance, pension fund, venture capital, microfinance, financing institution, and other financial services sectors in accordance with applicable laws and regulations in the financial services sector.
Aggregation is an activity to conduct business involving the collection, screening, and/or comparison of information on financial service products and/or services among LJKs and/or among parties conducting activities in the financial services sector.
Financial Service Aggregation Institution, hereinafter abbreviated as PAJK, is an ITSK Institution conducting Aggregation business through an electronic system using the internet.
Consumer is any person who owns and/or utilizes products and/or services provided by financial service business actors.
Controlling Shareholder, hereinafter abbreviated as PSP, is a legal entity, individual, and/or business group that owns 25% (twenty-five percent) or more of the PAJK's shares relative to the total issued shares with voting rights, or owns less than 25% (twenty-five percent) of the total issued shares with voting rights but can be proven to control the PAJK, either directly or indirectly.
Board of Directors is the PAJK organ authorized and fully responsible for managing the PAJK for the benefit of the company, in accordance with the purpose and objectives of the PAJK, and representing the PAJK, both inside and outside of court, in accordance with the articles of association.
Board of Commissioners is the PAJK organ tasked with conducting general and/or specific supervision in accordance with the articles of association and providing advice to the Board of Directors.
Key Party is a party that owns, manages, supervises, and/or has significant influence over the PAJK.
Personal Data is data concerning an identified or identifiable individual, either separately or combined with other information, whether directly or indirectly through electronic or non-electronic systems.
Electronic System is a series of electronic devices and procedures functioning to prepare, collect, process, analyze, store, display, announce, send, and/or disseminate electronic information.

Article 2
PAJK is conducted with the principles:
a. utilization of technology innovation support; b. application of Aggregation methods that are transparent, fair, accountable, and not misleading;
c. protection of Personal Data;
d. protection of Consumers; e. enhancement of financial inclusion; and f. reliability of information technology systems.

Article 3
(1) PAJK business activities involving Aggregation include:
a. displaying information on financial service products and/or services and providing choices to Consumers; and/or b. providing services consisting of:

forwarding information from prospective Consumers to LJKs and/or parties conducting activities in the financial services sector;
distributing financial service products and/or services to Consumers; and/or
administering documents related to financial service products and/or services for the benefit of Consumers and LJKs or parties conducting activities in the financial services sector.
(2) In conducting business activities as referred to in paragraph (1), PAJK may provide specific products and/or services in cooperation with LJKs and/or parties conducting activities in the financial services sector. (3) In addition to business activities as referred to in paragraph (1), PAJK may conduct other business activities after obtaining prior approval from the Financial Services Authority. (4) Parties conducting Aggregation activities as referred to in paragraph (1) are exempt from being classified as PAJK if the Aggregation activities:
a. are conducted to support core business activities; b. are conducted only for internal company and group company purposes;
c. are conducted by parties already supervised by the Financial Services Authority in other sectors;
d. are one-way information provision and do not process Consumer data for the purpose of providing Aggregation; or e. are not conducted for marketing or distribution of LJK products and/or services and/or parties conducting activities in the financial services sector. (5) Aggregation of information on financial service products and/or services that may be conducted by PAJK consists of financial service products and/or services provided by LJKs and/or parties conducting activities in the financial services sector that have been licensed by the Financial Services Authority. (6) PAJK may conduct Aggregation based on Sharia principles. (7) PAJK may conduct Aggregation of financial service products and/or services consisting of:
a. fund collection activities; b. fund distribution activities; and/or
c. other financial service products and services other than letters a and b that have been approved by the Financial Services Authority in accordance with Financial Services Authority regulations.
(8) PAJK conducting Aggregation as referred to in paragraph (7) letter c and requiring prior license or approval from other sectors within the Financial Services Authority must comply with applicable laws and regulations governing business activities in those other sectors. (9) Violations of the provisions as referred to in paragraph (8) are subject to sanctions in accordance with applicable laws and regulations governing business activities in those other sectors.

CHAPTER II
INSTITUTIONAL STRUCTURE
First Section
Legal Entity and Capital
Article 4
(1) Any party conducting Aggregation must first obtain a business license from the Financial Services Authority.
(2) The legal entity of PAJK is a limited liability company (Perseroan Terbatas).
(3) The paid-up capital of PAJK is set at a minimum of IDR 500,000,000.00 (five hundred million rupiah).
(4) The Financial Services Authority has the authority to set a different paid-up capital for PAJK from that specified in paragraph (3) based on specific considerations. (5) The source of paid-up capital as referred to in paragraph (3) is prohibited from originating from:
a. money laundering, terrorism financing, and proliferation financing of weapons of mass destruction; b. loans; and
c. other activities contrary to applicable laws and regulations.
(6) The paid-up capital as referred to in paragraph (3) must be paid in cash, in full, and placed in the name of the PAJK at a commercial bank, Sharia commercial bank, or Sharia business unit of a commercial bank in Indonesia. (7) PAJK must ensure capital adequacy in conducting PAJK operations.

Article 5
(1) PAJK is owned by:
a. Indonesian citizens; b. Indonesian legal entities;
c. foreign citizens; and/or
d. foreign legal entities.
(2) The limitation on PAJK share ownership by foreign citizens and/or foreign legal entities as referred to in paragraph (1) letters c and d, whether directly or indirectly, is at most 85% (eighty-five percent) of the paid-up capital. (3) PAJK share ownership is prohibited from originating from:
a. domestic investors; and b. foreign investors, who invest in the form of a limited liability company by making agreements and/or statements confirming share ownership in the limited liability company for and on behalf of others. (4) The foreign ownership limitation on PAJK as referred to in paragraph (2) does not apply to PAJK that is a public company and trades its shares on the stock exchange.

Second Section
PAJK Institutional Structure and Management
Article 6
(1) PAJK must have at least:
a. 2 (two) members of the Board of Directors; and b. 1 (one) member of the Board of Commissioners.
(2) At least 1 (one) member of the Board of Directors as referred to in paragraph (1) letter a must have knowledge and/or experience in:
a. Aggregation; b. the information technology industry; and/or
c. LJK.
(3) The knowledge and/or experience as referred to in paragraph (2) is proven by:
a. certification; or b. work experience in the industry as referred to in paragraph (2) for at least 3 (three) years.
(4) Board of Directors members may only hold concurrent positions as:
a. board of directors members; b. board of commissioners members; or
c. executive officials,
from companies, organizations, or non-profit institutions.

Third Section
Use of Foreign Labor
Article 7
(1) PAJK may use foreign labor by meeting the criteria:
a. holding positions:

1 (one) level below the Board of Directors; and/or
experts or consultants;
b. the use of foreign labor is prohibited from exceeding a period of 3 (three) years for each foreign labor in 1 (one) term of office;
c. possessing expertise relevant to the field of responsibility; and
d. complying with applicable laws and regulations.
(2) In the use of foreign labor as referred to in paragraph (1), PAJK must:
a. first consider the availability of Indonesian labor for the required fields and expertise; b. provide 1 (one) Indonesian labor as a companion labor for each foreign labor;
c. conduct technology transfer and/or skill transfer from foreign labor to companion labor through education and/or work training; and
d. comply with applicable laws and regulations regarding labor.
(3) PAJK is prohibited from utilizing foreign labor in the fields of:
a. personnel; and b. compliance.

Article 8
(1) Plans for the use and plans for changes in the use of foreign labor must be implemented in accordance with applicable laws and regulations regarding the use of foreign labor. (2) PAJK must submit plans for the use and plans for changes in the use of foreign labor as referred to in paragraph (1) as part of the annual business plan submitted to the Financial Services Authority. (3) Plans for the use of foreign labor as referred to in paragraph (1) must include at least:
a. names and information regarding foreign labor; b. reasons for using foreign labor and reasons for not/not yet using Indonesian labor in the fields occupied by foreign labor;
c. fields of responsibility and positions or titles to be filled, including scope and competence;
d. term of office plans; and e. plans for technology transfer and/or skill transfer programs.
(4) In the event of plans to change the use of foreign labor as experts or consultants, PAJK must submit plans along with reasons for the change in the use of foreign labor to the Financial Services Authority. (5) PAJK employing foreign labor must report to the Financial Services Authority at the latest 5 (five) working days before the foreign labor is employed, accompanied by relevant labor documents.

Fourth Section
Licensing Application Procedures
Article 9
(1) PAJK licensing applications are submitted by prospective PAJK to the Financial Services Authority through the Financial Services Authority's licensing system, accompanied by fulfillment of document submission requirements for PAJK business licenses listed in Appendix Part A, which is an integral part of this Financial Services Authority Regulation. (2) Approval or a statement of non-approval of business license applications is issued by the Financial Services Authority at the latest 20 (twenty) working days after the application documents are received in complete form. (3) In providing approval or a statement of non-approval as referred to in paragraph (2), the Financial Services Authority conducts:
a. research and analysis of application documents; b. assessment of capability and propriety;
c. research on operational readiness, including regarding the information technology systems to be used; and
d. other analyses based on the Financial Services Authority's considerations.
(4) To support the research on operational readiness as referred to in paragraph (3) letter c, PAJK must submit documents for international standard certification related to information security management systems issued by:
a. certification bodies that have accreditation from the National Accreditation Committee; or b. certification bodies that have the authority to issue documents for international standard certification related to information security management systems, for certification bodies that do not have accreditation from the National Accreditation Committee. (5) The requirements as referred to in paragraph (4) must be fulfilled by PAJK within a maximum period of 3 (three) years after obtaining the business license. (6) PAJK that has not obtained certification as referred to in paragraph (4) and paragraph (5) must have certification or other documents containing policies regarding information system security that include control mechanisms in:
a. organizational aspects, at least containing delegation of authority and organizational structure; b. human resource aspects, at least containing fulfillment of human resources in positions related to information technology and Aggregation, minimum competency requirements, and policies or strategies for human resource competency development;
c. physical device aspects, at least containing policies of prospective PAJK regarding the availability and safety of physical information technology devices; and
d. technology aspects, at least containing network, application, and data security.
(7) To support the implementation of research, analysis, and assessments as referred to in paragraph (3), based on specific considerations, the Financial Services Authority may request additional documents and/or information from prospective PAJK. (8) In the event that, based on the Financial Services Authority's assessment, the application documents as referred to in paragraph (1) are incomplete or do not meet the requirements of this Financial Services Authority Regulation, prospective PAJK must submit the fulfillment of completeness and adjustment of application documents at the latest 20 (twenty) working days from the date of notification from the Financial Services Authority. (9) In the event that prospective PAJK does not meet the completeness and/or adjust the application documents as referred to in paragraph (8), prospective PAJK is considered to have canceled the business license application. (10) In the event that business license applications as referred to in paragraph (1) cannot be approved, the Financial Services Authority submits a written statement accompanied by reasons for non-approval.

Article 10
(1) PAJK must submit approval applications to the Financial Services Authority at the latest 20 (twenty) working days before conducting other business activities as referred to in Article 3 paragraph (3). (2) Regarding the applications as referred to in paragraph (1), the Financial Services Authority has the authority to:
a. provide approval or a statement of non-approval based on assessments conducted by the Financial Services Authority; or b. require PAJK to participate in a sandbox if the Financial Services Authority's assessment results indicate that the proposed activities are not within the scope of PAJK activities but meet the innovation feasibility criteria as referred to in Financial Services Authority regulations regarding the conduct of financial sector technology innovation.

Article 11
(1) The Financial Services Authority has the authority to order the cessation of PAJK business activities by parties violating the provisions of Article 10 paragraph (1) who have not obtained approval. (2) Orders for the cessation of business activities as referred to in paragraph (1) may be implemented in accordance with applicable laws and regulations regarding written orders.

Fifth Section
Registration of Electronic System Providers
Article 12
(1) PAJK that has obtained a business license from the Financial Services Authority must be registered as an Electronic System Provider in accordance with applicable laws and regulations regarding private sector electronic system providers. (2) PAJK as referred to in paragraph (1) must submit an application for registration as an Electronic System Provider to the competent authority at the latest 30 (thirty) calendar days from the date of issuance of the business license by the Financial Services Authority. (3) Copies of the registration application as referred to in paragraph (2) are submitted to the Financial Services Authority simultaneously with the submission to the competent authority. (4) PAJK is prohibited from conducting Aggregation business activities as referred to in Article 3 paragraph (1), paragraph (2), and/or paragraph (3) before being registered as an Electronic System Provider with the competent authority. (5) PAJK must obtain a registration certificate as an Electronic System Provider within a period of 60 (sixty) calendar days from the issuance of the business license by the Financial Services Authority. (6) PAJK must submit a copy of the registration certificate as an Electronic System Provider to the Financial Services Authority at the latest 7 (seven) working days from the date of the registration certificate as an Electronic System Provider. (7) PAJK must conduct business activities as referred to in Article 3 paragraph (1), paragraph (2), and/or paragraph (3) at the latest 30 (thirty) calendar days from being registered as an Electronic System Provider with the competent authority. (8) Based on specific considerations, the Financial Services Authority may extend the time periods as referred to in paragraph (5) and paragraph (7). (9) In the event that PAJK does not comply with the provisions of paragraph (5), paragraph (7), and/or paragraph (8), the Financial Services Authority cancels the business license issued to the PAJK.

Sixth Section
Capability and Propriety Assessment
Article 13
(1) Prospective Key Parties must obtain approval from the Financial Services Authority before carrying out actions, duties, and functions as Key Parties. (2) Key Parties as referred to in paragraph (1) include:
a. controlling Key Parties; and b. managing Key Parties.
(3) To provide approval as referred to in paragraph (1), the Financial Services Authority conducts capability and propriety assessments of prospective Key Parties in accordance with the capability and propriety assessment guidelines for PAJK listed in Appendix Part K, which is an integral part of this Financial Services Authority Regulation. (4) Capability and propriety assessments are conducted to ensure that prospective Key Parties as referred to in paragraph (2) meet the requirements:
a. integrity and financial feasibility for controlling Key Parties; and b. integrity, financial reputation, and competence for managing Key Parties.
(5) Integrity requirements for Key Parties as referred to in paragraph (4) include at least:
a. legal capacity to perform legal acts; b. good ethics and morality;
c. commitment to comply with applicable laws and regulations and support Financial Services Authority policies;
d. commitment to the development and strengthening of a healthy industry; e. maintaining the confidentiality and security of Consumer data and information; and f. not being parties prohibited from becoming Key Parties. (6) Financial reputation requirements for managing Key Parties as referred to in paragraph (4) letter b are at least proven by:
a. not having non-performing loans and/or financing; and b. never being declared bankrupt and/or never having been a shareholder, board of directors member, or board of commissioners member declared guilty causing a company to be declared bankrupt within the last 5 (five) years before nomination. (7) Financial feasibility requirements for controlling Key Parties as referred to in paragraph (4) letter a are at least proven by:
a. having a financial reputation as referred to in paragraph (6); b. having financial capacity supporting the development of PAJK business; and
c. having a commitment to take necessary actions if PAJK faces financial difficulties.

(8) Competency requirements for Executive Key Parties as referred to in paragraph (4) letter b are at least:
a. knowledge and/or experience in fields relevant to the position; and b. ability to manage and develop PAJK strategically.
(9) Executive Key Parties overseeing information technology functions must have competencies including:
a. knowledge and/or experience in information system or application development; and b. knowledge and/or experience in information system security.

Part Seven
Re-evaluation of Key Parties

Article 14
(1) The Financial Services Authority may conduct re-evaluations against:
a. PAJK Key Parties, consisting of:
1. Controlling Key Parties; and
2. Executive Key Parties; and
b. Key Parties who no longer own, manage, supervise, and/or have influence over PAJK at the time the re-evaluation is conducted.
(2) The Financial Services Authority conducts re-evaluations as referred to in paragraph (1) in accordance with the re-evaluation guidelines for PAJK Key Parties contained in Appendix Q, which is an inseparable part of this Financial Services Authority Regulation. (3) Re-evaluations against:
a. Controlling Key Parties as referred to in paragraph (1) letter a number 1; and b. Key Parties who no longer own, and/or have influence over PAJK at the time the re-evaluation is conducted as referred to in paragraph (1) letter b, are conducted if there is involvement, and/or responsibility for integrity issues, and/or financial viability issues. (4) Re-evaluations against:
a. Executive Key Parties as referred to in paragraph (1) letter a number 2; and b. Key Parties who no longer manage, and/or supervise PAJK at the time the re-evaluation is conducted as referred to in paragraph (1) letter b, are conducted if there are indications of involvement, concurrent positions, and/or responsibility for integrity, financial reputation, and/or competence issues. (5) Re-evaluations as referred to in paragraph (1) are conducted based on evidence, data, and/or information obtained from supervisory results or other information. (6) Re-evaluations as referred to in paragraph (1) are conducted with the following steps:
a. clarification of evidence, data, and/or information to the Key Party being re-evaluated; b. determination and submission of preliminary re-evaluation results to the Key Party being re-evaluated;
c. response from the Key Party being re-evaluated regarding the preliminary re-evaluation results; and
d. determination and notification of final re-evaluation results to the Key Party being re-evaluated with a predicate:
1. pass; or
2. fail.
(7) The Financial Services Authority may determine the final re-evaluation result without following all re-evaluation steps as referred to in paragraph (6) with certain considerations. (8) Re-evaluation results are binding and must be complied with by PAJK.

Article 15
(1) Integrity and/or financial viability issues as referred to in Article 14 paragraph (3) consist of:
a. actions, whether direct or indirect, consisting of:
1. influencing and/or ordering Executive Key Parties and/or PAJK employees to hide and/or obscure violations of regulations, financial conditions, and/or actual transactions;
2. influencing and/or ordering Executive Key Parties, and/or PAJK employees to provide unfair benefits to shareholders, Key Parties, PAJK employees, and/or other parties that can harm or reduce PAJK profits; and/or
3. influencing and/or ordering Executive Key Parties, and/or PAJK employees to commit acts violating good PAJK management principles;
b. proven to have committed criminal offenses that have been decided by a court and have permanent legal force;
c. causing PAJK to experience difficulties that endanger the continuity of PAJK's business and/or can endanger the financial services industry;
d. not implementing Financial Services Authority orders to perform and/or not perform specific actions; e. having non-performing loans and/or financing at Financial Institutions, other financial service institutions, and/or being a controller, board of director member, board of commissioner member, or equivalent of a company that has non-performing loans and/or financing; f. proven to be declared bankrupt and/or being a shareholder, board of director member, board of commissioner member, or equivalent, who is declared guilty of causing a company to be declared bankrupt or having its business license revoked; g. not taking necessary measures when PAJK faces capital difficulties; h. refusing to provide commitments and/or not fulfilling commitments agreed upon with the Financial Services Authority and/or the government;
i. hindering or interfering with:
1. efforts and implementation of Financial Services Authority authority; and/or
2. efforts by PAJK Key Parties and/or other parties in handling PAJK issues; and/or
j. integrity and/or financial viability issues other than letters a through i that contradict regulatory provisions.
(2) Integrity, financial reputation, and/or competence issues, as referred to in Article 14 paragraph (4), consist of:
a. actions, whether direct or indirect, consisting of:
1. hiding and/or obscuring violations of regulations or financial conditions and/or actual transactions;
2. providing unfair benefits to shareholders, Key Parties, PAJK employees, and/or other parties that can harm or reduce PAJK profits; and/or
3. committing acts violating good PAJK management principles;
b. proven to have committed criminal offenses that have been decided by a court and have permanent legal force;
c. causing PAJK to experience difficulties that endanger the continuity of PAJK's business and/or can endanger the financial services industry;
d. not implementing Financial Services Authority orders to perform and/or not perform specific actions; e. having non-performing loans and/or financing at Financial Institutions, other financial service institutions, and/or being a controller, board of director member, board of commissioner member, or equivalent of a company that has non-performing loans and/or financing; f. proven to be declared bankrupt and/or being a shareholder, board of director member, board of commissioner member, or equivalent, who is declared guilty of causing a company to be declared bankrupt or having its business license revoked; g. not conducting strategic management for the healthy development of PAJK; h. refusing to provide commitments and/or not fulfilling commitments agreed upon with the Financial Services Authority and/or the government;
i. hindering or interfering with:
1. efforts and implementation of Financial Services Authority authority; and/or
2. efforts by PAJK Key Parties and/or other parties in handling PAJK issues; and/or
j. integrity, financial reputation, and/or competence issues other than letters a through i that contradict regulatory provisions.

Article 16
(1) Key Parties still in office who are determined with a "pass" predicate are declared to meet the requirements to remain as Key Parties.
(2) Controlling Key Parties determined with a "fail" predicate because:
a. integrity issues, are prohibited from becoming:
1. Controlling Key Parties or owning shares in PAJK and/or Financial Institutions; and/or
2. Executive Key Parties on PAJK and/or Financial Institutions; and/or
b. financial viability issues, are prohibited from becoming:
1. Controlling Key Parties or owning shares in PAJK where the Key Party undergoes re-evaluation; and/or
2. Executive Key Parties on PAJK where the Key Party undergoes re-evaluation in the case of financial viability issues being financial reputation.
(3) Executive Key Parties determined with a "fail" predicate because:
a. integrity issues, are prohibited from becoming:
1. Controlling Key Parties or owning shares in PAJK and/or Financial Institutions; and/or
2. Executive Key Parties on PAJK and/or Financial Institutions;
b. financial reputation issues, are prohibited from becoming:
1. Controlling Key Parties or owning shares in PAJK where the Key Party undergoes re-evaluation; and/or
2. Executive Key Parties on PAJK where the Key Party undergoes re-evaluation; and/or
c. competence issues, are prohibited from becoming Executive Key Parties on PAJK where the Key Party undergoes re-evaluation.

Article 17
(1) The imposition of prohibition periods against Key Parties determined with a "fail" predicate as referred to in Article 16 paragraph (2) and/or paragraph (3) is set:
a. for a period of 3 (three) years for:
1. Controlling Key Parties and Key Parties who no longer own, and/or have influence over PAJK at the time the re-evaluation is conducted, if proven to have committed acts as referred to in Article 15 paragraph (1) letter a number 3, letter d, letter e, letter g, letter h, letter i, or letter j; or
2. Executive Key Parties and Key Parties who no longer manage, and/or supervise PAJK at the time the re-evaluation is conducted, if proven to have committed acts as referred to in Article 15 paragraph (2) letter a number 3, letter d, letter e, letter g, letter h, letter i, or letter j;
b. for a period of 5 (five) years for:
1. Controlling Key Parties and Key Parties who no longer own, and/or have influence over PAJK at the time the re-evaluation is conducted, if:
a) proven to have committed acts as referred to in Article 15 paragraph (1) letter a number 1 or letter a number 2; or b) proven to have committed acts as referred to in Article 15 paragraph (1) letter a number 3, letter d, letter e, letter g, letter h, letter i, or letter j, and the acts mentioned:
1) were committed repeatedly;
2) were committed cumulatively; and/or
3) were proven to benefit oneself or other parties;
2. Executive Key Parties and Key Parties who no longer manage, and/or supervise PAJK at the time the re-evaluation is conducted, if:
a) proven to have committed acts as referred to in Article 15 paragraph (2) letter a number 1 or letter a number 2; or b) proven to have committed acts as referred to in Article 15 paragraph (2) letter a number 3, letter d, letter e, letter g, letter h, letter i, or letter j, and the acts mentioned:
1) were committed repeatedly;
2) were committed cumulatively; and/or
3) were proven to benefit oneself or other parties; or
c. for a period of 20 (twenty) years:

for Controlling Key Parties and Key Parties who no longer own, and/or have influence over PAJK at the time the re-evaluation is conducted, if proven to have committed acts as referred to in Article 15 paragraph (1) letter b, letter c, or letter f;
for Executive Key Parties and Key Parties who no longer manage, and/or supervise PAJK at the time the re-evaluation is conducted, if proven to have committed acts as referred to in Article 15 paragraph (2) letter b, letter c, or letter f.
(2) The prohibition period as referred to in paragraph (1) is calculated from:
a. the date of the Financial Services Authority determination letter as referred to in Article 14 paragraph (6) letter d, if it is the final result of the Financial Services Authority re-evaluation; or b. the date of the court decision with permanent legal force declaring the Key Party being re-evaluated proven to have committed criminal offenses as referred to in Article 15 paragraph (1) letter b and paragraph (2) letter b or proven to be declared bankrupt and/or causing bankruptcy as referred to in Article 15 paragraph (1) letter f and paragraph (2) letter f.

Part Eight
Institutional and Management Changes

Article 18
(1) PAJK paid-in capital increases must meet ownership limits as referred to in Article 5 paragraph (2).
(2) The source of funds in paid-in capital increases as referred to in paragraph (1) is prohibited from originating from:
a. money laundering, terrorism financing, and proliferation financing of weapons of mass destruction activities; b. loans; and
c. other activities contradicting regulatory provisions.

Article 19
(1) PAJK that:
a. changes the composition of Board of Directors and/or Board of Commissioners members must submit a change report accompanied by supporting documents for the said composition changes; or b. replaces or adds Board of Directors and/or Board of Commissioners members, candidates for Board of Directors and/or Board of Commissioners members must meet suitability and probity assessment requirements in accordance with Article 13. (2) In addition to meeting the provisions in this Financial Services Authority Regulation, candidates for Board of Directors and/or Board of Commissioners members as referred to in paragraph (1) must meet requirements in accordance with regulatory provisions. (3) The Financial Services Authority provides approval or rejection for the submission of candidates for Board of Directors and/or Board of Commissioners members as referred to in paragraph (1) letter b within a maximum of 20 (twenty) working days after the complete application documents are received. (4) Financial Services Authority approval as referred to in paragraph (3) is valid for a maximum of 60 (sixty) working days from the date of Financial Services Authority approval. (5) Within the 60 (sixty) working day period as referred to in paragraph (4), PAJK must:
a. hold a General Meeting of Shareholders to appoint Board of Directors and/or Board of Commissioners members approved by the Financial Services Authority; and b. submit a report on the appointment of Board of Directors and/or Board of Commissioners members as referred to in letter a after receiving a notification acceptance letter from the competent authority. (6) In the event PAJK holds a General Meeting of Shareholders first, PAJK must:
a. include a statement in the minutes of the General Meeting of Shareholders that the effective date of appointment of Board of Directors and/or Board of Commissioners members is from the date of Financial Services Authority approval; and b. ensure reporting obligations to the competent authority in accordance with regulatory provisions. (7) In the event the provisions as referred to in paragraph (5) are not fulfilled by PAJK, the Financial Services Authority approval is declared invalid. (8) In the event there are Board of Directors and/or Board of Commissioners members who will resign and/or step down, PAJK must ensure that the number of Board of Directors and Board of Commissioners members requirements as referred to in Article 6 paragraph (1) remain fulfilled. (9) Candidates for Board of Directors and/or Board of Commissioners members who have not obtained approval from the Financial Services Authority are prohibited from performing duties and functions as Board of Directors and/or Board of Commissioners members, even if they have obtained approval from the General Meeting of Shareholders. (10) Dismissal and/or resignation of Board of Directors and/or Board of Commissioners members caused by the replacement of Board of Directors and/or Board of Commissioners members as referred to in paragraph (1) letter b must be reported in writing by PAJK to the Financial Services Authority within a maximum of 5 (five) working days from the effective date of dismissal and/or resignation.

Article 20
(1) PAJK must obtain approval from the Financial Services Authority if:
a. it changes ownership resulting in a change of control; b. it merges;
c. it consolidates; or
d. it is taken over by another PAJK.
(2) Ownership changes resulting in a change of control, mergers, consolidations, or takeovers as referred to in paragraph (1) must:
a. be conducted in accordance with regulatory provisions regarding the transfer of ownership of limited liability companies; and b. obtain approval from the General Meeting of Shareholders of each PAJK. (3) Requests to obtain approval as referred to in paragraph (1) are submitted in writing by PAJK to the Financial Services Authority accompanied by data on the planned ownership changes resulting in a change of control, mergers, consolidations, or takeovers.

Article 21
(1) PAJK must submit reports to the Financial Services Authority regarding:
a. paid-in capital increases; b. changes in ownership composition;
c. changes in business group structure up to the ultimate owner and controller;
d. appointment of Board of Directors and/or Board of Commissioners members who have obtained Financial Services Authority approval; and e. implementation of mergers, consolidations, or takeovers. (2) Submission of reports as referred to in paragraph (1) is conducted in accordance with the reporting deadlines for incidental reports.

Part Nine
Administrative Sanctions

Article 22
(1) PAJK that does not fulfill provisions as referred to in Article 4 paragraph (5), Article 5 paragraph (3), Article 6 paragraph (1), paragraph (2), Article 7 paragraph (1) letter b, paragraph (2), paragraph (3), Article 8 paragraph (1), paragraph (2), paragraph (5), Article 9 paragraph (5), Article 12 paragraph (1), paragraph (2), paragraph (4), Article 13 paragraph (1), Article 14 paragraph (8), Article 18, Article 19 paragraph (1), paragraph (2), paragraph (5), paragraph (8), paragraph (9), paragraph (10), Article 20 paragraph (1), Article 21 paragraph (1) shall be subject to administrative sanctions consisting of:
a. written warning; b. temporary suspension, partial, or full cessation of activities including implementation of cooperation;
c. administrative fine of up to Rp1,000,000,000.00 (one billion rupiah);
d. listing of Key Parties in the list of persons with good standing in the financial sector; and e. revocation of business license.
(2) Administrative sanctions as referred to in paragraph (1) letters b, c, d, and e may be imposed with or without prior imposition of administrative sanctions in the form of written warnings as referred to in paragraph (1) letter a.

CHAPTER III
GOVERNANCE

Part One
Implementation of Governance

Article 23
(1) PAJK must implement good governance in conducting its business activities at every level or tier of the organization.
(2) Implementation of good governance as referred to in paragraph (1) must at least be manifested in the form of:
a. active supervision by the Board of Directors and Board of Commissioners; b. implementation of risk management, compliance, internal audit, external audit, and PAJK operational procedures;
c. handling of conflicts of interest;
d. feasibility of annual business plans; e. transparency of financial and non-financial conditions to authorities; and f. implementation of control functions regarding Personal Data protection and information system security. (3) Information system security governance aspects as referred to in paragraph (2) letter f are at least:
a. availability of written information system policies and procedures; b. use of safe and reliable systems at least:

security and protection of data confidentiality;
model development;
fulfillment of certification, security standards, and/or system reliability; and
maintenance and improvement of technology security;
c. implementation of cybersecurity standards;
d. data and information security; and e. periodic information system audits.
(4) PAJK must submit reports on the implementation of governance as part of the annual report.

Article 24
(1) In carrying out Aggregation, PAJK must own, master, and control Electronic Systems.
(2) PAJK may use third-party services related to Electronic Systems that are non-critical.
(3) PAJK must ensure that third parties as referred to in paragraph (2) have met information system governance aspects as referred to in Article 23 paragraph (3).

Article 25
(1) Aggregation is conducted through Electronic Systems as referred to in Article 24 paragraph (1) in the form of websites and/or mobile-based applications that can be accessed by Consumers. (2) Websites and/or mobile-based applications as referred to in paragraph (1) contain at least:
a. information regarding PAJK profile; b. financial service products and/or services aggregated and/or compared by PAJK;
c. information related to PAJK products and/or services;
d. terms and conditions of PAJK products and/or services; e. privacy policy; f. information that PAJK is supervised by the Financial Services Authority; g. statement that the offered financial service products and/or services are not financial service products and/or services issued by PAJK and PAJK is not responsible for claims and risks related to LJK products and/or services and/or parties conducting activities in the financial services sector; and h. Consumer service information. (3) Comparison of financial service product and/or service information as referred to in paragraph (2) letter b for each financial service product and/or service must at least contain:
a. information related to:

name and type of product and/or service;
issuer name;
main features;
benefits;
risks;
requirements and procedures;
costs; and
additional information; and
b. simulation/illustration and/or historical data/performance realization for products and/or services that have fund collection, fund disbursement, and/or fund management activities. (4) Comparison of financial service product and/or service information as referred to in paragraph (2) letter b must be conducted on the same types of financial service products and/or services and can be compared accurately, honestly, clearly, objectively, and transparently. (5) PAJK must locate data centers and disaster recovery centers within the territory of the Republic of Indonesia.

Article 26
(1) PAJK must provide audit trails for all activities within the PAJK Electronic System.
(2) PAJK must ensure that information technology system devices used support the provision of audit trails.
(3) Audit trails as referred to in paragraph (1) are used for supervisory, law enforcement, dispute resolution, verification, testing, and other purposes.

Part Two
Administrative Sanctions

Article 27
(1) PAJK that does not fulfill provisions as referred to in Article 23 paragraph (1), paragraph (4), Article 24 paragraph (1), paragraph (3), Article 25 paragraph (4), paragraph (5), Article 26 paragraph (1) and paragraph (2) shall be subject to administrative sanctions consisting of:
a. written warning; b. temporary suspension, partial, or full cessation of activities including implementation of cooperation;
c. administrative fine of up to Rp1,000,000,000.00 (one billion rupiah);
d. listing of Key Parties in the list of persons with good standing in the financial sector; and e. revocation of business license.
(2) Administrative sanctions as referred to in paragraph (1) letters b, c, d, and e may be imposed with or without prior imposition of administrative sanctions in the form of written warnings as referred to in paragraph (1) letter a.

CHAPTER IV
AGGREGATION IMPLEMENTATION

Part One
Cooperation of Financial Institutions and/or Parties Conducting Activities in the Financial Services Sector

Article 28
(1) PAJK must have cooperation with Financial Institutions and/or parties conducting activities in the financial services sector to carry out Aggregation. (2) PAJK must ensure that Financial Institutions and/or parties conducting activities in the financial services sector as referred to in paragraph (1):
a. aggregate products and/or services to PAJK in accordance with Financial Services Authority regulations; b. complete the statement letter of Financial Institutions and/or parties conducting activities in the financial services sector;

that products and/or services can be marketed digitally; and

c. are not under restriction or subject to sanctions by the Financial Services Authority.

(3) Cooperation as referred to in paragraph (1) must be embodied in a written agreement.

(4) The written agreement as referred to in paragraph (3) must contain at least:

a. the duration of the agreement; b. the duties and responsibilities of each party in the implementation of tasks;
c. commission details;
d. mechanisms for changes to product and/or financial service information; e. complaint mechanisms from internal and external parties regarding products and/or financial services; f. data distribution mechanisms from and/or to Financial Service Institutions (LJK) and/or parties conducting activities in the financial service sector, if any; g. mechanisms for the exchange, use, and security of Personal Data, if any; and h. a statement that the PAJK and/or the party conducting activities in the financial service sector are responsible for all processes related to the products and/or financial services owned by the PAJK and/or the party conducting activities in the financial service sector.

(5) PAJK may cooperate with parties other than LJK and/or parties conducting activities in the financial service sector providing products and/or financial services in:

a. the implementation of support for the organization of Aggregation activities; and/or b. the provision of value-added services to Consumers or LJK and/or parties conducting activities in the financial service sector.

(6) Cooperation between:

a. PAJK and LJK and/or parties conducting activities in the financial service sector as referred to in paragraph (1); and/or b. PAJK and parties other than LJK and/or parties conducting activities in the financial service sector as referred to in paragraph (5),

must be carried out in accordance with applicable legislation.

Second Section
Obligations of PAJK

Article 29

In carrying out Aggregation, PAJK is obligated to:

a. be responsible for all actions related to Aggregation in accordance with the cooperation agreement with LJK and/or parties conducting activities in the financial service sector; b. disclose to Consumers that PAJK only performs Aggregation and is not responsible for the products and/or financial services provided by LJK and/or parties conducting activities in the financial service sector;
c. provide access to the Financial Services Authority to conduct supervision over the Aggregation carried out by PAJK;
d. ensure the reliability and security of the Electronic Systems used by PAJK in accordance with applicable legislation; and e. cooperate with more than 1 (one) LJK and/or party conducting activities in the same financial service sector.

Article 30

(1) In carrying out Aggregation, PAJK may:

a. provide Aggregation services by utilizing connectivity between the Electronic Systems owned by PAJK and the Electronic Systems owned by partner LJK and/or parties conducting activities in the financial service sector; b. innovate on features and/or other services that provide ease and added value for Consumers and LJK and/or parties conducting activities in the financial service sector; and/or
c. provide features and/or services consisting of:

sorting and filtering to classify product and/or financial service information based on Consumer needs;
personalization of Consumer needs for products and/or financial services;
simulation of benefit and obligation calculations for products and/or financial services; and/or
other features and/or services that have received approval from the Financial Services Authority.

(2) In the event that PAJK provides features and/or services as referred to in paragraph (1) letter c, PAJK is obligated to provide said features and/or services fairly, objectively, transparently, impartially, not influenced by contractual relationships with LJK and/or parties conducting activities in the financial service sector, and disclose the methodology or basis of analysis.

(3) Requests to obtain approval as referred to in paragraph (1) letter c number 4 are submitted in writing by PAJK to the Financial Services Authority accompanied by an explanation of the features and services.

Article 31

(1) PAJK may exchange data with other parties to support Aggregation.

(2) In the event that PAJK conducts data exchange as referred to in paragraph (1), PAJK is obligated to perform encryption or other methods to maintain data confidentiality and security.

(3) Data exchange activities as referred to in paragraph (1) must follow applicable legislation regarding personal data protection.

Third Section
Prohibitions for PAJK

Article 32

PAJK is prohibited from:

a. conducting activities related to the collection, disbursement, storage, and/or management of Consumer funds, except for the receipt and forwarding of transactions to partners through payment service providers; b. creating unfair business competition as regulated in applicable legislation regarding the prohibition of monopolies and unfair business competition;
c. providing Aggregation services in the form of user-generated content platforms or content copying without cooperation with LJK and/or parties conducting activities in the financial service sector;
d. providing incorrect explanations and excessive claims regarding financial service products provided by LJK and/or parties conducting activities in the financial service sector and offered by PAJK; e. ensuring or promising specific investment results and/or specific benefits from financial service products provided by LJK and/or parties conducting activities in the financial service sector and offered by PAJK; f. receiving power of attorney to conduct transactions from Consumers; and g. leaking and/or misusing Consumer Personal Data and/or other data illegally.

Fourth Section
Administrative Sanctions

Article 33

(1) PAJK that does not fulfill the provisions as referred to in Article 28 paragraph (1), paragraph (2), paragraph (3), paragraph (6), Article 29, Article 30 paragraph (2), Article 31 paragraph (2), paragraph (3), and/or Article 32 shall be subject to administrative sanctions consisting of:

a. written warning; b. temporary suspension, partial, or total cessation of activities including the implementation of cooperation;
c. administrative fine of up to Rp1,000,000,000.00 (one billion rupiah);
d. listing of the Principal Party in the list of tainted persons in the financial sector; and e. revocation of business license.

(2) Administrative sanctions as referred to in paragraph (1) letters b, c, d, and e may be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (1) letter a.

CHAPTER V
SUPERVISION

First Section
Supervision

Article 34

(1) The Financial Services Authority conducts supervision over PAJK that has obtained a business license from the Financial Services Authority.

(2) Supervision as referred to in paragraph (1) includes:

a. indirect supervision; and b. direct supervision.

(3) Indirect supervision as referred to in paragraph (2) letter a is conducted through the analysis of reports, documents, data, and/or other information submitted by PAJK.

(4) Direct supervision as referred to in paragraph (2) letter b is conducted through examinations of PAJK operations.

(5) In carrying out direct supervision as referred to in paragraph (4), PAJK is obligated to provide:

a. explanations and data; b. accounting books;
c. documents;
d. access to physical facilities related to business activities; and/or e. other matters required,

upon request by the Financial Services Authority.

Second Section
Annual Business Plan

Article 35

(1) PAJK is obligated to submit an annual business plan to the Financial Services Authority.

(2) PAJK is obligated to prepare the annual business plan as referred to in paragraph (1) correctly and completely.

(3) The Board of Directors is responsible for the preparation and presentation of the annual business plan as referred to in paragraph (2).

(4) The annual business plan as referred to in paragraph (1) must contain at least:

a. information regarding the increase in technology capacity, infrastructure, and human resources; b. plans to improve business performance;
c. strategies for realizing plans according to established targets and timeframes; and
d. retention of a portion of PAJK profits.

(5) PAJK is obligated to submit the annual business plan as referred to in paragraph (1) no later than November 10 before the year the annual business plan runs.

(6) If the deadline for submitting the annual business plan falls on a holiday, the deadline for submitting the annual business plan as referred to in paragraph (5) is on the first working day following.

(7) PAJK may only change the annual business plan 1 (one) time.

(8) Changes to the annual business plan as referred to in paragraph (7) may only be made no later than the end of June of the current year.

(9) Changes to the annual business plan as referred to in paragraph (7) must be submitted to the Financial Services Authority no later than 30 (thirty) working days before the implementation of the annual business plan changes accompanied by written reasons for the changes.

(10) The Financial Services Authority has the authority to request PAJK to make adjustments to the changes to the annual business plan as referred to in paragraph (7).

(11) Provisions regarding the procedures and mechanisms for reporting the annual business plan are established by the Financial Services Authority.

Article 36

(1) PAJK that submits the annual business plan no later than 20 (twenty) working days after the period as referred to in Article 35 paragraph (5) is declared late in submitting the annual business plan.

(2) PAJK that does not submit the annual business plan until the end of the period as referred to in paragraph (1) is declared not to have submitted the annual business plan.

Article 37

(1) PAJK that does not fulfill the provisions as referred to in Article 34 paragraph (5), and/or Article 35 paragraph (1), paragraph (2), paragraph (5), paragraph (9), shall be subject to administrative sanctions consisting of:

a. written warning; b. temporary suspension, partial, or total cessation of activities including the implementation of cooperation;
c. administrative fine;
d. listing of the Principal Party in the list of tainted persons in the financial sector; and e. revocation of business license.

(2) PAJK that does not fulfill the provisions as referred to in Article 35 paragraph (5) shall be subject to administrative sanctions in the form of a fine of Rp1,000,000.00 (one million rupiah) per day of delay per report.

(3) PAJK that does not submit the annual business plan after the final deadline for report submission as referred to in Article 36 paragraph (2) shall be subject to administrative sanctions in the form of a fine of Rp30,000,000.00 (thirty million rupiah).

(4) Administrative sanctions as referred to in paragraph (1) letters b, c, d, and e may be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (1) letter a.

(5) The imposition of administrative sanctions as referred to in paragraph (3) does not eliminate the obligation to submit the annual business plan for PAJK that has not submitted the annual business plan.

Third Section
Reporting

Article 38

(1) PAJK is obligated to submit:

a. periodic reports; and b. incidental reports,

to the Financial Services Authority.

(2) The Financial Services Authority has the authority to request reports other than those referred to in paragraph (1).

(3) PAJK is obligated to prepare and present reports as referred to in paragraph (1) and paragraph (2) correctly and completely.

(4) The Board of Directors is responsible for the preparation and presentation of PAJK reports as referred to in paragraph (3).

Article 39

(1) Periodic reports as referred to in Article 38 paragraph (1) letter a consist of:

a. semi-annual reports; and b. annual reports.

(2) Semi-annual reports as referred to in paragraph (1) letter a must contain at least:

a. financial data; b. reports on the realization of the annual business plan; and
c. the application of risk management and prudence.

(3) Annual reports as referred to in paragraph (1) letter b must contain at least:

a. annual financial reports audited by a public accountant registered with the Financial Services Authority; and b. governance reports.

(4) The submission of periodic reports to the Financial Services Authority as referred to in paragraph (1) must be carried out as follows:

a. semi-annual reports as referred to in paragraph (1) letter a are submitted no later than July 31 of the current year for the first semester and January 31 of the following year for the second semester; and b. annual reports as referred to in paragraph (1) letter b are submitted no later than April 30 of the following year.

(5) If the report submission deadline falls on a holiday, the report submission deadline as referred to in paragraph (4) is on the first working day following.

Article 40

Submission of incidental reports as referred to in Article 38 paragraph (1) letter b must be submitted no later than 5 (five) working days since the incident occurred.

Article 41

Other reports as referred to in Article 38 paragraph (2) must be submitted to the Financial Services Authority according to the timeframe established in the request letter.

Article 42

(1) PAJK that submits reports no later than 20 (twenty) working days after the period as referred to in Article 39 paragraph (4) and Article 40 is declared late in submitting reports.

(2) PAJK that does not submit reports until the end of the period as referred to in paragraph (1) is declared not to have submitted reports.

(3) Provisions regarding the procedures and mechanisms for reporting are established by the Financial Services Authority.

Article 43

(1) PAJK that does not fulfill the provisions as referred to in Article 38 paragraph (1), paragraph (3), Article 39 paragraph (4), Article 40, and/or Article 41, shall be subject to administrative sanctions consisting of:

(2) PAJK that does not fulfill the provisions as referred to in Article 39 paragraph (4) letter a shall be subject to administrative sanctions in the form of a fine of Rp500,000.00 (five hundred thousand rupiah) per day of delay per report.

(3) PAJK that does not submit semi-annual reports after the final deadline for report submission after the period as referred to in Article 42 paragraph (2) shall be subject to administrative sanctions in the form of a fine of Rp30,000,000.00 (thirty million rupiah).

(4) PAJK that does not fulfill the provisions as referred to in Article 39 paragraph (4) letter b shall be subject to administrative sanctions in the form of a fine of Rp1,000,000.00 (one million rupiah) per day of delay per report.

(5) PAJK that does not submit annual reports after the final deadline for report submission as referred to in Article 42 paragraph (2) shall be subject to administrative sanctions in the form of a fine of Rp30,000,000.00 (thirty million rupiah).

(6) PAJK that does not fulfill the provisions as referred to in Article 40 shall be subject to administrative sanctions in the form of a fine of Rp200,000.00 (two hundred thousand rupiah) per day of delay per report.

(7) PAJK that does not submit incidental reports after the final deadline for report submission as referred to in Article 42 paragraph (2) shall be subject to administrative sanctions in the form of a fine of Rp1,000,000.00 (one million rupiah).

(8) Administrative sanctions as referred to in paragraph (1) letters b, c, d, and e may be imposed with or without prior imposition of administrative sanctions in the form of a written warning as referred to in paragraph (1) letter a.

(9) The imposition of administrative sanctions as referred to in paragraph (3), paragraph (5), and paragraph (7) does not eliminate the obligation to submit reports for PAJK that has not submitted the said reports.

CHAPTER VI
CESSATION OF BUSINESS ACTIVITIES AND REVOCATION OF BUSINESS LICENSE

Article 44

(1) PAJK that intends to cease business activities must submit a request for cessation of business activities to the Financial Services Authority in writing by attaching documents:

a. minutes of the General Meeting of Shareholders regarding the plan to cease business activities; b. reasons for cessation;
c. plans to settle all obligations; and
d. the latest financial report.

(2) The minutes of the General Meeting of Shareholders as referred to in paragraph (1) letter a must contain at least decisions approving the plan to cease business activities and orders to the Board of Directors to settle PAJK obligations.

(3) Based on the request as referred to in paragraph (1), the Financial Services Authority issues a letter of cessation of business activities requiring PAJK to:

a. cease all business activities as PAJK; b. announce the cessation of business activities as PAJK and the plan to settle obligations in 1 (one) daily newspaper with national circulation, the official portal or website of PAJK, and the official social media accounts of PAJK no later than 10 (ten) working days since the date of issuance of the letter of cessation of business activities;
c. immediately settle all PAJK obligations; and
d. appoint a public accounting firm to conduct verification of the settlement of PAJK obligations.

(4) In the event that all PAJK obligations as referred to in paragraph (3) have been settled, PAJK submits a request for revocation of the business license to the Financial Services Authority in writing accompanied by a report containing at least:

a. the implementation of the cessation of business activities; b. the implementation of the announcement as referred to in paragraph (3) letter b;
c. the implementation of the settlement of PAJK obligations;
d. the verification result report from the public accounting firm regarding the settlement of PAJK obligations; and e. a statement letter from shareholders that the steps to settle PAJK obligations have been completed and that if there are claims in the future, they become the responsibility of the shareholders.

(5) Based on the request for revocation of the business license as referred to in paragraph (4), the Financial Services Authority issues a decision on the revocation of the PAJK business license.

(6) If there are PAJK obligations that have not been settled after the date of the PAJK business license revocation decision, all PAJK obligations become the responsibility of the PAJK shareholders.

Article 45

(1) The Financial Services Authority has the authority to revoke the business license that has been granted by issuing a revocation decision, in the event:

a. PAJK violates provisions in this Financial Services Authority Regulation with sanctions in the form of revocation of business license; and/or b. there is a court decision that has acquired permanent legal force.

(2) If there are PAJK obligations that have not been settled after the date of the PAJK business license revocation decision, all PAJK obligations become the responsibility of the PAJK shareholders.

CHAPTER VII
OTHER COMPLIANCE ASPECTS

Article 46

(1) PAJK is obligated to apply Consumer Protection principles in the conduct of business.

(2) The mechanism and procedures for the application of Consumer Protection principles as referred to in paragraph (1) are carried out in accordance with applicable legislation regarding consumer and community protection in the financial service sector.

Article 47

(1) PAJK is obligated to apply Personal Data Protection principles in the conduct of business.

(2) The mechanism and procedures for the application of Personal Data Protection principles as referred to in paragraph (1) are carried out in accordance with applicable legislation regarding personal data protection.

Article 48

(1) PAJK is obligated to formulate and apply an effective anti-fraud strategy.

(2) The formulation and application of the anti-fraud strategy as referred to in paragraph (1) are carried out in accordance with the Financial Services Authority Regulation regarding the application of anti-fraud strategies for financial service institutions.

Article 49

In addition to fulfilling the provisions in this Financial Services Authority Regulation, PAJK that has obtained a business license from the Financial Services Authority is obligated to fulfill other applicable legislation.

Article 50

(1) PAJK that does not fulfill the provisions as referred to in Article 49 shall be subject to administrative sanctions consisting of:

a. written warning; b. temporary suspension, partial, or total cessation of activities including the implementation of cooperation;
c. administrative fine, of up to Rp1,000,000,000 (one billion rupiah);
d. listing of the Principal Party in the list of tainted persons in the financial sector; and e. revocation of business license.

(3) Violations of Consumer Protection provisions as referred to in Article 46 shall be subject to administrative sanctions in accordance with the Financial Services Authority Regulation regarding consumer and community protection in the financial service sector.

(4) Violations of Personal Data Protection provisions as referred to in Article 47 shall be subject to sanctions in accordance with applicable legislation regarding personal data protection.

(5) Violations of the application of anti-fraud strategies as referred to in Article 48 shall be subject to administrative sanctions in accordance with the Financial Services Authority Regulation regarding the application of anti-fraud strategies for Financial Service Institutions.

CHAPTER VIII
OTHER PROVISIONS

Article 51

The Financial Services Authority has the authority to issue written orders to PAJK which are implemented in accordance with the Financial Services Authority Regulation regarding written orders.

Article 52

The Financial Services Authority may establish different policies based on certain considerations regarding

supervision and implementation of business activities of PAJK other than as regulated in this Financial Services Authority Regulation.

CHAPTER IX
TRANSITIONAL PROVISIONS

Article 53
(1) Aggregator organizers, financing agents, funding agents, and wealthtech that have passed the sandbox or are registered with the Financial Services Authority before this Financial Services Authority Regulation takes effect, must apply for a business license in accordance with the provisions of this Financial Services Authority Regulation within a maximum of 12 (twelve) months from the enactment of this Financial Services Authority Regulation. (2) In the event that aggregator organizers, financing agents, funding agents, and wealthtech do not apply for a business license within a maximum of 12 (twelve) months as referred to in paragraph (1), the business activities of PAJK are declared as PAJK that have not obtained a business license from the Financial Services Authority. (3) Aggregator organizers, financing agents, funding agents, and wealthtech as referred to in paragraph (2) must cease business activities and settle obligations to Consumers within a maximum of 6 (six) months from the time the business activities are declared unlicensed and not supervised by the Financial Services Authority. (4) In the event that aggregator organizers, financing agents, funding agents, and wealthtech have obtained a business license, sandbox participant approval letters, or registration proof letters become invalid.

Article 54
(1) At the time this Financial Services Authority Regulation takes effect, Aggregator organizers, financing agents, funding agents, and wealthtech that are in the process of registration and have not yet obtained registration status, continue to proceed with the registration process. (2) The registration process for aggregator organizers, financing agents, funding agents, and wealthtech as referred to in paragraph (1) does not reduce the time limit for applying for a business license as referred to in Article 53 paragraph (1). (3) Aggregator organizers, financing agents, funding agents, and wealthtech that have obtained registered status from the Financial Services Authority before this Financial Services Authority Regulation takes effect are exempted from the provisions regarding the composition of share ownership of PAJK by foreign citizens and/or foreign legal entities as referred to in Article 5 paragraph (2) and must adjust to the maximum limit of share ownership within a maximum time of 1 (one) year after obtaining a business license. (4) At the time this Financial Services Authority Regulation takes effect, aggregator organizers, financing agents, funding agents, and wealthtech that have obtained registered status and have obtained a registration mark for Electronic System organizers in accordance with the business activities of PAJK, are exempted from the provisions regarding the registration of Electronic System organizers as referred to in Article 12. (5) At the time this Financial Services Authority Regulation takes effect, aggregator organizers, financing agents, funding agents, and wealthtech that have obtained registered status and conduct business activities as referred to in Article 3 paragraph (3) before this Financial Services Authority Regulation takes effect, continue to conduct activities without needing approval from the Financial Services Authority. (6) At the time this Financial Services Authority Regulation takes effect, aggregator organizers, financing agents, funding agents, and wealthtech that are registered or in the process of registration and still carry out activities as referred to in Article 3 paragraph (4) letters b and d, must adjust business activities in accordance with the provisions of this Financial Services Authority Regulation within a maximum time of 12 (twelve) months counted from the enactment of this Financial Services Authority Regulation. (7) At the time this Financial Services Authority Regulation takes effect, registered aggregator organizers, financing agents, funding agents, and wealthtech that have conducted other business activities as referred to in Article 3 paragraph (3) must submit data and information regarding the aforementioned business activities when applying for a business license. (8) Aggregator organizers, financing agents, funding agents, and wealthtech as referred to in paragraph (6) who do not adjust business activities, registration proof letters become invalid. (9) Aggregator
organizers, financing agents, funding agents, and wealthtech who do not adjust business activities as referred to in paragraph (8), may still conduct business activities as long as they do not conflict with provisions of legislation in the financial services sector.

Article 55
Every party outside PAJK that has conducted PAJK activities before the enactment of this Financial Services Authority Regulation is required to apply for a business license in accordance with the provisions of this Financial Services Authority Regulation within a maximum time of 12 (twelve) months counted from the enactment of this Financial Services Authority Regulation.

https://jdih.ojk.go.id/

CHAPTER X
CLOSING PROVISIONS

Article 56
This Financial Services Authority Regulation takes effect on the date of enactment.

https://jdih.ojk.go.id/

This copy is consistent with the original
Director of Legal Development
Legal Department signed
Aat Windradi

So that everyone knows, ordering the enactment of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

Established in Jakarta on 21 February 2025
CHAIRMAN OF THE COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
MAHENDRA SIREGAR

Enacted in Jakarta on 26 February 2025
MINISTER OF LAW OF THE REPUBLIC OF INDONESIA, signed SUPRATMAN ANDI AGTAS

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2025 NUMBER 8/OJK https://jdih.ojk.go.id/

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 4 OF 2025
ON
FINANCIAL SERVICE AGGREGATION INSTITUTIONS

I. GENERAL
Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, specifically Article 6 letter e and Article 216, has granted authority to the Financial Services Authority to regulate and supervise activities in the IT and Financial Services sector (ITSK), as well as digital financial assets including crypto assets. One of the scope of ITSK as regulated by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector is market support, where one example of ITSK included in the scope of market support is PAJK.

PAJK as an ITSK Organizer plays an important role in supporting the optimization of products and services of financial service institutions or parties conducting activities in the financial services sector by utilizing technology that can expand financial inclusion. The utilization of technology in expanding financial inclusion can be implemented through the utilization of platforms operated by PAJK, whether in the position of PAJK as a party providing product and financial service comparison information, synergizing financial service products and services, or other activities in accordance with the limitations of PAJK business activities.

Furthermore, PAJK also plays an important role in increasing the efficiency of financial service products and services, such as eliminating transportation costs, reducing information search costs, allowing Consumers to have choices and obtain products and services that best suit their profiles and needs, and supporting Consumers and financial service institutions or parties conducting activities in the financial services sector to accelerate the transaction settlement process.

In carrying out its business activities, there are various risks faced by PAJK such as Personal Data protection, cybersecurity, and Consumer protection. Therefore, a regulatory framework in the form of a Financial Services Authority regulation regarding PAJK is necessary to ensure that Aggregation activities of product and/or financial service information are carried out safely and responsibly.

II. ARTICLE BY ARTICLE

Article 1
Sufficiently clear.

Article 2
Letter a
Utilization of innovation technology support includes:

data forwarding through application programming interface (API);
data processing through data analytics; and
artificial intelligence (AI).

Letter b
What is meant by “transparent” is that PAJK provides product and/or financial service information being compared openly and relevant to the interests of Consumers. What is meant by “fair” is equality, balance, and justice by ensuring that the Aggregation activities conducted by PAJK do not favor one of the financial service institution partners and/or parties conducting activities in the financial services sector. What is meant by “accountable” is that Aggregation services can be accounted for the validity and accuracy of product and/or financial service information being compared, so as not to cause losses to Consumers. What is meant by “not misleading” is that PAJK provides product and/or financial service information that is clear and does not cause confusion for Consumers in making decisions.

Letter c
Personal Data protection principles in accordance with provisions of legislation regarding personal data protection.

Letter d
Sufficiently clear.

Letter e
Sufficiently clear.

Letter f
Sufficiently clear.

Article 3
Paragraph (1)
Letter a
Sufficiently clear.

Letter b
Number 1
Forwarding information of prospective Consumers to financial service institutions and/or parties conducting activities in the financial services sector is carried out by providing data and/or information on potential Consumers who meet the requirements to become Consumers of financial service institutions and/or parties conducting activities in the financial services sector, Consumers have an interest in the products and/or services provided by financial service institutions and/or parties conducting activities in the financial services sector, or meet the profile compatibility of a financial service institution and/or parties conducting activities in the financial services sector.

Number 2
Sufficiently clear.

Number 3
What is meant by “document administration” is services provided by PAJK to financial service institutions and/or parties conducting activities in the financial services sector in the form of activities connecting Consumers or prospective Consumers with financial service institutions and/or parties conducting activities in the financial services sector to increase convenience for Consumers to obtain products and/or financial services provided by financial service institutions and/or parties conducting activities in the financial services sector. Example:
PAJK assists financial service institutions such as Rural Banks (BPR) to complete the integrated deposit issuance process starting from form filling, handling digital signatures, submitting documents to the BPR, until Consumers receive e-deposits, while still following the procedures determined by the BPR referring to provisions of legislation regarding products in the banking sector.

Paragraph (2)
Specific products and/or services include:
a. synergy between PAJK and financial service institutions and/or parties conducting financial services activities to add value by creating products and/or services for Consumers; and b. co-branding products of financial service institution products and/or parties conducting activities in the financial services sector with PAJK.

Paragraph (3)
Other business activities include:
a. products and/or services whose processes are reciprocal between PAJK, financial service institutions, Consumers, and other third parties; and b. PAJK aggregates payment bill services from registered financial payment service companies with the competent authority.

Paragraph (4)
Letter a
Examples of Aggregation activities to support main business activities:

Marketplace “A” aggregates payment information using credit cards from several credit card issuers. Subsequently, Consumers can choose and use one of their credit cards to make purchases of goods at the marketplace.
Online travel agents provide information on travel insurance options to support travel ticket purchase activities.

Letter b
Examples of activities only for internal company and group company purposes:
Companies conduct Aggregation for products and/or financial services provided by subsidiaries, parent companies, affiliates, or intra-group.

Letter c
Examples of business activities already supervised by other Financial Services Authority supervisors:
Websites and/or mobile-based applications of in-house banks, insurance brokers, mutual fund sales agents.

Letter d
Sufficiently clear.

Letter e
Examples of activities not conducted for the purpose of marketing or distributing financial service institution products and/or services:
Personal blogs, news or product and/or financial service comparison information published by the press on Electronic Systems or news sites, product and/or financial service comparisons on Electronic Systems or social media sites, or collection, screening, and/or comparison by the government, whether central or regional government.

Paragraph (5)
What is meant by “licensed” is all forms of licensing known to the Financial Services Authority, including business licenses, approvals, registrations, determinations, recordings, or other terms that can be equated with them.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Letter a
Fundraising activities include deposits, fixed deposits, current accounts.

Letter b
Fund disbursement activities include loans, financing, credit, loans.

Letter c
Products and financial services approved by the Financial Services Authority include products and financial services in the capital market, derivative finance, and carbon exchange sectors, insurance, guarantee, and pension funds, financing institutions, venture capital companies, microfinance institutions, and other financial service institutions.

Paragraph (8)
Example:
PAJK that will conduct Mutual Fund Aggregation and requires prior approval or permission from the Financial Services Authority’s Capital Market sector, can conduct Aggregation activities after obtaining approval or permission from the Financial Services Authority’s Capital Market sector, and is subject to provisions of legislation governing mutual funds.

Paragraph (9)
Sufficiently clear.

Article 4
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Certain considerations are based, among others, on the establishment of PAJK as a result of the merger of PAJK, or capital adjustment to strengthen or improve PAJK operations.

Paragraph (5)
Letter a
Sufficiently clear.

Letter b
What is meant by “loan” is a loan of money that causes the borrower to have an obligation to repay a certain amount.
Examples:

loans from banks;
loans from business entities and/or institutions; and
loans from other sources.

Letter c
Other activities that conflict with provisions of legislation, including activities that conflict with provisions of legislation regarding the eradication of criminal acts of corruption.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Sufficiently clear.

Article 5
Sufficiently clear.

Article 6
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Letter a
Certifications are issued by credible/responsible bodies/institutions/associations. Required certifications include, among others, Certified Information Systems Security Professional (CISSP), Certified Information Security Manager (CISM), Certified Information Systems Auditor (CISA), or Certified Data Privacy Solutions Engineer (CDPSE).

Letter b
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Article 7
Paragraph (1)
What is meant by “foreign labor” is:
a. foreign labor other than foreign labor serving as Directors and/or Board of Commissioners; and b. foreign citizens holding visas for the purpose of working within the territory of the Republic of Indonesia.

Letter a
What is meant by “experts or consultants” is individuals who have specific technical knowledge with adequate qualification standards.

Letter b
Sufficiently clear.

Letter c
Expertise in accordance with job duties, including capabilities in Financial Service Aggregation, networks, Electronic System security, and programming.

Letter d
Provisions of legislation, including laws regarding immigration, use of foreign labor, and labor.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Article 8
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
The submission of reports on the use of foreign labor is carried out through incidental reports.
Documents related to labor, including licenses to use foreign labor.

Article 9
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Operational readiness research including the information technology systems used, including reviewing the offices of prospective PAJK.

Letter d
Other analyses based on the considerations of the Financial Services Authority, including information and/or documents from other authorities regarding applicants and/or applications submitted.

Paragraph (4)
International standard certifications related to information security management systems currently known as ISO 27001 certificates issued by certification bodies that have been recognized by government agencies handling information security affairs.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Letter a
Sufficiently clear.

Letter b
Fulfillment of human resource competency development includes certifications or training.

Letter c
Sufficiently clear.

Letter d
Sufficiently clear.

Paragraph (7)
Certain considerations, including to deepen the legality of the use of information technology systems, the Financial Services Authority requests documents of cooperation agreements regarding the use of information technology systems.

Paragraph (8)
What is meant by “from the date” is that the time calculation starts from the date notified.
Example:
If notification from the Financial Services Authority is on January 5, 2025, then the notification date is calculated.

Paragraph (9)
Sufficiently clear.

Paragraph (10)
Sufficiently clear.

Article 10
Sufficiently clear.

Article 11
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Provisions of legislation governing written orders, including Laws regarding the Financial Services Authority and Financial Services Authority Regulations regarding written orders.

Article 12
Paragraph (1)
Sufficiently clear.

Paragraph (2)
See explanation of Article 9 paragraph (8).

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Sufficiently clear.

Paragraph (8)
Certain considerations from the Financial Services Authority in extending time limits, including force majeure conditions. Force majeure conditions include natural disasters.

Paragraph (9)
Sufficiently clear.

Article 13
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Letter a
What is meant by “Controlling Principal Party” is PSP (Payment Service Provider).

Letter b
What is meant by “Managing Principal Party” is members of the Board of Directors, members of the Board of Commissioners.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Sufficiently clear.

Paragraph (8)
Sufficiently clear.

Paragraph (9)
Sufficiently clear.

Article 14
Paragraph (1)
Letter a
Number 1
See Explanation of Article 13 paragraph (2) letter a.

Number 2
See Explanation of Article 13 paragraph (2) letter b.

Letter b
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Other information, including information on the track record of Principal Parties obtained from other authorities.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Certain considerations, including conditions deemed to cause PAJK to potentially experience difficulties that can endanger the continuity of PAJK business and/or threaten financial system stability.

Paragraph (8)
Sufficiently clear.

Article 15
Paragraph (1)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear.

Letter d
Not executing orders from the Financial Services Authority to carry out and/or not carrying out certain actions, including Controlling Principal Parties not executing Financial Services Authority orders to increase paid-up capital to strengthen PAJK information security systems.

Letter e
Sufficiently clear.

Letter f
Sufficiently clear.

Letter g
Sufficiently clear.

Letter h
Sufficiently clear.

Letter i
Number 1
Efforts and implementation of Financial Services Authority authority, including:
a) written orders given by the Financial Services Authority to PAJK and/or Principal Parties in handling PAJK issues; and/or b) follow-up handling of PAJK issues in relation to violations of other authority regulations by PAJK.

Number 2
Other parties include prospective Principal Parties of PAJK who will carry out efforts to handle PAJK issues.

Letter j
Integrity and/or financial feasibility issues, including Controlling Principal Parties of PAJK declared to have failed as Principal Parties at financial service institutions in accordance with Financial Services Authority regulations regarding re-evaluation for Principal Parties of financial service institutions.

Paragraph (2)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear.

Letter d
Sufficiently clear.

Letter e
Sufficiently clear.

Letter f
Sufficiently clear.

Letter g
Sufficiently clear.

Letter h
Sufficiently clear.

Letter i
Sufficiently clear.

Letter j
Integrity, financial reputation, and/or competence issues, including PAJK Board of Commissioners declared to have failed as Principal Parties at financial service institutions in accordance with Financial Services Authority regulations regarding re-evaluation for Principal Parties of financial service institutions.

Article 16
Sufficiently clear.

Article 17
Sufficiently clear.

Article 18
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Letter a
Sufficiently clear.

Letter b
See explanation of Article 4 paragraph (5) letter b.

Letter c
See explanation of Article 4 paragraph (5) letter c.

Article 19
Paragraph (1)
Letter a
Supporting documents, including Minutes of the General Meeting of Shareholders, Minutes of the Board of Directors meetings, and/or other documents in accordance with provisions of legislation.

Letter b
Sufficiently clear.

Paragraph (2)
Provisions of legislation, including Laws regarding limited liability companies.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Paragraph (7)
Sufficiently clear.

Paragraph (8)
Sufficiently clear.

Paragraph (9)
Sufficiently clear.

Paragraph (10)
Sufficiently clear.

Article 20
Sufficiently clear.

Article 21
Sufficiently clear.

Article 22
Paragraph (1)
Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear.

Letter d
What is meant by “list of honorable persons” is a list of failures based on the mechanism and procedures for re-evaluation of Principal Parties.

Letter e
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Article 23
Paragraph (1)
What is meant by “good governance” is a way of managing PAJK that applies principles of transparency (transparency), accountability (accountability), responsibility (responsibility), independence (independency), and fairness (fairness).

Paragraph (2)
Letter a
Sufficiently clear.

Letter b
Risk management implementation refers to Financial Services Authority Regulations regarding the provision of financial sector technology innovation.

Letter c
Handling conflicts of interest, including ensuring that decisions by the Board of Directors and/or Board of Commissioners of PAJK are based solely on the interests of the PAJK business activities concerned.

Letter d
Sufficiently clear.

Letter e
Transparency includes aspects of disclosure and the form of PAJK accountability regarding the utilization of Consumer data.

Letter f
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Article 24
Paragraph (1)
Clearly stated.
Paragraph (2)
Services from third parties related to Electronic Systems, among others, can be used in the procurement, maintenance, and development processes.
The use of non-critical (supporting) services related to Electronic Systems, among others, relates to system reliability testing, data management security, helpdesk services, and Consumer complaint services. Paragraph (3) Clearly stated.

Article 25
Paragraph (1)
Clearly stated.
Paragraph (2)
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Clearly stated.
Letter d
Terms and conditions are electronic documents that serve as the basis for standard agreements between PAJK and Consumers in using products and/or services on the PAJK-owned website and/or mobile-based application. Letter e Privacy policy is a document that regulates how PAJK collects, uses, discloses, and manages Personal Data on the PAJK-owned website and/or mobile-based application. Letter f Clearly stated. Letter g Clearly stated. Letter h Consumer service information consists of:

service information that can be used by Consumers when there are complaints related to the system, the PAJK-owned website and/or mobile-based application, or other complaints related to the service process by PAJK, which can be handled by the respective PAJK, including information regarding Consumer dispute resolution through the Alternative Dispute Resolution Institution for the Financial Service Sector (LAPS SJK); and
service information that can be used by Consumers when there are complaints related to financial service products and/or services, which can be handled by LJK and/or parties conducting activities in the financial service sector.
Paragraph (3)
Clearly stated.
Paragraph (4)
Clearly stated.
Paragraph (5)
Clearly stated.

Article 26
Paragraph (1)
Audit trails for all PAJK activities, among others, relate to the use of Consumer data for LJK, the accuracy of information provided to Consumers, and the destruction of Consumer data that is no longer using PAJK services. Paragraph (2) Clearly stated. Paragraph (3) Examples of other needs:
Inspections to meet international standard requirements.

Article 27
Paragraph (1)
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Clearly stated.
Letter d
See the explanation of Article 22 paragraph (1) letter d.
Letter e
Clearly stated.
Paragraph (2)
Clearly stated.

Article 28
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.
Paragraph (4)
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Clearly stated.
Letter d
Clearly stated.
Letter e
Clearly stated.
Letter f
Clearly stated.
Letter g
Data exchange, use, and security, among others, data at rest, data in transit, and data in use.
Letter h
Clearly stated.
Paragraph (5)
Letter a
Examples of cooperation in implementing support for Aggregation activities:
PAJK cooperates with payment service providers to help integrate payment systems.
Letter b
Examples of cooperation in providing value-added services to Consumers:
PAJK cooperates with other ITSK institutions such as alternative credit rating agencies to assess creditworthiness, and other relevant parties to support value addition in Aggregation activities. Paragraph (6) Clearly stated.

Article 29
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Clearly stated.
Letter d
Clearly stated.
Letter e
Example:
PAJK cooperates to perform Aggregation with 2 (two) banks that provide deposit products.

Article 30
Paragraph (1)
Letter a
The term "utilizing connectivity between the Electronic System owned by PAJK and the Electronic System owned by LJK partners and/or parties conducting activities in the financial service sector" refers to Aggregation services that can utilize application programming interface (API), dashboard, or similar programs that provide ease for LJK and/or parties conducting activities in the financial service sector to offer financial service products/services or for Consumers to obtain access to financial service products/services securely and without barriers. Letter b The term "innovation in features and/or other services" refers to all innovations and developments that PAJK can perform to increase ease, effectiveness, efficiency, and other value additions, provided they do not violate applicable laws and regulations. Letter c Number 1 Clearly stated. Number 2 Clearly stated. Number 3 Clearly stated. Number 4 Examples of other features and/or services:
Assessment or rating of financial service products and/or services to facilitate Consumers in choosing financial service products and/or services.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.

Article 31
Clearly stated.

Article 32
Letter a
Clearly stated.
Letter b
Unfair business competition includes all activities considered as monopoly actions or providing barriers to LJK and/or parties conducting activities in the financial service sector to aggregate their financial service products. Letter c The term "platform user generated content" refers to the provision of information on financial service products and/or services by Consumers, performed by PAJK without curation or due diligence. Content copying activities include crawling/scraping activities, which are activities to collect data from the website and/or mobile-based application owned by LJK and/or parties conducting activities in the financial service sector without approval or cooperation with LJK and/or parties conducting activities in the financial service sector. Letter d Clearly stated. Letter e Clearly stated. Letter f Clearly stated. Letter g Clearly stated.

Article 33
Paragraph (1)
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Clearly stated.
Letter d
See the explanation of Article 22 paragraph (1) letter d.
Letter e
Clearly stated.
Paragraph (2)
Clearly stated.

Article 34
Paragraph (1)
Clearly stated.
Paragraph (2)
Indirect supervision and direct supervision are conducted by considering the risk management aspects of PAJK as an ITSK Organizer.
Paragraph (3)
Clearly stated.
Paragraph (4)
Clearly stated.
Paragraph (5)
Clearly stated.

Article 35
Paragraph (1)
The term "annual business plan" refers to a written document describing the short-term (1 (one) year) and medium-term (3 (three) years) business activity plans of PAJK. Paragraph (2) Clearly stated. Paragraph (3) Clearly stated. Paragraph (4) Letter a Clearly stated. Letter b Clearly stated. Letter c Clearly stated. Letter d The term "partial retention of company profits" refers to the allocation of profit balances as funds prepared by the company for the improvement of technology capacity, infrastructure, human resources, and approved by the Board of Directors through supporting documents. Paragraph (5) Clearly stated. Paragraph (6) Clearly stated. Paragraph (7) Clearly stated. Paragraph (8) Clearly stated. Paragraph (9) Clearly stated. Paragraph (10) Clearly stated. Paragraph (11) Clearly stated.

Article 36
Clearly stated.

Article 37
Paragraph (1)
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Clearly stated.
Letter d
See the explanation of Article 22 paragraph (1) letter d.
Letter e
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.
Paragraph (4)
Clearly stated.
Paragraph (5)
Clearly stated.

Article 38
Paragraph (1)
Letter a
Clearly stated.
Letter b
Incidental reports include:

reports related to changes in business activities, among others, changes in products and/or activities related to the business model or cooperation;
reports related to institutional matters, among others, changes in share ownership, management, office address, articles of association/articles of association;
reports related to incidents, among others, fraud, force majeure, legal disputes, and/or cyber attacks; and/or
other reports requested by the Financial Services Authority under certain conditions.
Paragraph (2)
Other reports besides incidental reports can include maturity assessment of the PAJK platform.
Paragraph (3)
Clearly stated.
Paragraph (4)
Clearly stated.

Article 39
Clearly stated.

Article 40
Clearly stated.

Article 41
Clearly stated.

Article 42
Clearly stated.

Article 43
Paragraph (1)
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Clearly stated.
Letter d
See the explanation of Article 22 paragraph (1) letter d.
Letter e
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.
Paragraph (4)
Clearly stated.
Paragraph (5)
Clearly stated.
Paragraph (6)
Clearly stated.
Paragraph (7)
Clearly stated.
Paragraph (8)
Clearly stated.
Paragraph (9)
Clearly stated.

Article 44
Clearly stated.

Article 45
Clearly stated.

Article 46
Clearly stated.

Article 47
Clearly stated.

Article 48
Clearly stated.

Article 49
Provisions of other laws and regulations, among others, provisions related to ITSK Organizer associations, immigration, and taxation.

Article 50
Paragraph (1)
Letter a
Clearly stated.
Letter b
Clearly stated.
Letter c
Clearly stated.
Letter d
See the explanation of Article 22 paragraph (1) letter d.
Letter e
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Clearly stated.
Paragraph (4)
Clearly stated.
Paragraph (5)
Clearly stated.

Article 51
Clearly stated.

Article 52
Clearly stated.

Article 53
Clearly stated.

Article 54
Clearly stated.

Article 55
Clearly stated.

Article 56
Clearly stated.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 138/OJK

APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 4 OF 2025
CONCERNING
FINANCIAL SERVICE AGGREGATION INSTITUTIONS

PART A
I. DOCUMENT REQUIREMENTS FOR BUSINESS LICENSE APPLICATION AS PAJK
This part covers the document requirements needed to submit an application to obtain a business license as a PAJK.
The document requirements for the PAJK business license application include:
a. business license application form contained in Appendix Part B; b. PAJK business license application cover letter contained in Appendix Part C;
c. copy of the deed of establishment of the legal entity that has been approved by the competent authority containing business activities as determined by the Financial Services Authority;
d. copy of the latest deed of amendment to the articles of association, which has been approved by the competent authority containing business activities as determined by the Financial Services Authority, if the legal entity concerned has amended its articles of association; e. copy of the latest deed of amendment to company data that has been reported to the competent authority if the legal entity changes company data; f. shareholder data:
1) for individual shareholders, by attaching electronic documents or scans:
a) identification in the form of an Indonesian citizen's ID card or passport for foreign citizens, which is still valid; b) Taxpayer Identification Number (NPWP) document or equivalent; c) curriculum vitae completed with a recent 4x6 cm color photo according to the Curriculum Vitae format contained in Appendix Part D which is an integral part of this Financial Services Authority Regulation; and d) statement from the shareholder according to the format of the Individual Shareholder Statement contained in Appendix Part E which is an integral part of this Financial Services Authority Regulation.
2) for corporate shareholders, by attaching electronic documents or scans:
a) list and details of shareholders including details of each share ownership; b) copy of the deed of establishment of the legal entity that has been approved by the competent authority; c) copy of the latest deed of amendment to the articles of association that has been approved by the competent authority, if the legal entity concerned has amended its articles of association; d) copy of the latest deed of amendment to company data that has been reported to the competent authority if the legal entity changes company data; e) statement from the shareholder according to the format of the Corporate Shareholder Statement contained in Appendix Part F which is an integral part of this Financial Services Authority Regulation; and f) Taxpayer Identification Number (NPWP) of the legal entity or equivalent document. g. for members of the Board of Directors, by attaching electronic documents or scans of data:
1) identification in the form of an Indonesian citizen's ID card or passport for Foreign Citizens, which is still valid;
2) Limited Stay Permit Card or Permanent Stay Permit Card for foreign citizens;
3) curriculum vitae completed with a recent 4x6 cm color photo contained in Appendix Part D which is an integral part of this Financial Services Authority Regulation;
4) Taxpayer Identification Number (NPWP) or equivalent document; and
5) statement from each member of the Board of Directors according to the format of the Board of Directors Member Statement contained in Appendix Part G which is an integral part of this Financial Services Authority Regulation.
h. for the Board of Commissioners, by attaching electronic documents or scans of data:
1) identification in the form of an Indonesian citizen's ID card or passport for Foreign Citizens, which is still valid;
2) curriculum vitae completed with a recent 4x6 cm color photo contained in the Appendix which is an integral part of this Financial Services Authority Regulation;
3) Taxpayer Identification Number (NPWP) or equivalent document; and
4) statement from each Commissioner member according to the format of the Board of Commissioners Member Statement contained in Appendix Part H which is an integral part of this Financial Services Authority Regulation.
i. information regarding PSP containing at least:
1) information related to the PSP;
2) amount (percentage) of PSP ownership; and
3) statement from the PSP according to the format of the PSP Statement contained in Appendix Part I which is an integral part of this Financial Services Authority Regulation.
j. organizational structure of the prospective PAJK containing information regarding:
1) structure and/or job functions;
2) number of human resources in each structure and/or job function; and
3) division of duties and authority of each structure and/or job function.
k. annual business plan for the first 3 (three) years containing at least:
1) description of business activities to be conducted;
2) targets and steps taken to achieve the aforementioned targets;
3) financial report projections for the next 3 (three) years; and
4) plan for the use of foreign workers.
l. proof of expertise and/or background of human resources in information technology, and/or LJK owned by at least 1 (one) employee, proven by certification or at least 3 (three) years of work experience;
m. document of data and information related to the business model containing at least:
1) business model and process;
2) methodology used in Aggregating information on financial service products and/or services.
3) benefits of products, services, and/or innovations offered (value proposition);
4) target market served and Consumer profile;
5) revenue structure and fees charged to users;
6) explanation related to data flow diagrams and types of data involved;
7) data management mechanism starting from the collection, processing, storage, and distribution process;
8) output of products, services, and/or innovations provided;
9) strategy and/or implementation of risk management;
10) data and information related to Consumer protection policies and procedures including policies and procedures for handling Consumer complaints; and
11) methodology and technology used in the service provision process.
n. website and/or mobile-based application that can be accessed by partners and/or users accompanied by a model or visual presentation of the product design in the form of screenshots for the company profile section, product information, and call center. o. proof that the data center and disaster recovery center are located within Indonesian territory; p. cooperation agreement with the data center and disaster recovery center provider; q. Personal Data protection policy and procedures; r. proof of readiness of the Electronic System and data of prospective PAJK operational activities according to the format of the Electronic System Infrastructure and Operational Data Readiness List contained in Appendix Part J which is an integral part of this Financial Services Authority Regulation; s. internal control system guidelines and guidelines regarding the implementation of PAJK governance; t. operational policies and procedures containing at least:
1) data security activity steps;
2) access levels;
3) data change procedures;
4) information security;
5) business continuity plan;
6) end-user computing;
7) disaster recovery plan;
8) data retention;
9) monitoring of operations including audit trails;
10) proof of concept implementation procedures;
11) Aggregation implementation procedures;
12) complaint handling and resolution procedures;
13) Personal Data protection policy and procedures; and
14) internal control system guidelines and guidelines regarding the implementation of PAJK governance.
u. proof that paid-up capital has been paid in cash, in full, and placed in the name of the prospective PAJK at a commercial bank, sharia commercial bank, or sharia business unit of a commercial bank in Indonesia;
v. statement letter from prospective shareholders, that the capital deposit does not come from:
1) money laundering, terrorism financing, and weapons of mass destruction proliferation financing activities;
2) lending activities; and/or
3) other activities that contradict the provisions of laws and regulations.
w. architecture of the information technology system to be used.
x. proof of operational readiness in the form of:
1) proof of ownership or control of office buildings, office rooms, or service units, in the form of photocopies of ownership certificates, building use rights, use rights, or building or room usage agreements within a certain time limit; and
2) list of office inventory and equipment.

PART B
License Application Form
PAJK
Organizer Name :
Application Letter Number :
Date of Application Letter :
Brief Description of Organizer's Business Activities :
Contact Person (Name, Phone/email) :
No. DESCRIPTION INFORMATION
Description Yes No Remarks
1. Copy of the deed of establishment of the legal entity that has been approved by the competent authority containing business activities as determined by the Financial Services Authority
2. Copy of the latest deed of amendment to the articles of association, which has been approved by the competent authority containing business activities as determined by the Financial Services Authority, if the legal entity concerned has amended its articles of association
3. Shareholder data for individual shareholders, by attaching electronic documents or scans:
1. identification in the form of an Indonesian citizen's ID card or passport for Foreign Citizens, which is still valid
2. Taxpayer Identification Number (NPWP)/Tax Registry/equivalent document;
3. curriculum vitae completed with a recent 4x6 cm color photo
4. statement from the shareholder according to the format of the Individual Shareholder Statement
for corporate shareholders, by attaching electronic documents or scans:
1. list and details of shareholders including details of each share ownership;
2. copy of the deed of establishment of the legal entity that has been approved by the competent authority
3. copy of the latest deed of amendment to the articles of association that has been approved by the competent authority, if the legal entity concerned has amended its articles of association
4. statement from the shareholder according to the format of the Corporate Shareholder Statement
5. Taxpayer Identification Number (NPWP) of the legal entity/Tax Registry/equivalent document
. Board of Directors Data 1. identification in the form of an Indonesian citizen's ID card or passport for Foreign Citizens, which is still valid
2. Limited Stay Permit Card or Permanent Stay Permit Card for foreign citizens;
3. curriculum vitae completed with a recent 4x6 cm color photo
4. Taxpayer Identification Number (NPWP)/Tax Registry/equivalent document
5. statement from each member of the Board of Directors according to the format of the Board of Directors Member Statement
5. Board of Commissioners 1. identification in the form of an Indonesian citizen's ID card or passport for Foreign Citizens, which is still valid
2. curriculum vitae completed with a recent 4x6 cm color photo
3. Taxpayer Identification Number (NPWP)/Tax Registry/equivalent document
4. statement from each member of the Board of Commissioners according to the format of the Board of Commissioners Member Statement
6. Information regarding PSP
1. information related to the PSP
2. amount (percentage) of PSP ownership
3. statement from the PSP according to the format of the PSP Statement
7. Organizational structure 1. structure and/or job functions
2. number of human resources in each structure and/or job function
3. division of duties and authority of each structure and/or job function
8. Annual business plan for the first 3 (three) years
1. description of business activities to be conducted
2. targets and steps taken to achieve the aforementioned targets
3. financial report projections for the next 3 (three) years
4. plan for the use of foreign workers
9. Proof of expertise and/or background of human resources in the field of information technology, and/or LJK including certification or at least 3 years of work experience in the field of information technology
10. Document of data and information related to the business model
1. business model and process;
2. methodology used in generating credit scores for Aggregating information on financial service products and/or services.
3. benefits of products, services, and/or innovations offered (value proposition);
4. target market served and Consumer profile;
5. revenue structure and fees charged to users;
6. explanation related to data flow diagrams and types of data involved;
7. data management mechanism starting from the collection, processing, storage, and distribution process;
8. output of products, services, and/or innovations provided;
9. strategy and/or implementation of risk management;
10. data and information related to Consumer protection policies and procedures including policies and procedures for handling Consumer complaints; and
11. methodology and technology used in the service provision process
11. Website and/or mobile-based application that can be accessed by partners and/or Consumers accompanied by a mock-up in the form of screenshots for the company profile section, product information, and call center;
12. Proof that the data center and disaster recovery center are located within Indonesian territory
13. Cooperation agreement with the data center and disaster recovery center provider
14. Document related to the information security management system
1. ISO 27001 certificate issued by a certification body that has accreditation from the National Accreditation Committee (KAN) or a certification body that has the authority to issue ISO 27001 certificates (for certification bodies that do not have KAN accreditation); or
2. certification or other documents containing policies related to information system security that contain control mechanisms on:
a. organizational aspects, which at least contain delegation of authority and organizational structure;

b. human resources aspect, which at a minimum contains the fulfillment of human resources in positions related to information technology and Aggregation, minimum competency requirements, and human resource competency development policies/strategies (certification/training);
c. physical equipment aspect, which at a minimum contains the prospective PAJK's policies regarding available and secure IT physical equipment;
and d. technology aspect, which at a minimum contains network, application, and data security

15. Personal Data Protection Policy and Procedures
16. Evidence of readiness of Electronic Systems and data of prospective PAJK's operational activities in accordance with the format of the List of Readiness of Electronic Systems Infrastructure and Operational Activity Data
17. Internal control system guidelines and guidelines regarding the implementation of PAJK governance
18. Operational policies and procedures

1. data security steps
2. access levels
3. data modification procedures
4. information security;
5. business continuity plan
6. end-user computing

7. disaster recovery plan
8. data retention
9. monitoring of operations including audit trails
10. proof of concept implementation procedures
11. aggregation of financial product and/or financial service procedures
12. complaint handling and resolution procedures
13. protection policies and procedures
14. internal control system guidelines and guidelines regarding the implementation of PAJK governance

19. Evidence that paid-up capital has been paid in cash, in full, and placed in the name of the prospective PAJK at a General Bank, Sharia General Bank, or Sharia Business Unit of a General Bank in Indonesia
20. A statement letter from prospective shareholders, that the capital deposit does not come from:
a. money laundering activities; b. terrorism financing activities;
c. weapons of mass destruction proliferation financing activities;
and/or d. other activities that violate statutory regulations

21. Information technology system architecture to be used

22. Evidence of operational readiness
1. Evidence of ownership or control of office buildings, office rooms, or service units, in the form of photocopies of ownership certificates, building use rights, use rights, or agreements for the use of buildings or rooms within a certain time limit
2. List of office inventory and equipment

We, the undersigned, hereby declare that:

The information above is in accordance with the actual situation and has been supported by supporting documents; and
Documents submitted through the Electronic System or via electronic mail are true and identical to the original documents.
(Enter city name, date, month, and year)
Applicant signature
(Full Name)
For the Interests of the Financial Services Authority

PART C
COVER LETTER FOR APPLICATION FOR LICENSE FOR FINANCIAL SERVICE AGGREGATION PROVIDER Number : …………………………… ................ 20 ...
Attachments : ..………………………….
Subject : Application for License for Financial Service Aggregation Provider (PAJK) To Honorable Head of the Department of Regulation and Licensing of Financial Technology Innovation, Digital Financial Assets and Crypto Assets

Referring to the Financial Services Authority Regulation Number ….. Year 2025 concerning Financial Service Aggregation Providers, we hereby submit an application to obtain registered status as a PAJK:
Applicant Name :...................................................
Nationality : ....................................................
Applicant Position : ....................................................
Applicant Address : ....................................................
City .....
Province .....
Postal Code .....
Applicant Phone Number : ....................................................
Applicant Mobile Phone Number
: ....................................................
Applicant Email : ....................................................
Company Name : …………………………………………..
Website/Application Name : …………………………………………..
Company Address : ....................................................
City .....
Province .....
Postal Code .....
Company Phone/Fax Number
: ....................................................
Company Website Address
: ....................................................
Company Email : ....................................................

To complete the aforementioned application, we hereby submit the following documents:
a. data and information related to institutional structure and governance; b. data and information related to business models;
c. data and information related to information technology; and
d. data and information related to partnerships; hereby declaring that documents submitted through the Electronic System or electronic mail are true and identical to the original documents. If it is later found that the data/information/documents submitted by us are untrue and/or there is forgery, we are willing to be subject to sanctions in accordance with statutory regulations. Thus our application, and for your attention, Sir/Madam*), we offer our thanks. Sincerely,
Board of Directors Member …………...............
Stamp Duty
Rp.10,000,-
..................................

PART D
CURRICULUM VITAE LIST
4x6 cm
Personal Data
Name : ....................................................
Place/Date of Birth
: ....................................................
Gender : ....................................................
Religion : ....................................................
Nationality : ....................................................
National Identity Number
(NIK)
: ....................................................
Address : ....................................................
City .....
Province .....
Postal Code .....
Phone Number : ....................................................
Mobile Phone Number
Applicant
: ....................................................
Education History

Formal
Education Level
Major/Specialization
Name/Place
Year of Graduation
Non-Formal (Certified)
Course/Seminar Organizer Year
Professional Education (Profession)
Certification Organizer Year of Graduation
Work History
Company Name
Position Description
Main Duties
Start Date
End Date
Reason for Leaving
.....,............ 20.....
Applicant,
Stamp Duty
Rp.10,000,-
......................................
..........
(Clear Name and Signature)

PART E
STATEMENT LETTER OF INDIVIDUAL SHAREHOLDER

To
Honorable
Head of the Department of Regulation and Licensing of Financial Technology Innovation, Digital Financial Assets and Crypto Assets

I, the undersigned:
Name : .....................................................................
National Identity Number (NIK)
: .....................................................................
Occupation : .....................................................................
Nationality : .....................................................................
Full Address : .....................................................................
City .....
Province .....
Postal Code .....
Full Address
(Domicile)
: .....................................................................
City .....
Province .....
Postal Code .....
Company Name : .....................................................................
Company Address : .....................................................................
Company Electronic System Address
: .....................................................................
hereby declare truthfully that:

capital deposits to the PAJK do not come from money laundering activities;
capital deposits to PAJK Finance do not come from terrorism financing;
capital deposits to the PAJK do not come from weapons of mass destruction proliferation financing activities;
capital deposits to the PAJK do not come from loan activities;
and/or
capital deposits to the PAJK do not come from other activities categorized as financial crimes.
This statement letter is made truthfully so that it can be used as appropriate.
.....,............ 20.....
Applicant
Stamp Duty
Rp.10,000,-

PART F
STATEMENT LETTER OF CORPORATE SHAREHOLDER
To
Honorable
Head of the Department of Regulation and Licensing of Financial Technology Innovation, Digital Financial Assets and Crypto Assets I, the undersigned:
Name : .....................................................................
Position : .....................................................................
Full Address : .....................................................................
City .....
Province .....
Postal Code .....
Company Name : .....................................................................
Company Address : .....................................................................
Company Electronic System Address
: .....................................................................
hereby declare truthfully that:

capital deposits to the PAJK do not come from money laundering activities;
capital deposits to the PAJK do not come from terrorism financing;
capital deposits to the PAJK do not come from weapons of mass destruction proliferation financing activities;
capital deposits to the PAJK do not come from loan activities;
and/or
capital deposits to the PAJK do not come from other activities categorized as financial crimes.
This statement letter is made truthfully so that it can be used as appropriate.
Sincerely,
Director/Manager
PT……………………
Stamp Duty
Rp.10,000,-
....................................
..........
(Clear Name and Signature)

PART G
STATEMENT LETTER OF BOARD OF DIRECTORS MEMBER

To
Honorable
Head of the Department of Regulation and Licensing of Financial Technology Innovation, Digital Financial Assets and Crypto Assets

I, the undersigned:
Name : .....................................................................
Position : .....................................................................
Full Address : .....................................................................
City .....
Province .....
Postal Code .....
Company Name : .....................................................................
Company Address : .....................................................................
Company Electronic System Address
: .....................................................................
hereby declare truthfully that
I:

do not have non-performing loans and/or financing organized by the Financial Services Authority;
have never been sentenced for committing criminal offenses in the field of financial services and/or economy based on a court decision that has had permanent legal force in the last 5 (five) years;
have never been sentenced for committing criminal acts based on a court decision that has had permanent legal force in the last 5 (five) years;
have never been declared bankrupt or declared guilty of causing a business entity to be declared bankrupt based on a court decision that has had permanent legal force in the last 5 (five) years; and
have never been a shareholder, board of directors member, or board of commissioners member of a financial service company whose business license was revoked due to violations in the last 5 (five) years.
This statement letter is made truthfully so that it can be used as appropriate.
Sincerely,
Director/Manager
PT…………………………………
Stamp Duty
Rp.10,000,-

PART H
STATEMENT LETTER OF BOARD OF COMMISSIONERS MEMBER To Honorable Head of the Department of Regulation and Licensing of Financial Technology Innovation, Digital Financial Assets and Crypto Assets I, the undersigned:
Name : .....................................................................
Position : .....................................................................
Full Address : .....................................................................
City .....
Province .....
Postal Code .....
Company Name : .....................................................................
Company Address : .....................................................................
Company Electronic System Address
: .....................................................................
hereby declare truthfully that I:

do not have non-performing loans and/or financing organized by the Financial Services Authority;
have never been sentenced for committing criminal offenses in the field of financial services and/or economy based on a court decision that has had permanent legal force in the last 5 (five) years;
have never been sentenced for committing criminal acts based on a court decision that has had permanent legal force in the last 5 (five) years;
have never been declared bankrupt or declared guilty of causing a business entity to be declared bankrupt based on a court decision that has had permanent legal force in the last 5 (five) years; and
have never been a shareholder, board of directors member, or board of commissioners member of a financial service company whose business license was revoked due to violations in the last 5 (five) years.
This statement letter is made truthfully so that it can be used as appropriate.
Sincerely,
Board of Commissioners Member/Supervisor
PT……………………………………
Stamp Duty
Rp.10,000,-

PART I
STATEMENT LETTER OF CONTROLLING SHAREHOLDER
To
Honorable
Head of the Department of Regulation and Licensing of Financial Technology Innovation, Digital Financial Assets and Crypto Assets I, the undersigned:
Name : .....................................................................
Position : .....................................................................
Full Address : .....................................................................
City .....
Province .....
Postal Code .....
Company Name : .....................................................................
Company Address : .....................................................................
Company Electronic System Address
: .....................................................................
hereby declare truthfully that:

I am committed to complying with statutory regulations and supporting the Financial Services Authority's policies;
I am committed to the healthy development of PAJK;
I am committed to taking necessary measures if the PAJK faces financial difficulties; and
the source of funds used by the prospective PSP in share ownership does not come from and is not for the purpose of money laundering and/or terrorism financing;
capital deposits to the PAJK do not come from financial crime proceeds;
I am not recorded in the non-performing loan list organized by the Financial Services Authority;
I have never been sentenced for committing criminal offenses in the field of financial service business and/or economy based on a court decision that has had permanent legal force in the last 5 (five) years;
I have never been sentenced for committing criminal acts based on a court decision that has had permanent legal force in the last 5 (five) years;
I have never been declared bankrupt or guilty of causing a corporation/company to be declared bankrupt based on a court decision that has had permanent legal force in the last 5 (five) years; and
I have never been a controlling shareholder, board of directors member, or board of commissioners member of a financial service company whose business license was revoked due to violations in the last 5 (five) years.

This statement letter is made truthfully so that it can be used as appropriate.
Sincerely,
Board of Commissioners Member/Supervisor
PT……………………………………
Stamp Duty
Rp.10,000,-
...........................................

PART J
FORMAT OF THE LIST OF READINESS OF ELECTRONIC SYSTEMS INFRASTRUCTURE AND OPERATIONAL ACTIVITY DATA List of Readiness of Electronic Systems Infrastructure and Operational Activity Data No. Requirements Yes No Remarks and Supporting Documents Completeness of infrastructure facilities and data center

The Provider
places the Data Center at a location separate from the Disaster Recovery Center location.
The Provider
places the Data Center and Disaster Recovery Center in Indonesia.
The Provider
submits a list of third parties used (if any).
The Provider
submits a Cooperation Agreement (PKS) document with each data center provider and/or other third parties. The information that must be included in the PKS at a minimum:
a. Parties involved in the PKS; b. Type and specifications of services;
c. Service Level
Agreement (SLA) for each service provided; d. Duration of service usage; e. Rights and obligations in service provision; f. Type of Data Center and Disaster Recovery Center used (Mirror Site/Hot Site/Warm Site/Cold Site); and g. Extension and/or termination of services. Remarks:
Service Level Agreement
(SLA) is a contract from the service provider to the user that guarantees an expected level of service.
Independent third-party audit results on the data center provider (Service Organization Control/SOC).
Backup and Recovery System
The Provider
submits a document of the system operational continuity plan in facing disruptions and disasters (Business Continuity Plan) which includes:
a. Parties involved in handling disruptions and disasters; b. Minimum systems and services provided during disasters such as call center services and backup ITSK Services;
c. Information regarding
Recovery Point
Objective (RPO); d. Information regarding
Recovery Time
Objective (RTO); e. Information regarding
Work Recovery Time; f. Information regarding
Maximum Tolerable
Downtime; g. Backup strategies to be implemented (Synchronized/Full Back up/Incremental Back up/Differential Back up; and h. Plan and Implementation of Business Continuity Plan Simulation including testing of the Disaster Recovery Plan (Walkthrough test/table top test/partial test/full scale test) Security and Data Protection
The Provider
submits documents of concepts, policies, and controls used for User data protection of the ITSK Service System by ensuring data confidentiality, integrity, and availability by at least including:
a. People Control; b. Organization Control;
c. Technological Control;
and d. Physical Control.
The Provider
submits the scope, methods, and documents of the results of the implementation of Vulnerability Assessment (VA) and Penetration Testing (Pentest) conducted by third parties. Explanation:
a. Vulnerability Assessment (penilaian kerentanan) is the process of identifying, measuring, and prioritizing (or ranking) vulnerabilities in a system; and b. Penetration Test is an activity where a person tries to simulate attacks that could be carried out against a specific organization's/company's network to find weaknesses in the network system. Helpdesk and Monitoring
The Provider
submits information and documents related to the helpdesk at least:
a. Helpdesk mechanisms both online and offline; b. Helpdesk response time; and
c. Escalation procedures for
Consumer complaints that have not been resolved.

PART K
GUIDELINES FOR FIT AND PROPER ASSESSMENT OF PAJK
I. SCOPE OF PARTIES UNDERGOING FIT AND PROPER ASSESSMENT

The fit and proper assessment is conducted against parties nominated as Key Parties.
Key Parties undergoing fit and proper assessment include:
a. PSP, including:
1) individuals and/or legal entities that will purchase, receive gifts, receive inheritance, or other forms of transfer of rights over PAJK shares, resulting in the party becoming a PSP;
2) PAJK shareholders who are not classified as PSP (non-PSP) who purchase, receive gifts, receive inheritance, or other forms of transfer of rights over PAJK shares, resulting in the party becoming a PSP;
3) non-PSP who increase capital deposits resulting in the party becoming a PSP;
4) individuals and/or legal entities that will become PSPs in a "PAJK resulting from a merger";
5) individuals and/or legal entities that will become PSPs in a "PAJK resulting from a consolidation";
and/or
6) individuals and/or legal entities that will become PSPs in a PAJK to be established.
b. Key Parties other than PSP consisting of Board of Directors members or Board of Commissioners members, including:
1) individuals who have never served as Board of Directors or Board of Commissioners members, who are nominated to become Board of Directors or Board of Commissioners members;
2) individuals currently serving as Board of Directors or Board of Commissioners members, who are nominated to become Board of Directors or Board of Commissioners members, either in the same financial service sector or in a different sector;
3) individuals who have previously served as Board of Directors or Board of Commissioners members, who are nominated to become Board of Directors or Board of Commissioners members, in the same PAJK or in another PAJK, for example:
a) individuals who have previously served as Board of Commissioners members who are nominated to become independent commissioners, in the same PAJK or in another PAJK as long as they meet the requirements related to independent commissioners; or b) individuals who have previously served as Board of Directors members who are nominated to become commissioners

primarily on the same FSAI or on another FSAI;
4) members of the Board of Directors or members of the Board of Commissioners, who will transfer positions within the same company, for example:
a) a member of the Board of Commissioners who will transfer positions to become a member of the Board of Directors within the same company; b) a member of the Board of Directors who will transfer positions to become a member of the Board of Commissioners within the same company; or c) a member of the Board of Directors or a member of the Board of Commissioners who will transfer positions to a higher position within the same company, for example:
(1) a member of the Board of Directors who will be appointed as the Chief Director, or an equivalent position, within the same company, and/or (2) a member of the Board of Commissioners who will be appointed as the Chief Commissioner, or an equivalent position, within the same company;
5) members of the Board of Directors or members of the Board of Commissioners, who originate from an FSAI that is merging or amalgamating, for example:
a) members of the Board of Directors or members of the Board of Commissioners, who originate from the "FSAI that is merging"; b) members of the Board of Directors or members of the Board of Commissioners, in the "FSAI resulting from the merger" who originate from the "FSAI receiving the merger" including extension of term of office; or c) members of the Board of Directors or members of the Board of Commissioners, in the "FSAI resulting from the amalgamation" who originate from the "FSAI that is amalgamating".
3. PSP as referred to in item 2 letter a is an individual, legal entity, and/or business group that:
a. holds shares or capital of 25% (twenty-five percent) or more of the issued shares and has voting rights; or b. holds shares or capital of less than 25% (twenty-five percent) of the issued shares and has voting rights but it can be proven that the party has exercised control over the FSAI, either directly or indirectly.
4. The fit and proper assessment is not conducted for the extension of term of office within the same FSAI for members of the Board of Directors or members of the Board of Commissioners, except for the extension of term of office as referred to in item 2 letter b.
5. The extension of term of office as referred to in item 4 is any reassignment to the same, equivalent, or lower position, for example:
a. the same position is an Information Technology Director who is reappointed as an Information Technology Director within the same company; b. an equivalent position is a Finance Director who is appointed as a Risk Management Director within the same company; and
c. a lower position is:
1) a Chief Director who is appointed as a Director within the same company; or
2) a Chief Commissioner who is appointed as a Commissioner within the same company.
II. REQUIREMENTS IN THE FIT AND PROPER ASSESSMENT
A. Integrity Requirements

The integrity requirement assessment is conducted to ensure the level of compliance and good faith of the Principal Parties to manage, supervise, and/or execute business processes so that companies in the FSAI sector are able to meet their obligations to Consumers.
The criteria for assessing integrity requirements for Principal Parties include:
a. having the legal capacity to perform legal acts; b. having good ethics and morals, at least demonstrated by a attitude of complying with applicable regulations, including never being sentenced for proven criminal offenses within a certain period before nomination, including:
1) criminal offenses in the financial services sector whose sentence has been completed within the last 20 (twenty) years before nomination;
2) criminal offenses, namely criminal offenses contained in the Criminal Code (KUHP) and/or similar to the KUHP abroad with a prison sentence threat of 1 (one) year or more whose sentence has been completed within the last 10 (ten) years before nomination; and/or
3) other criminal offenses with a prison sentence threat of 1 (one) year or more, including but not limited to corruption, money laundering, narcotics/psychotropics, smuggling, customs, excise, human trafficking, illegal arms trafficking, terrorism, counterfeiting money, in the field of taxation, in the field of forestry, in the field of the environment, and in the field of marine and fisheries, whose sentence has been completed within the last 20 (twenty) years before nomination.
What is meant by "before nomination" as referred to in item 1), item 2), and item 3) is calculated from the time the party has finished serving the criminal sentence until the date of the FSAI's request letter to the Financial Services Authority;
c. having a commitment to comply with legislation and support the policies of the Financial Services Authority, among others demonstrated by:
1) never violating prudential principles in the financial services sector; and
2) never violating legislation in the financial services sector;
d. having a commitment to the development of a healthy FSAI, among others demonstrated by:
1) submission of the prospective PSP's plan for the development of the FSAI's operations, which at least contains the direction and strategy for the development of the FSAI, strategy in the event that the FSAI to be owned and/or controlled experiences financial difficulties, and the FSAI's capital plan for a period of at least 3 (three) years;
2) never violating commitments previously agreed upon with the supervising and overseeing agency of the FSAI, namely acts of not fulfilling part or all of the commitments agreed upon contained in meeting minutes, minutes of meetings, or stated in the company's commitment declaration letter, including not executing:
a) recommendations from audit results reports; b) programs for the rehabilitation of the FSAI; and c) settlement of the FSAI's obligations to Consumers that have been agreed upon;
3) having a commitment not to commit and/or repeat acts and/or actions that cause the party to be listed in the list of prohibited parties as Principal Parties, for prospective parties who have previously been listed in the list of prohibited parties as Principal Parties;
4) never committing acts that provide unfair benefits to shareholders, Principal Parties, employees, and/or other parties that can harm or reduce Consumer rights;
5) never committing acts that are not in accordance with their authority or beyond their authority; and/or
6) never being declared unable to exercise their authority; and
e. not being included as a party prohibited from becoming a prospective Principal Party.
B. Financial Reputation Requirement Assessment
1. The assessment of financial reputation requirements is conducted to assess financial capability and to assess the involvement of members of the Board of Directors and members of the Board of Commissioners who are not shareholders in the criteria for assessing financial reputation requirements.
2. The criteria for assessing financial reputation requirements for Principal Parties as referred to in item 1 include:
a. not having non-performing loans and/or financing; and b. never being declared bankrupt and/or never having been a shareholder who is not a shareholder, member of the Board of Directors, or member of the Board of Commissioners who was declared guilty of causing a company to be declared bankrupt within the last 5 (five) years before nomination.
3. The definition of non-performing loans as referred to in item 2 letter a does not include non-performing loans originating from annual fee credit card charges, credit card administrative fees, and/or other charges related to credit cards that do not originate from credit card usage transactions.
C. Financial Feasibility Requirements
1. The assessment of financial feasibility requirements is conducted to assess the financial capability of PSPs who are shareholders in the financial reputation factor criteria.
2. The criteria for assessing financial feasibility requirements include:
a. having a financial reputation as referred to in letter B item 2; b. having financial capability that can support the development of the FSAI's business, namely:
1) the financial position of an individual PSP capable of supporting the company's business development, accompanied by a declaration letter from the individual PSP that the party has financial capability, which may be supported by supporting evidence; and
2) the position of the latest annual financial report audited by a public accountant for legal entity PSPs, including: liquidity position, solvency position, investment placement position, return on assets position, and return on equity position; and
c. having a commitment to undertake necessary measures if the FSAI faces financial difficulties.
D. Competency Requirements
The assessment of the competency factor is conducted to assess the knowledge, ability, experience, and expertise possessed by members of the Board of Directors and members of the Board of Commissioners, to ensure they are adequate and relevant to their positions.
The criteria for assessing the competency factor for members of the Board of Directors and members of the Board of Commissioners include assessments of:
a. knowledge and ability in strategic management performed to ensure that:
1) members of the Board of Directors and members of the Board of Commissioners have adequate and relevant knowledge for their positions, among others demonstrated by:
a) knowledge regarding organizational structure, management, job descriptions, and responsibilities; b) potential ability to analyze business processes, lead organizations, and manage human resources to achieve organizational goals; c) basic supervisory knowledge including internal controls, specifically for members of the Board of Commissioners; d) basic knowledge related to leadership and conflict management, specifically for members of the Board of Commissioners; and/or e) ability to evaluate company obligations or other technical aspects;
2) members of the Board of Directors and members of the Board of Commissioners have an understanding of legislation, among others demonstrated by:
a) understanding of legislation in the financial services sector, prioritizing legislation in the industry where the members of the Board of Directors and members of the Board of Commissioners will serve; b) basic understanding of other relevant legislation, including understanding of legislation in the field of limited liability companies, Financial Services Authority, bankruptcy, and money laundering criminal offenses, and their implementing regulations;
3) members of the Board of Directors and members of the Board of Commissioners have the ability to perform strategic management in the context of healthy business development, among others demonstrated by:
a) for members of the Board of Directors, namely:
(1) formulating the company's vision and mission; (2) conducting FSAI situation analysis; (3) conducting analysis of the FSAI's internal condition development; (4) setting targets to be achieved regarding the position held; and (5) designing short-term, medium-term, and long-term strategies to achieve company goals, including the ability to anticipate future developments, such as the ability to prepare annual business plans and medium-term and long-term corporate plans using realistic and measurable assumptions; b) for members of the Board of Commissioners, namely:
(1) conducting basic FSAI situation analysis;
(2) conducting analysis of the FSAI's internal condition development, including the company's financial health condition, human resources, and technology; and (3) conducting analysis of the Board of Directors' policies; b. experience in the FSAI sector and/or other fields relevant to their position, among others demonstrated by:
1) experience in relevant financial services institutions; and/or
2) experience in positions relevant to the party's plan to be appointed or employed; and
c. expertise in the FSAI sector and/or other fields relevant to their position at the FSAI.
III. APPLICATION PROCEDURE AND ADMINISTRATIVE REQUIREMENTS
A. Application Procedure
1. Applications for approval to become Principal Parties are submitted by:
a. prospective owners, founders, or members of the Board of Directors of the FSAI in the event of an FSAI business license application; and b. members of the Board of Directors of the FSAI, in the event that the FSAI has obtained a business license.
2. In the event that members of the Board of Directors of the FSAI as referred to in item 1 letter a or letter b cannot perform their functions or have a conflict of interest with the FSAI, the application is submitted by:
a. other members of the Board of Directors who do not have a conflict of interest with the FSAI; b. members of the Board of Commissioners if all members of the Board of Directors cannot perform their functions or have a conflict of interest with the FSAI; or
c. other parties appointed by the General Meeting of Shareholders if all members of the Board of Directors or members of the Board of Commissioners cannot perform their functions or have a conflict of interest with the FSAI.
3. Applications for approval to become Principal Parties as referred to in item 1 and item 2 are submitted to the Financial Services Authority using the format in Appendix Part L which is an integral part of this Financial Services Authority Regulation.
4. Submission of the request letter for approval to become Principal Parties as referred to in item 3 must be accompanied by administrative requirement documents.
5. The FSAI must fill out the administrative requirement fulfillment list using the format in Appendix Part M which is an integral part of this Financial Services Authority Regulation.
6. The FSAI must first conduct a self-assessment of the members of the Board of Directors and members of the Board of Commissioners before submitting them to the Financial Services Authority using the format in Appendix Part N which is an integral part of this Financial Services Authority Regulation.
7. The self-assessment as referred to in item 6 is conducted by the party having the nomination and remuneration function in each FSAI.
8. In the event that the Financial Services Authority's data communication network system related to licensing is available, then the submission of the request letter for approval to become Principal Parties and/or administrative requirement documents as referred to in item 4 is submitted to the Financial Services Authority online.
9. In the event that the Financial Services Authority's data communication network system is not available or there is a technical disturbance at the time of submission of the application for approval to become Principal Parties and/or administrative requirement documents, the application and/or administrative requirement documents are submitted to the Financial Services Authority offline.
10. Submission of applications for approval to become Principal Parties and/or administrative requirement documents offline as referred to in item 9 must be submitted in hardcopy and softcopy form in compact disc (CD) or other electronic data storage media.
11. If the Financial Services Authority experiences technical disturbances as referred to in item 9, the Financial Services Authority announces it via the Financial Services Authority website on the same day the technical disturbance occurs.
12. The submission of applications for approval to become Principal Parties for prospective Principal Parties submitted by the FSAI must state the number of Principal Parties according to the position held.
B. Administrative Requirement Documents
1. Completeness of administrative requirement documents as referred to in letter A item 4 for parties nominated as individual PSPs who are shareholders, namely:
a. a completed questionnaire using the format in Appendix Part O which is an integral part of this Financial Services Authority Regulation, attached with:
1) photocopy of identity documents in the form of an identity card (KTP) or valid passport;
2) tax identification number (NPWP) for Indonesian citizens or equivalent documents valid for foreign citizens; and
3) 2 (two) sheets of the latest color passport photos with size 4x6 cm; and
b. a declaration letter that has been filled out completely, affixed with sufficient stamp, and signed by the nominated party using the format in Appendix Part P which is an integral part of this Financial Services Authority Regulation, which contains a declaration of meeting integrity aspects, financial feasibility aspects, and not undergoing a fit and proper assessment process at a financial services institution.
Completeness of administrative requirement documents as referred to in letter A item 4 for parties nominated as legal entity PSPs who are shareholders, namely:
a. a completed questionnaire using the format in Appendix Part E which is an integral part of this Financial Services Authority Regulation, which contains legal entity data, attached with:
1) photocopy of establishment documents in the form of a legal entity establishment deed, including the latest amended articles of association approved by the competent authority or equivalent documents for foreign business entities according to regulations in the country of origin; and
2) tax identification number (NPWP) for Indonesian legal entities or equivalent documents valid for foreign legal entities;
b. the latest annual financial report audited by a public accountant;
c. a completed resume of members of the Board of Directors and members of the Board of Commissioners using the format in Appendix Part D which is an integral part of this Financial Services Authority Regulation, attached with:
1) Personal Data:
a) photocopy of identity documents in the form of an identity card (KTP) or valid passport; b) tax identification number (NPWP) for Indonesian citizens or equivalent documents valid for foreign citizens; and c) 2 (two) sheets of the latest color passport photos with size 4x6 cm; and
2) skills mastered and foreign language proficiency; and
d. a declaration letter from the legal entity represented by the Board of Directors that has been filled out completely and affixed with sufficient stamp using the format in Appendix Part P which is an integral part of this Financial Services Authority Regulation, which contains a declaration of meeting integrity aspects, financial feasibility aspects, and not undergoing a fit and proper assessment process at a financial services institution.
Completeness of administrative requirement documents as referred to in letter A item 4 for parties nominated as members of the Board of Directors and members of the Board of Commissioners, namely:
a. a completed resume using the format in Appendix Part D which is an integral part of this Financial Services Authority Regulation, attached with:
1) Personal Data:
a) photocopy of identity documents in the form of an identity card (KTP) or valid passport; b) tax identification number (NPWP) for Indonesian citizens or equivalent documents valid for foreign citizens; and c) 2 (two) sheets of the latest color passport photos with size 4x6 cm;
2) formal education history documents:
a) photocopy of the latest diploma; and b) photocopy of expertise certificates (if any);
3) training and seminar documents attended (if any):
a) photocopy of graduation certificates or attendance certificates for training attended; and b) photocopy of attendance certificates for seminars attended;
4) work history documents:
a) employment experience certificate; b) recommendation letter and/or letter of resignation from the previous FSAI; and c) recommendation from the National Sharia Board of the Indonesian Ulema Council (DSN-MUI) specifically for members of the Sharia Supervisory Board;
5) awards relevant to the financial industry achieved (if any); and
6) skills mastered and foreign language proficiency;
b. a declaration letter that has been filled out completely, affixed with sufficient stamp, and signed by the nominated party as a member of the Board of Directors and member of the Board of Commissioners using the format in Appendix Part P which is an integral part of this Financial Services Authority Regulation, which contains a declaration of meeting integrity aspects, financial reputation aspects, and not undergoing a fit and proper assessment process at a financial services institution;
c. a writing regarding plans to be carried out after appointment in the target position, including:
1) vision and mission;
2) programs to be carried out during the term of office; and
3) targets to be achieved during the term of office; and
4) a declaration letter of non-affiliation with the FSAI, for prospective independent commissioners.
C. Administrative Requirement Fulfillment List
1. Before the FSAI submits administrative requirement documents to the Financial Services Authority in the nomination application, the FSAI must first fill out the administrative requirement fulfillment list as referred to in letter A item 5.
2. The FSAI must submit the results of the administrative requirement fulfillment list as referred to in item 1 to the Financial Services Authority signed by:
a. prospective owners, founders, or officials of the FSAI who have authority in the event of an FSAI establishment license application; or b. officials of the FSAI who have authority in the event that the FSAI has obtained a business license.
3. Submission of the results of the administrative requirement document fulfillment list as referred to in item 2 is accompanied by an explanation stating that the submitted administrative requirement documents:
a. are complete and correct in terms of quantity, format, and substance; and b. state that the administrative requirement documents in the form of "declarations" and "questionnaires" are true and have been filled out and signed by the prospective party submitted.
4. The administrative requirement fulfillment list as referred to in item 2 is submitted together with the submission of the administrative requirement documents of the prospective party submitted.
D. Self Assessment
1. Self-assessment of members of the Board of Directors and members of the Board of Commissioners as referred to in letter A item 6 is conducted by the FSAI before submission to the Financial Services Authority regarding:
a. assessment of fulfillment of integrity, financial reputation, and competency requirements for prospective members of the Board of Directors to be submitted. The assessment at least covers the assessment of track record including sanctions previously given by the FSAI, educational background both formal and informal and achievements achieved in the implementation of duties, the party's ability to hold the position to be held, concurrent positions, and ownership of non-performing loans and/or financing; and b. fulfillment of requirements in accordance with legislation regulations.
2. The results of the self-assessment as referred to in item 1 are submitted to the Financial Services Authority at the time of the application submission.
E. Submission Address
1. The request letter for approval to become Principal Parties along with administrative requirement documents as referred to in letter A item 3 and item 4, and the results of the self-assessment as referred to in letter D item 2 are submitted completely to the Financial Services Authority.
2. Submission of the request letter for approval to become Principal Parties along with administrative requirement documents, and the results of the self-assessment as referred to in item 1 are addressed to the following address:

Head of the Executive for Financial Technology Sector Innovation Supervision, Digital Financial Assets and Crypto Assets of the Financial Services Authority

Up. Head of the Department for Financial Technology Sector Innovation Regulation and Licensing, Digital Financial Assets and Crypto Assets

Soemitro Djojohadikusumo Building
East Banteng Field Street 2-4
Jakarta 10710, Indonesia

In the event of a change in the address of the Financial Services Authority office for the submission of letters of application to obtain approval as a Primary Party along with administrative requirement documents and self-assessment results as referred to in number 2, the Financial Services Authority will convey notification regarding the change of address through a letter or announcement.

IV. PROCEDURES FOR IMPLEMENTING ASSESSMENT OF ABILITY AND PROPRIETY

A. Administrative Assessment

The implementation of the assessment of ability and propriety for prospective PSPs includes the following stages:
a. administrative assessment; and b. determination of the assessment results of ability and propriety.
The implementation of the assessment of ability and propriety for prospective members of the Board of Directors and Board of Commissioners includes the following stages:
a. administrative assessment; and b. determination of the assessment results of ability and propriety.
The administrative assessment is conducted to evaluate whether the application to obtain approval as a Primary Party has met the requirements of integrity, financial reputation or financial feasibility, and/or competence.
In the event that the administrative requirement documents received by the Financial Services Authority are incomplete, the Financial Services Authority requests the PAJK to complete the administrative requirement documents as referred to in Roman IV letter B within a maximum period of 20 (twenty) working days.
In the event that the PAJK does not submit the missing administrative requirement documents within the maximum period of 20 (twenty) working days as referred to in number 4, the PAJK is deemed to have cancelled the application to obtain approval as a Primary Party.
The Financial Services Authority conveys a letter of rejection for the letter of application to obtain approval as a Primary Party submitted by the PAJK if the administrative requirement documents are declared incorrect.
In the context of the administrative assessment in the implementation of the assessment of ability and propriety as referred to in number 3, the Financial Services Authority may request information and/or recommendation letters regarding the Primary Party from other competent parties.

B. Presentation or Exposition by Prospective PSP

In the context of the administrative assessment, the prospective PSP concerned must conduct a presentation or exposition.
In the event that the prospective PSP is the central government or local government, the presentation or exposition as referred to in number 1 is conducted if deemed necessary.
The presentation or exposition must be conducted by the prospective PSP in the context of the administrative assessment as referred to in number 1, at least regarding:
a. the prospective PSP's plan for the development of the PAJK that will be owned and/or controlled, for the shortest period of 3 (three) years since ownership; and b. the prospective PSP's strategy in the event that the PAJK that will be owned and/or controlled experiences financial difficulties.
The implementation of the exposition or presentation as referred to in number 1 is conducted through direct face-to-face meetings at the Financial Services Authority office or other locations designated by the Financial Services Authority.
The Financial Services Authority notifies the schedule for the implementation of the presentation or exposition as referred to in number 1 in writing to the Board of Directors of the PAJK no later than 10 (ten) working days after the application for the assessment of ability and propriety as referred to in Roman IV letter A number 3 along with the administrative requirement documents as referred to in Roman IV letter A number 4 are received by the Financial Services Authority in complete form.
Prospective PSPs who cannot attend the scheduled implementation of the presentation or exposition as determined as referred to in number 5 must submit written notification accompanied by valid reasons to the Financial Services Authority no later than 1 (one) working day before the implementation of the assessment of ability and propriety.
Based on the written notification as referred to in number 6, the Financial Services Authority may provide 1 (one) opportunity for presentation or exposition and convey a new schedule for the implementation of the presentation or exposition to the prospective PSP.
In the event that based on the written notification as referred to in number 6 the Financial Services Authority does not provide an opportunity for presentation or exposition to the prospective PSP concerned who does not attend the implementation of the presentation or exposition according to the new schedule without notification, the Financial Services Authority cancels the application to obtain approval as a Primary Party for that prospective PSP.
The Financial Services Authority conveys notification of the cancellation of the application by the prospective PSP if the reason for absence as referred to in number 6 is not accepted or if the concerned party does not submit notification regarding their absence in the presentation or exposition as referred to in number 6.
In the event that the prospective PSP does not attend the implementation of the presentation or exposition without notification or with notification but the reason for absence is not accepted by the Financial Services Authority, then the Financial Services Authority determines that the concerned party is not approved to become a PSP.
The presentation or exposition as referred to in number 1 is conducted in the Indonesian language.
Prospective PSPs who cannot speak Indonesian must provide their own interpreter services during the implementation of the presentation or exposition.
In the event that the prospective PSP is a legal entity, the presentation or exposition as referred to in number 1 may be conducted by the directors of that legal entity, directors of other legal entities within its business group, or the ultimate shareholders and controllers of that legal entity.
In the event that the directors of other legal entities within its business group or the ultimate shareholders and controllers of that legal entity as referred to in number 13 are unable to attend, they may be represented by another official 1 (one) level below the directors based on an appointment letter (power of attorney).

C. Clarification of Prospective Members of the Board of Directors, Members of the Board of Commissioners

Based on the results of the administrative assessment conducted as referred to in letter A number 2 letter a and information and/or recommendation letters obtained by the Financial Services Authority regarding the Primary Party from other competent parties as referred to in letter A number 7, the Financial Services Authority may determine prospective members of the Board of Directors or members of the Board of Commissioners who require a clarification process, if:
a. there is negative information regarding the prospective members of the Board of Directors or members of the Board of Commissioners; b. the prospective members of the Board of Directors or members of the Board of Commissioners do not yet have relevant experience at a PAJK in Indonesia corresponding to the targeted position, considering the position, size, complexity, and/or issues of the PAJK where the concerned party will be nominated; and/or
c. the prospective members of the Board of Directors or members of the Board of Commissioners have previously been declared not approved in prior nominations.
The Financial Services Authority conducts clarification of prospective members of the Board of Directors or members of the Board of Commissioners as referred to in number 1 to obtain explanations from the concerned party regarding the information obtained by the Financial Services Authority or to conduct an assessment of the concerned party's experience or expertise.
Prospective members of the Board of Directors or members of the Board of Commissioners must attend the implementation of the clarification as referred to in number 1 through direct face-to-face meetings at the Financial Services Authority office or other locations designated by the Financial Services Authority.
The Financial Services Authority notifies the schedule for the implementation of the clarification as referred to in number 1 in writing to the Board of Directors of the PAJK no later than 10 (ten) working days after the application for the assessment of ability and propriety along with the administrative requirement documents are received by the Financial Services Authority.
Prospective members of the Board of Directors or members of the Board of Commissioners who cannot attend the scheduled implementation of the clarification as determined as referred to in number 6 must submit written notification accompanied by valid reasons to the Financial Services Authority no later than 1 (one) working day before the implementation of the assessment of ability and propriety.
Based on the written notification as referred to in number 7, the Financial Services Authority may provide 1 (one) opportunity for clarification and convey a new schedule for the implementation of the clarification to the prospective members of the Board of Directors or members of the Board of Commissioners.
In the event that based on the written notification as referred to in number 7 the Financial Services Authority does not provide an opportunity for clarification to the prospective members of the Board of Directors or members of the Board of Commissioners, or if the concerned party does not attend the implementation of the clarification according to the new schedule without notification, the Financial Services Authority cancels the implementation of the assessment of ability and propriety for the concerned party.
The Financial Services Authority conveys notification of the cancellation of the application to obtain approval as a Primary Party for prospective members of the Board of Directors or members of the Board of Commissioners if the reason for absence as referred to in number 7 is not accepted or if the concerned party does not submit notification regarding their absence in the clarification as referred to in number 7.
In the event that prospective members of the Board of Directors or members of the Board of Commissioners do not attend the implementation of the clarification without notification or with notification but the reason for absence is not accepted by the Financial Services Authority, then the Financial Services Authority determines that the concerned party is not approved and declared not to meet the requirements of ability and propriety.
The clarification as referred to in number 1 is conducted in the Indonesian language.
Prospective members of the Board of Directors or members of the Board of Commissioners who cannot speak Indonesian must provide their own interpreter services during the implementation of the clarification.

V. TERMINATION OF ASSESSMENT OF ABILITY AND PROPRIETY

The Financial Services Authority terminates the assessment of ability and propriety for prospective Primary Parties of PAJK if the prospective party is undergoing:
a. legal processes; b. assessment of ability and propriety processes at the Financial Services Authority; and/or
c. reassessment processes due to indications of integrity, financial feasibility, financial reputation, and/or competence issues at a financial service institution.
What is meant by undergoing legal processes as referred to in number 1 letter a is if the prospective Primary Party is undergoing bankruptcy processes, investigation processes, or judicial processes (including appeals and cassations) in cases involving:
a. criminal offenses in the Financial Service Sector; b. criminal offenses, namely criminal offenses contained in the Criminal Code (KUHP) and/or similar foreign criminal codes with prison sentence threats of 1 (one) year or more; and/or
c. other criminal offenses with prison sentence threats of 1 (one) year or more, including corruption, money laundering, narcotics/psychotropics, smuggling, customs, excise, human trafficking, illegal arms trade, terrorism, counterfeiting money, in the field of taxation, in the field of forestry, in the field of environmental protection, and in the field of marine and fisheries.
What is meant by undergoing assessment of ability and propriety processes at the Financial Services Authority as referred to in number 1 letter b is if the prospective Primary Party is submitting an application for assessment of ability and propriety to the Financial Services Authority as a prospective Primary Party at a financial service institution.
The Financial Services Authority terminates the assessment of ability and propriety for prospective Primary Parties undergoing assessment of ability and propriety processes at the Financial Services Authority as referred to in number 1 letter b for the most recent nomination submitted by the PAJK to the Financial Services Authority.
What is meant by undergoing reassessment processes due to indications of integrity, financial feasibility, financial reputation, and/or competence issues at a PAJK as referred to in number 1 letter c is if the prospective Primary Party is in a reassessment process due to indications of integrity, financial feasibility, financial reputation, and/or competence issues in their capacity as parties who own, manage, supervise, and/or have significant influence on the PAJK.
The Financial Services Authority notifies in writing the termination of the assessment of ability and propriety to the PAJK submitting the nomination.

VI. PROCEDURES FOR DETERMINATION OF ASSESSMENT RESULTS OF ABILITY AND PROPRIETY AND CONSEQUENCES

A. Classification of Assessment Results

The results of the assessment of ability and propriety are classified into 2 (two) predicates as follows:
a. approved; or b. not approved.
Prospective Primary Parties who obtain the predicate approved as referred to in number 1 letter a are declared to meet the requirements and obtain approval from the Financial Services Authority to become Primary Parties at the PAJK submitting the nomination.
Prospective Primary Parties who obtain the predicate not approved as referred to in number 1 letter b are declared not to meet the requirements and do not obtain approval from the Financial Services Authority to become Primary Parties at the PAJK submitting the nomination.

B. Determination and Submission of Assessment Results of Ability and Propriety

The Financial Services Authority determines the results of the assessment of ability and propriety for prospective Primary Parties no later than 30 (thirty) working days after all application documents are received in complete form.
In the event that the assessment of ability and propriety processes for prospective Primary Parties are conducted during the application for establishment, merger, and/or consolidation licenses of PAJK, the Financial Services Authority provides the determination of the assessment results of ability and propriety within a time period in accordance with regulations governing the granting of establishment, merger, and/or consolidation licenses for PAJK.
What is meant by establishment licenses as referred to in number 2 is the business licenses of PAJK.
The results of the assessment of ability and propriety in the form of the predicate approved or the predicate not approved for applications by prospective Primary Parties as referred to in letter A number 1 are conveyed in writing to the PAJK submitting the nomination.
The Financial Services Authority may notify the results of the assessment of ability and propriety to interested parties in the context of implementing the functions, duties, and authorities of the Financial Services Authority or as mandated by legislation, including the government, shareholders of financial service institutions, or other parties deemed necessary by the Financial Services Authority.

C. Consequences of Assessment Results

For prospective PSPs who are shareholders who obtain the predicate approved as referred to in letter A number 1 letter a by the Financial Services Authority, the concerned party may purchase shares of the PAJK.
For prospective PSPs who are shareholders who obtain the predicate not approved as referred to in letter A number 1 letter b by the Financial Services Authority but already hold shares of the PAJK, then:
a. the concerned party must divest their share ownership in the concerned PAJK and not exercise Control; and b. restrictions are placed on the shareholder rights of the concerned party in the PAJK, namely shareholder rights are only recognized up to the amount of initial shares before the addition of shares that caused the concerned party to become a prospective PSP who is a shareholder.
What is meant by divesting their share ownership in the concerned PAJK as referred to in number 2 letter a is divesting their share ownership in the concerned PAJK so that the concerned party no longer meets the criteria as a prospective PSP who is a shareholder.
The divestment of share ownership as referred to in number 2 letter a must be conducted no later than 1 (one) year from the date of rejection by the Financial Services Authority.
What is meant by shareholder rights as referred to in number 2 letter b includes, for example, the right to attend, quorum calculation, voting in the General Meeting of Shareholders (GMS), and the right to receive distributed dividends.
In the event that prospective PSPs who are shareholders do not conduct the divestment of share ownership within the time period as referred to in number 4, then the shareholder rights as referred to in number 5 for all shares owned by them are not recognized until the concerned party conducts the divestment of share ownership.
The Financial Services Authority may designate parties who are not allowed to receive share divestments as referred to in number 2 letter a.
Parties who are not allowed to receive share divestments as referred to in number 7 are parties affiliated with the prospective PSP who is a shareholder, consisting of:
a. parties having family relationships up to the second degree with the prospective PSP who is a shareholder, including to their business group; b. parties who are controllers of the prospective PSP who is the concerned shareholder;
c. parties where the prospective PSP who is a shareholder acts as a controller; and
d. parties having financial interdependence with the prospective PSP who is a shareholder.
What is meant by family relationships up to the second degree as referred to in number 8 letter a are both vertical and horizontal relationships, including parents-in-law, children-in-law, and siblings-in-law, covering:
a. biological/step/adopted parents; b. biological/step/adopted siblings along with their husbands or wives;
c. biological/step/adopted children;
d. biological/step/adopted grandparents; e. biological/step/adopted grandchildren; f. biological/step/adopted siblings of parents along with their husbands or wives; g. husbands/wives; h. parents-in-law;
i. siblings-in-law;
j. husbands/wives of biological/step/adopted children; k. grandparents of husbands/wives;
l. husbands/wives of biological/step/adopted grandchildren;
and/or m. biological/step/adopted siblings of husbands/wives along with their husbands or wives.
The PAJK must report the divestment of share ownership as referred to in number 2 letter a to the Financial Services Authority by referring to regulations governing the reporting of articles of association changes related to ownership changes applicable to the PAJK.
In the event that the divestment of share ownership as referred to in number 2 letter a is conducted by transferring shares to parties not allowed to receive share divestments as referred to in number 8, then:
a. such transfer is not considered as share divestment as referred to in number 2 letter a; b. the PAJK is prohibited from recording the party receiving the transfer in the PAJK shareholder list; and
c. the party receiving the transfer does not obtain their rights as a shareholder.
The Financial Services Authority cancels approval as referred to in letter A number 1 letter a, if after approval is granted:
a. it is known that information or documents submitted in the assessment of ability and propriety process were incorrect, thereby causing them to no longer meet the requirements; and/or b. information obtained from other authorities causes the approved party to no longer meet the requirements.
For prospective members of the Board of Directors or members of the Board of Commissioners who obtain the predicate approved as referred to in letter A number 1 letter a by the Financial Services Authority, they must be appointed to their positions corresponding to the positions proposed during the application for assessment of ability and propriety no later than 3 (three) months from the date the assessment results of ability and propriety are determined.
In the event that after the time period as referred to in number 13 has passed, the Primary Party who obtained the predicate approved as referred to in letter A number 1 letter a by the Financial Services Authority has not yet been appointed, then the PAJK submitting the nomination must notify the Financial Services Authority of the reasons for the non-appointment of the concerned Primary Party no later than 10 (ten) working days from the time period as referred to in number 13.
The PAJK must report the appointment of prospective members of the Board of Directors or members of the Board of Commissioners, as referred to in number 13, to the Financial Services Authority by referring to regulations governing the reporting of Primary Party changes related to management changes applicable to the PAJK.
For prospective members of the Board of Directors or members of the Board of Commissioners who are not approved by the Financial Services Authority as referred to in letter A number 1 letter b but have already been appointed as members of the Board of Directors or members of the Board of Commissioners, the PAJK must convene a GMS to cancel the appointment of the concerned party within a maximum period of 3 (three) months from the date the concerned party's application was declared not approved.
The PAJK must report the convening of the GMS to cancel the appointment of members of the Board of Directors or members of the Board of Commissioners as referred to in number 16 to the Financial Services Authority by referring to regulations governing the reporting of Primary Party changes applicable to the PAJK.

PART L
LETTER OF APPLICATION TO OBTAIN APPROVAL AS A PRIMARY PARTY

Number : (date/month/year)
Attachment :
Subject : Application to Obtain Approval as a Primary Party PSP/Chief Director/Other Director/Chief Commissioner/Commissioner/Independent Commissioner *)

To:
Head of the Executive for Financial Technology Sector Innovation Supervision, Digital Financial Assets and Crypto Assets u.p. Head of the Department for Financial Technology Sector Innovation Regulation and Licensing, Digital Financial Assets and Crypto Assets

Hereby we submit an application to obtain approval as a Primary Party for:

Name : ........................................................
Position : As PSP/Chief Director/Other Director/Chief Commissioner/Commissioner/Independent Commissioner *)
Name : ........................................................
Position : As PSP/Chief Director/Other Director/Chief Commissioner/Commissioner/Independent Commissioner *)
... etc :

To complete the aforementioned application, we enclose the following administrative requirement documents:

questionnaire form);
curriculum vitae list;
photocopy of identity documents in the form of an identity card (KTP) or valid passport;
tax identification number (NPWP) for Indonesian citizens/Indonesian legal entities or equivalent documents valid for foreign citizens/foreign legal entities;
2 (two) sheets of recent color photos with size 4x6 cm;
photocopy of establishment documents in the form of articles of incorporation, including the latest amended articles of incorporation approved by competent authorities or equivalent documents for foreign business entities in accordance with regulations applicable in the country of origin*);
statement letter meeting aspects of integrity, financial reputation or financial feasibility, and not currently undergoing processes

assessment of ability and propriety at a financial service institution;
8. formal education history documents);
9. documents of training and seminars attended (if any));
10. employment experience letters);
11. recommendation letters and/or letters of intent to resign from the previous PSP);
12. awards relevant to the financial industry previously achieved (if any));
13. skills mastered and foreign language proficiency, except for prospective PSPs;
14. the latest audited annual financial report);
15. writing regarding plans to be carried out after being appointed to the targeted position);
16. letter of statement of non-affiliation with the previous PSP, for prospective independent commissioners.

Hereby we also transmit the list of fulfillment of administrative requirements as referred to in the Appendix of this Financial Services Authority Regulation.

We would like to convey that for the purpose of this reporting, you can contact Mr./Ms. ... via email ... or telephone number ...

This application is hereby submitted, thank you for your attention, Sir/Madam.

Owner/Founder/Directors/Board of Commissioners/Other parties appointed by the General Meeting of Shareholders*) PAJK
................
………………………………
*) strike out what is not necessary
) this requirement is submitted for the application of prospective PSPs ) this requirement is submitted for the application of prospective PSPs in the form of a legal entity ) this requirement is submitted for the application of prospective members of the Board of Directors and members

PART M
FORMAT OF THE LIST OF FULFILLMENT OF ADMINISTRATIVE REQUIREMENT DOCUMENTS A. LIST OF FULFILLMENT OF ADMINISTRATIVE REQUIREMENT DOCUMENTS FOR INDIVIDUAL PSP List of Fulfillment of Administrative Requirement Documents Application to Obtain Approval to Become a Principal Party for Individual PSP Company Name :
Company Type :
Letter Number :
Application
Date of Letter :
Application
The Company submits the following individual name to be proposed as a prospective PSP:
No Name of Prospective PSP Domicile Ownership Percentage Brief description of background application for :
obtaining approval to become
Principal Party
Contact Person
(Name, Phone Number, :
email)

No
Description
Document Details
Substance Yes No
1.
Company application letter
Has the application letter been signed by the prospective owner/founder/Directors/ Board of Commissioners/other party appointed by the GMS?
Has the appropriate format been used according to the Appendix of this POJK?
2. Curriculum
Vitae
Has the curriculum vitae conformed to the format of the Appendix of this POJK?
Has it been attached with a photocopy of a valid ID card/Passport?
No.
Description
Details
Document
Substance Yes No
Curriculum
Vitae
Has it been attached with a photocopy of the Taxpayer Identification Number (NPWP) for Indonesian citizens or documents equivalent that are valid for foreign citizens? Has it been attached with 2 (two) sheets of the latest color passport photos with a size of 4x6 cm?
3. Letter of
statement
Has the letter of statement from the individual PSP conformed to the format in the Appendix of this POJK?
Signature above the stamp
We declare that the entries above are in accordance with the actual documents and if there are differences, corrections will be made.

Owner/Founder/Competent PAJK Official
................

………………………………
*) strike out what is not necessary
B. LIST OF FULFILLMENT OF ADMINISTRATIVE REQUIREMENT DOCUMENTS FOR PSP IN THE FORM OF A LEGAL ENTITY List of Fulfillment of Administrative Requirement Documents Application to Obtain Approval to Become a Principal Party for PSP in the Form of a Legal Entity Company Name :
Company Type :
Letter Number
: Application
Date of Letter
: Application
The Company submits the following legal entity to be proposed as a prospective PSP company No Name Company Name of Party Representing the Company Position Principal Party Representing Domicile Ownership Percentage Brief description of background application for obtaining :
approval to become
Principal Party

Contact Person (Name, :
Phone Number, email)
No Description Details Document Substance Yes No 1.
Company application letter
Has the application letter been signed by the prospective owner/founder/Directors/Board of Commissioners/other party appointed by the GMS*)?
Has it used the format in accordance with the format in the Appendix of this POJK?
2.
Party representing the company
Has the legal entity/business group of the prospective PSP that is the shareholder*) been represented by the Directors/officials at the Director level? Has the company questionnaire used the format in accordance with the format in the Appendix of this POJK? Has it been attached with a photocopy of the establishment document in the form of a deed of establishment of a legal entity or document equivalent for foreign business entities according to the regulations in the country of origin? No Description Details Document Substance Yes No Party representing the company Has it been attached with a photocopy of the NPWP for Indonesian legal entities or documents equivalent that are valid for foreign legal entities?
3. Curriculum
Vitae
Has the curriculum vitae of the members of the Board of Directors and members of the Board of Commissioners conformed to the format in the Appendix of this POJK? 4. Annual Financial Report Has it been attached with the latest annual financial report that has been audited by a public accountant?

Letter of
statement
Has the letter of statement from the Directors or equivalent officials representing the legal entity/ PSP that is the shareholder*) conformed to the format in the Appendix of this POJK? Signature above the stamp We declare that the entries above are in accordance with the actual documents and if there are differences, corrections will be made. Owner/Founder/Competent PAJK Official *)
................

………………………………
*) strike out what is not necessary

LIST OF FULFILLMENT OF ADMINISTRATIVE REQUIREMENT DOCUMENTS FOR MEMBERS OF THE BOARD OF DIRECTORS/MEMBERS OF THE BOARD OF COMMISSIONERS List of Fulfillment of Administrative Requirements Application for Obtaining Approval to Become a Principal Party for Members of the Board of Directors/Members of the Board of Commissioners Company Name :
Company Type :
Reporting Letter Number :
Date of Reporting Letter :
The Company submits the following individual name to be proposed as a prospective Principal Party of the company:
No Name Position
Brief description of background :
application for change of Board of
Directors/
Board of Commissioners )
Reason for candidacy :
: Name of official replaced
Reason for replacement of position
: previously
: Term of office
Contact Person (Name, Phone
: Number, e-mail)
No Description Details Document Substance Yes No 1.
Company application letter
Has the application letter been signed by the prospective owner/founder/Directors/Board of Commissioners/other party appointed by the GMS?
Has it used the format in accordance with the format in the Appendix of this POJK?

2.
Curriculum
Vitae
Has the curriculum vitae conformed to the format in the Appendix of this POJK?
Has it been attached with a photocopy of a valid ID card/Passport?
Has it been attached with a photocopy of the NPWP for Indonesian citizens or documents equivalent that are valid for foreign citizens?
Has it been attached with
2 (two) sheets of the latest color passport photos with a size of 4x6 cm?
No
DESCRIPTION
Details Document Substance Yes No
Curriculum
Vitae
Has it been attached with documents of formal education history in the form of photocopies of the latest diploma and certificates of expertise (if any)? Has it been attached with documents of training and seminars attended (if any)? Has it been attached with employment experience letters? Has it been attached with recommendation letters and/or letters of intent to resign from the previous PSP? Has it been attached with awards relevant to the financial industry previously achieved (if any)?
3. Letter of
statement
Has the letter of statement from the party nominated as a member of the Board of Directors/members of the Board of Commissioners *) conformed to the format in the Appendix of this POJK? Signature above the stamp. Has it been attached with writing regarding plans to be carried out after being appointed to the targeted position?

Has it been attached with a letter of statement of non- affiliation with the previous PSP, for prospective independent commissioners?
Signature above the stamp.
We declare that the entries above are in accordance with the actual documents and if there are differences, corrections will be made.
Owner/Founder/Competent PAJK Official *)
................

………………………………
*) strike out what is not necessary

PART N
SELF-ASSESSMENT FORMAT FOR MEMBERS OF THE
BOARD OF DIRECTORS/MEMBERS OF THE BOARD OF COMMISSIONERS A. SELF-ASSESSMENT INTEGRITY REQUIREMENTS I INTEGRITY REQUIREMENTS YES NO DESCRIPTION A. Competent to perform legal acts B. Possessing good character and morality
1. Never committed
criminal offenses in the financial services sector that have been served within the last 20 (twenty) years prior to nomination.

2. Never committed
criminal offenses, namely criminal offenses listed in the Criminal Code (KUHP) and/or those similar to the KUHP abroad with a threat of imprisonment penalty of 1 (one) year or more that have been served within the last 10 (ten) years prior to nomination.
3. Never committed
other criminal offenses with a threat of imprisonment penalty of 1 (one) year or more, that have been served within the last 20 (twenty) years prior to nomination.
C. Possessing a commitment
to comply with legislation and support the policies of the Financial Services Authority
1. Never violated
prudential principles in the financial services sector.
2. Never violated
legislation in the financial services sector
D. Possessing a commitment towards the development of healthy PAJK I INTEGRITY REQUIREMENTS YES NO DESCRIPTION
1. Possessing a commitment to
not commit and/or repeat acts and/or actions that cause the person to be listed in the list of parties prohibited from being Principal Parties, for candidates who have previously been listed in the list of parties prohibited from being Principal Parties.
2. Never committed
acts that provide unfair benefits to shareholders, Principal Parties, employees, and/or other parties that can harm or reduce the rights of Consumers.
3. Never committed
acts that are not consistent with their authority or beyond their authority.
4. Never declared
incapable of exercising their authority.
E. Not included as a party prohibited from becoming a Principal Party B. SELF-ASSESSMENT FINANCIAL REPUTATION REQUIREMENTS II FINANCIAL REPUTATION REQUIREMENTS YES NO DESCRIPTION
1. Does not have
non-performing loans and/or financing.
2. Never declared
bankrupt and/or never was a shareholder, who is not a shareholder, member of the Board of Directors, or member of the Board of Commissioners who was found guilty of causing a corporation to be declared bankrupt within the last 5 (five) years prior to nomination.
C. SELF-ASSESSMENT COMPETENCY REQUIREMENTS
COMPETENCY REQUIREMENTS
EVALUATION SCALE
Description
Poor
Less Poor Fair Very
Good
A. Knowledge and ability in strategic management
1. Adequate and relevant knowledge
with their position a. Knowledge regarding organizational structure, management, job descriptions, and responsibilities according to position. b. Potential ability to perform business process analysis.
c. Ability to lead an
organization to achieve organizational goals, specifically for Board of Directors members. d. Ability to manage human resources to achieve organizational goals, specifically for Board of Directors members.

e. Basic supervisory knowledge including internal controls, specifically for Board of Commissioners members. f. Basic knowledge related to leadership and conflict management, specifically for Board of Commissioners members. COMPETENCY REQUIREMENTS EVALUATION SCALE Description Poor Less Poor Fair Very Good
2. Understanding of
legislation a. Understanding of legislation in the financial services sector, prioritizing legislation in the relevant industry.

b. Basic understanding of other relevant legislation, among others understanding of legislation in the field of limited liability companies, Financial Services Authority, bankruptcy, and money laundering criminal offenses and implementing regulations.
3. Ability to perform strategic
management in order to develop healthy business a. Ability to formulate the vision and mission of the company to be led, specifically for Board of Directors members. b. Ability to perform company situation analysis.
c. Ability to perform analysis
of internal company condition developments.
COMPETENCY REQUIREMENTS EVALUATION SCALE Description

Poor
Less Poor Fair Very
Good a. Ability to set targets that must be achieved related to the position held, specifically for Board of Directors members. b. Ability to design short-term, medium-term, and long-term strategies in order to achieve company targets, specifically for Board of Directors members.
c. Ability to perform analysis of
Board of Directors policies, specifically for Board of Commissioners members.
COMPETENCY REQUIREMENTS
EVALUATION SCALE
Description
No Yes
B. Experience in the PAJK field and/or other fields relevant to their position Company Name :
...
Position :
...
Tenure :
...
C. Expertise in the PAJK field and/or other
fields relevant to their position at the PAJK

PART O
EXAMPLE FORMAT OF QUESTIONNAIRE
A. INDIVIDUAL PSP QUESTIONNAIRE
(Use a separate answer sheet if the available pages are insufficient)
1. Full name (including alias)
2. Other names (if any)
3. Place, date of birth
4. Address according to identity proof
5.
Domicile/correspondence address
(if different from address according to item 4) 6.
Your professional qualifications and their periods (state fully) 7.
Explain your profession/business activities and professional membership in the last two years. Explain including company name, business field, position, professional association followed and other relevant information 8. NPWP (for Indonesian citizens) or equivalent (for foreign citizens) 9. Explain the source of funds that you will use to buy PAJK shares, whether from:

Personal wealth?
Domestic loans?
Foreign loans?
Others?
(State the source)
10.
Explain the companies you own (directly and indirectly/nominee) 11.
Explain your obligations and responsibilities at that company
12. Are you currently a
PSP at another PAJK? Explain
13.
Are you currently acting as a PSP at a non-PAJK company?

14.
Does the PAJK in question no. 17 and/or the non-PAJK company in question no. 18 have a business relationship with the PAJK whose shares you will buy? Explain the type of business relationship in detail
15. Do you intend to buy
the shares with the aim of long-term investment (strategic partner)? If not, explain 16.
Are you currently already holding shares in the PAJK whose shares you will buy (directly or indirectly). Explain details with the composition 17.
How many shares will you buy? What is the purchase value? What is the proportion of the total shares of the PAJK?
If you have previously held shares of that PAJK, what is the proportion if added with the number of shares you will buy now?
18.
How will you use your voting rights at that PAJK, individually (you as an individual) or together with your business group/affiliates?
19.
Have you ever been asked to stop working, subjected to disciplinary actions/sanctions by the company or subjected to prohibition sanctions to practice your profession? 20. Have you ever been declared bankrupt by authorities in Indonesia or any other country? Explain specifically 21. When you managed or owned a company, was the company ever declared bankrupt by authorities in Indonesia or any other country?

22.
Have you yourself, your company, or your business group ever been published and/or become the object of investigation by law enforcement authorities regarding criminal matters and/or other misconduct in the financial field? 23. Do you have companies whose licenses were ever frozen by authorities in Indonesia or other countries? Explain 24. Do you or your company have licenses to conduct business in Indonesia or in another country? If true, explain the type of business field, how long, where? If there are licenses that were frozen/cancelled, explain specifically 25. Have you, your company, or your business group ever had license applications rejected in the banking/financial sector by authorities in Indonesia or in other countries? Explain in detail 26. Do you and/or your business group have plans to conduct other business in Indonesia or in other countries that will affect the PAJK whose shares you will buy? Explain 27. Have you, your company, or your business group ever failed to meet obligations to other parties based on laws in Indonesia or other countries (e.g. tax payments, credits, etc.)? Explain 28. Is your business activity or your company/business group activity currently or will be guaranteed by other parties? Explain

29.
Explain if there is other information that can provide data as consideration for the Financial Services Authority in processing your application The undersigned hereby declares, that:

has understood the provisions related to my rights and
obligations as a PSP who is a shareholder*) as regulated in the applicable provisions.
the information provided above is true, complete and
accurate.
will inform the Financial Services Authority within
30 (thirty) days if there are significant changes in information.
if the above statements/information are proven to be untrue, then
within 30 (thirty) days I am willing to resign from the PSP who is a shareholder*) of the PAJK.
*) strike out what is not necessary
(City), ...........…
(Signature above stamp is sufficient)
(Name/Position)

B. LEGAL ENTITY PSP QUESTIONNAIRE
(Use a separate answer sheet if the available pages are insufficient)
1. Company name and full address:
2. Place and date of company
establishment:
3. Full name (party representing
the company):
Position in the company:
4. Explain your obligations and
responsibilities as the party representing the company:
5. Supervisory Body/Regulator
of your company:

Body Name :
Address :
Website :
Is the supervisory authority of your company willing to accept the concept of consolidated supervision by the Financial Services Authority?
6. Main business of the company currently
and according to the company's articles of association:
7. Is your company currently a PSP at
another PAJK?
Explain.
8. Is your company currently acting as a PSP
at a non-PAJK company?
Explain.
9. Does the company in
question no. 8 have a business relationship with the PAJK to be acquired or with the PAJK in question no. 7?
Explain.
10. Does your company
intend to become a controller/act as a PSP with the aim of long-term investment (strategic partner)?
If Yes, explain your program.

11. Does your company currently
already hold shares of the PAJK to be acquired? If Yes, explain the composition in detail in whose name, explain the reasons.
12. Describe in detail, the amount
nominal/percentage of ownership to be acquired by your company and your business group.
13. Explain the use of voting rights
of your company at the PAJK to be acquired: Is it used individually (your company independently) or together with your business group as one unit?
14. State the name and position
of the "key person" at your company. Explain detailed information including nationality, academic and professional qualifications, and employment in the last five years.
15. Inform in detail
the entire list of shareholders at your company and explain the PSPs.
16. Is your company currently controlling
directly or indirectly the PAJK to be acquired?
If Yes, explain.
17. Has your company
ever been published or become the object of investigation by competent authorities in Indonesia or another country in criminal cases or other misconduct in the financial field? If Yes, explain, including the final result of the resolution.

18. Is your company
a controller at another company whose business license was ever revoked or recommended for revocation by authorities in Indonesia or another country:
If Yes, explain.

19. Does your company
or your business group have a license to conduct business in Indonesia or in another country and then the license was frozen/cancelled?
If Yes, explain.
20. Has your company
or your business group ever had license applications rejected in the banking/financial sector by authorities in Indonesia or in other countries?
If Yes, explain.
21. Do you and/or your
business group have plans to conduct other business in Indonesia or in other countries that will affect the PAJK to be acquired?
If Yes, explain.
22. Has your company
or your business group ever failed to meet obligations (tax payments, credits, etc.) to other parties based on laws in Indonesia or other countries?
If Yes, explain.
23. Is the business activity of your
company/other companies in your business group currently or will be guaranteed by other parties?
If Yes, explain by whom and how that guarantee will be implemented.

24. Explain the source of funds that
will be used by your company to acquire the PAJK (answer must be accompanied by supporting documents).
25. Explain the reasons/other information
that can strengthen the consideration of the Financial Services Authority in processing the application for the acquisition of the PAJK by your company (accompanied by supporting proof). The undersigned hereby declares, that:
1. has understood the provisions related to my rights
and obligations as a PSP who is a shareholder*) as regulated in the applicable provisions.
2. the information provided above is true, complete and accurate.
3. will inform the Financial Services Authority within
30 (thirty) days if there are significant changes in information.
4. if the above statements/information are proven to be untrue, then
within 30 (thirty) days I am willing to resign from the PSP who is a shareholder*) of the PAJK.
(City), ..........................
(Signature above stamp is sufficient)
Name & Position:
_________________________________________________ Name of Company Represented :

Legal basis for representation :

*) strike out what is not necessary

PART P
EXAMPLE FORMAT OF STATEMENT LETTER
A. STATEMENT LETTER FOR PSP
STATEMENT LETTER
(to be filled by PSP candidate *)
I, the undersigned below:
Name : .....................................................................................
Address : .....................................................................................
Position : PSP *) hereby declare that I:

meet the integrity aspects, including:
a. have the legal capacity to perform legal acts; b. have never been sentenced for proven criminal offenses in the financial services sector, namely criminal offenses at financial service institutions where the sentence has been fully served within the last 20 (twenty) years prior to nomination;
c. have never been sentenced for proven criminal acts, namely criminal offenses listed in the Criminal Code (KUHP) and/or similar foreign KUHP with a prison sentence threat of 1 (one) year or more where the sentence has been fully served within the last 10 (ten) years prior to nomination;
d. have never been sentenced for proven other criminal acts with a prison sentence threat of 1 (one) year or more, including but not limited to: corruption; money laundering; narcotics/psychotropics; smuggling; customs; excise; human trafficking; illegal arms trade; terrorism; counterfeiting money; in the field of taxation; in the field of forestry; in the field of the environment; in the field of marine and fisheries, where the sentence has been fully served within the last 20 (twenty) years prior to nomination; e. have never violated the prudential principles in the financial services sector; f. have never violated laws and regulations in the financial services sector; g. have submitted the PSP candidate's plan regarding the development of PAJK; h. have never violated commitments agreed upon with the supervising and overseeing agency of PAJK;
i. have a commitment not to commit and/or repeat acts and/or actions that cause the individual to be listed in the list of prohibited parties as Key Parties, for candidates who have previously been listed in the list of prohibited parties as Key Parties;
j. have never committed acts that provide unfair benefits to shareholders, Key Parties, employees, and/or other parties that can harm or reduce Consumer rights; k. have never committed acts that are not in accordance with their authority or beyond their authority;

l. have never been declared incapable of exercising their authority; and
m. are not included as parties prohibited from becoming Key Parties.
2. meet the financial suitability aspects, including:
a. have a good financial reputation; b. have financial capacity that can support business development;
c. have a commitment to undertake necessary measures if the company faces capital or liquidity difficulties.
3. are not currently undergoing a fitness and propriety assessment process at a financial service institution.
This statement letter is made truthfully and if it is later found that my statement is not true, I am willing to be sued in court according to applicable laws.

(date/month/year)
(signature)
(full name)
*) strike out what is not necessary

B. STATEMENT LETTER FOR DIRECTORS/COMMISSIONERS STATEMENT LETTER (to be filled by candidates for Directors and Commissioners) I, the undersigned below:
Name : .................................................................................
Address : .................................................................................
Position : As President Director/Director/ Independent Commissioner/Commissioner *) hereby declare that I:

meet the integrity aspects, including:
a. have the legal capacity to perform legal acts; b. have never been sentenced for proven criminal offenses in the financial services sector, namely criminal offenses at financial service institutions where the sentence has been fully served within the last 20 (twenty) years prior to nomination;
c. have never been sentenced for proven criminal acts, namely criminal offenses listed in the Criminal Code (KUHP) and/or similar foreign KUHP with a prison sentence threat of 1 (one) year or more where the sentence has been fully served within the last 10 (ten) years prior to nomination;
d. have never been sentenced for proven other criminal acts with a prison sentence threat of 1 (one) year or more, including but not limited to: corruption; money laundering; narcotics/psychotropics; smuggling; customs; excise; human trafficking; illegal arms trade; terrorism; counterfeiting money; in the field of taxation; in the field of forestry; in the field of the environment; in the field of marine and fisheries, where the sentence has been fully served within the last 20 (twenty) years prior to nomination; e. have never violated the prudential principles in the financial services sector; f. have never violated laws and regulations in the financial services sector; g. have never violated commitments agreed upon with the supervising and overseeing agency of PAJK; h. have a commitment not to commit and/or repeat acts and/or actions that cause the individual to be listed in the list of prohibited parties as Key Parties, for candidates who have previously been listed in the list of prohibited parties as Key Parties;
i. have never committed acts that provide unfair benefits to shareholders, Key Parties, employees, and/or other parties that can harm or reduce Consumer rights;

j. have never committed acts that are not in accordance with their authority or beyond their authority; k. have never been declared incapable of exercising their authority; and
l. are not included as parties prohibited from becoming Key Parties.
2. meet the financial reputation aspects, including:
a. do not have non-performing loans and/or financing; and b. have never been declared bankrupt and have never been a shareholder, who is not a shareholder, member of the Board of Directors, or member of the Board of Commissioners, who was declared guilty of causing a company to be declared bankrupt within the last 5 (five) years prior to nomination.
3. are not currently undergoing a fitness and propriety assessment process at a financial service institution.
This statement letter is made truthfully and if it is later found that my statement is not true, I am willing to be sued in court according to applicable laws.

(date/month/year)
(signature)
(full name)
*) strike out what is not necessary

C. STATEMENT LETTER FOR INDEPENDENT COMMISSIONERS
STATEMENT LETTER
(to be filled by independent commissioner candidates) I, the undersigned below:
Name : ..........................................................
Place, Date of Birth : ...........................................................
Address : ..........................................................
Position : Independent Commissioner Candidate .........................................
(filled with company name) hereby declare that, I :

Do not have an affiliation relationship with members of the Board of Directors, members of the Board of Commissioners, or shareholders of the same PAJK; and
Have never been a member of the Board of Directors, member of the Board of Commissioners, or held a position 1 (one) level below the Board of Directors at the same PAJK or another company that has an affiliation relationship with said PAJK within the time period according to applicable laws and regulations.
This statement letter is made truthfully and if it is later found that my statement is not true, I am willing to resign as Independent Commissioner ....... *) *) filled with company name

(date/month/year)
(signature)
(stamp duty)
...............................
(full name)

PART Q
GUIDELINES FOR RE-EVALUATION OF KEY PARTIES OF PAJK
I. KEY PARTIES SUBJECT TO RE-EVALUATION

Key Parties subject to the provisions in this Financial Services Authority Regulation include:
a. Controlling Key Parties, namely PSP; b. Managerial Key Parties, namely:
1) members of the Board of Directors; and
2) members of the Board of Commissioners.
Re-evaluation for Key Parties as referred to in item 1 includes:
a. Key Parties who are currently serving or exercising Control over PAJK and there are indications of involvement and/or responsibility for integrity, financial suitability, financial reputation, and/or competence issues; b. parties who, at the time of being Key Parties at PAJK, had indications of involvement and/or responsibility for integrity, financial suitability, financial reputation, and/or competence issues, but at the time of re-evaluation, the individual:
1) has become a shareholder of another FSI, and/or
works at another FSI, for example, during an examination at PT DEF, a violation was found committed by the IT Director of PT DEF, namely Mr. A. From document research, it was known that the violation involved the Finance Director of PT DEF, namely Mr. B, who had become the Finance Director at PT ABC. In this case, the parties subject to re-evaluation are Mr. A as IT Director of PT DEF and Mr. B as former Finance Director of PT DEF; or
2) is no longer a shareholder of an FSI, and/or no longer works at an FSI, for example, during an examination at PT XYZ, a violation was found committed by Mr. C as Compliance Director who had finished his term. In this case, the party subject to re-evaluation is Mr. C as former Compliance Director of PT XYZ, even though he has stopped from his position and no longer works in the PAJK field or other FSIs.
II. SCOPE OF RE-EVALUATION
The implementation of re-evaluation for Key Parties is conducted at any time if based on evidence, data, and/or information obtained from indirect supervision (off site supervision), direct supervision (on site supervision), and/or other information, there are indications of involvement and/or responsibility for:
a. integrity and/or financial suitability issues at Controlling Key Parties; or

b. integrity, financial reputation, and/or competence issues at Managerial Key Parties.
2. Integrity and/or financial suitability issues for Controlling Key Parties as referred to in item 1 letter a are issues related to:
a. actions, both direct and indirect, involving influencing and/or ordering Managerial Key Parties, and/or PAJK employees to hide and/or obscure violations of certain regulations or actual financial conditions and/or transactions, including but not limited to:
1) false recording and/or fictitious transactions, whether conducted on the asset or liability side of PAJK, including transactions in administrative accounts;
2) setting unreasonable actuarial assumptions;
3) embezzlement or manipulation;
4) incorrect bookkeeping and/or PAJK financial reporting practices;
5) hacking of PAJK information system technology; and
6) hiding, destroying, and/or eliminating PAJK bookkeeping records and/or transaction supporting documents or PAJK bookkeeping records;
b. actions, both direct and indirect, involving influencing and/or ordering Managerial Key Parties and/or PAJK employees to provide unfair benefits to shareholders, Key Parties, PAJK employees, and/or other parties that can harm or reduce PAJK profits, including but not limited to:
1) sale and/or purchase of assets including assets in the form of investment instruments owned by PAJK at prices that are unreasonable compared to market prices;
2) provision of facilities and/or salaries that are not in accordance with laws and regulations and/or unreasonable to members of the Board of Commissioners, members of the Board of Directors, employees, and/or other parties;
3) provision of commissions to other parties unfairly in connection with the conduct of business activities;
4) receipt of fees unfairly in connection with the conduct of business activities; and
5) actions that utilize PAJK to finance personal interests and/or business groups illegally;
c. actions, both direct and indirect, involving influencing and/or ordering Managerial Key Parties, and/or PAJK employees to commit acts that violate prudential principles in the financial services sector and/or good PAJK management principles, including but not limited to:
1) unhealthy debt and/or liability management practices;
2) marketing products and/or conducting activities that have not received approval from the Financial Services Authority;
3) purchase or disposal of assets including assets in the form of investment instruments that do not pay attention to prudential principles and risk management; and
4) providing funds to parties, sectors, and/or activities prohibited by laws and regulations;
d. proven to have committed criminal offenses that have been decided by the court and have permanent legal force, namely:
1) criminal offenses in the financial services sector;
2) criminal acts, namely criminal offenses listed in the Criminal Code (KUHP) and/or similar foreign KUHP with a prison sentence threat of 1 (one) year or more; and/or
3) other criminal offenses with a prison sentence threat of 1 (one) year or more, including but not limited to corruption, money laundering, narcotics/psychotropics, smuggling, customs, excise, human trafficking, illegal arms trade, terrorism, counterfeiting money, in the field of taxation, in the field of forestry, in the field of the environment, in the field of marine, and fisheries;
e. causing PAJK to experience difficulties that endanger the continuity of PAJK's business and/or can endanger the financial services industry, including but not limited to actions that violate laws and regulations that can cause PAJK's business activities to be frozen and/or business licenses to be revoked; f. not implementing orders from the Financial Services Authority to perform and/or not perform certain actions; g. having non-performing loans and/or financing at FSIs and/or being a controller, member of the board of directors, member of the board of commissioners, or equivalent of a company that has non-performing loans and/or financing, excluding non-performing loans and/or financing that come from annual fees, administrative costs, and/or other charges that do not come from credit card usage transactions; h. proven to have been declared bankrupt and/or being a shareholder, member of the board of directors, member of the board of commissioners, or equivalent, who was declared guilty of causing a company to be declared bankrupt or having its business license revoked;
i. not undertaking necessary measures when PAJK faces capital and/or liquidity difficulties, including but not limited to:
1) not undertaking measures to increase capital deposits; and
2) not undertaking measures to seek new investors; and/or
j. refusing to provide commitments and/or not fulfilling commitments agreed upon with the Financial Services Authority and/or the government, such as commitments that have been agreed upon to be fulfilled by PAJK as stated in the direct examination results report of PAJK.
3. Integrity, financial reputation, and/or competence issues for Managerial Key Parties as referred to in item 1 letter b are issues related to:

a. actions, both direct and indirect, involving hiding and/or obscuring violations of certain regulations or actual financial conditions and/or transactions, including but not limited to:
1) false recording and/or fictitious transactions, whether conducted on the asset or liability side of PAJK, including transactions in administrative accounts;
2) setting unreasonable actuarial assumptions;
3) embezzlement or manipulation;
4) incorrect bookkeeping and/or PAJK financial reporting practices;
5) hacking of PAJK information system technology; and
6) hiding, destroying, and/or eliminating PAJK bookkeeping records and/or transaction supporting documents or PAJK bookkeeping records;
b. actions, both direct and indirect, involving providing unfair benefits to shareholders, Key Parties, PAJK employees, and/or other parties that can harm or reduce PAJK profits, including but not limited to:
1) sale and/or purchase of assets including assets in the form of investment instruments owned by PAJK at prices that are unreasonable compared to market prices;
2) provision of facilities and/or salaries that are not in accordance with laws and regulations and/or unreasonable to members of the Board of Commissioners, members of the Board of Directors, employees, and/or other parties;
3) provision of unfair premium rates to insured parties or unfair financing interest rates to debtors;
4) provision of commissions to other parties unfairly in connection with the conduct of business activities;
5) receipt of fees unfairly in connection with the conduct of business activities; and
6) actions that utilize PAJK to finance personal interests and/or business groups illegally;
c. actions, both direct and indirect, involving committing acts that violate prudential principles in the PAJK field and/or good PAJK management principles, including but not limited to:
1) unhealthy debt and/or liability management practices;
2) marketing products and/or conducting activities that have not received approval from the Financial Services Authority;
3) purchase or disposal of assets including assets in the form of investment instruments that do not pay attention to prudential principles and risk management; and
4) providing funds to parties, sectors, and/or activities prohibited by laws and regulations;
d. proven to have committed criminal offenses that have been decided by the court and have permanent legal force, namely:

1) criminal offenses in the financial services sector;
2) criminal acts, namely criminal offenses listed in the Criminal Code (KUHP) and/or similar foreign KUHP with a prison sentence threat of 1 (one) year or more; and/or
3) other criminal offenses with a prison sentence threat of 1 (one) year or more, including but not limited to corruption, money laundering, narcotics/psychotropics, smuggling, customs, excise, human trafficking, illegal arms trade, terrorism, counterfeiting money, in the field of taxation, in the field of forestry, in the field of the environment, in the field of marine, and fisheries;
e. causing PAJK to experience difficulties that endanger the continuity of PAJK's business and/or can endanger the financial services industry, including but not limited to actions that violate laws and regulations that can cause PAJK's business activities to be frozen and/or business licenses to be revoked; f. not implementing orders from the Financial Services Authority to perform and/or not perform certain actions; g. having non-performing loans and/or financing at FSIs and/or being a controller, member of the board of directors, member of the board of commissioners, or equivalent of a company that has non-performing loans and/or financing, excluding non-performing loans and/or financing that come from annual fees, administrative costs, and/or other charges that do not come from credit card usage transactions; h. proven to have been declared bankrupt and/or being a shareholder, member of the board of directors, member of the board of commissioners, or equivalent, who was declared guilty of causing a company to be declared bankrupt or having its business license revoked;
i. not undertaking strategic management in order to develop healthy PAJK, including but not limited to the ability to interpret the vision and mission of PAJK, anticipate economic and financial services sector developments, analyze the PAJK industry situation and industries directly related to PAJK's business activities; and
j. refusing to provide commitments and/or not fulfilling commitments agreed upon with the Financial Services Authority and/or the government, such as commitments that have been agreed upon to be fulfilled by PAJK as stated in the direct examination results report of PAJK.
III. RE-EVALUATION PROCEDURE

The Financial Services Authority conducts re-evaluation with the following steps:
a. clarification of evidence, data, and/or information to the Key Party being re-evaluated; b. determination and transmission of the preliminary re-evaluation results to the Key Party being re-evaluated;
c. response from the Key Party being re-evaluated regarding the preliminary re-evaluation results; and
d. determination and notification of the final re-evaluation results to the Key Party being re-evaluated.
The Financial Services Authority transmits a letter requesting clarification of evidence, data, and/or information as referred to in item 1 letter a to the Key Party being re-evaluated.
For Key Parties who no longer own, manage, supervise, and/or have influence on PAJK at the time of re-evaluation, notification for clarification requests can be done by correspondence through reachable parties and/or summons through mass media.
The Key Party being re-evaluated is given the opportunity to submit responses to the request for clarification of evidence, data, and/or information as referred to in item 1 letter a, at the latest 10 (ten) working days calculated from the date of the written clarification request from the Financial Services Authority.
The Financial Services Authority may summon the Key Party for an interview process in the framework of implementing clarification of evidence, data, and/or information, which is carried out within a maximum period of 10 (ten) working days calculated from the date of the written clarification request from the Financial Services Authority.
In the event that the Key Party being re-evaluated does not exercise the right to submit clarification of evidence, data, and/or information including during the interview as referred to in item 5, the Financial Services Authority determines and transmits the preliminary re-evaluation results to the Key Party being re-evaluated.
Based on the results of clarification of evidence, data, and/or information, the Financial Services Authority determines and transmits the preliminary re-evaluation results to the Key Party being re-evaluated.
The Key Party being re-evaluated is given the opportunity to submit responses to the preliminary re-evaluation results as referred to in item 6 or item 7, at the latest 10 (ten) working days calculated from the date of the Financial Services Authority's letter.
In the event that the Key Party being re-evaluated does not exercise the right to submit responses to the preliminary re-evaluation results within the established period as referred to in item 8, the Financial Services Authority determines the preliminary re-evaluation results to become the final re-evaluation results.
In the event that the Financial Services Authority obtains new evidence, data, and/or information before the determination and notification of the final re-evaluation results as referred to in item 1 letter d, the Financial Services Authority determines the final re-evaluation results by considering the new evidence, data, and/or information obtained.
The determination of the final re-evaluation results as referred to in item 9 or item 10 is carried out while still referring to

process as referred to in item 1 letters a through c.

The determination of the final assessment result is based on the level of involvement and/or accountability of the Principal Party being reassessed, which is categorized into:
a. principal; or b. accomplice.
The term "principal" as referred to in item 12 letter a is:
a. a person who orders, instructs to do, or proposes the occurrence of an act; b. a person who approves, participates in approving, or signs;
c. a person who performs or participates in performing an act based on orders, with or without pressure, and who ought to know or ought to suspect that the order violates statutory regulations, including:
1) a person who executes a proposal/order in the form of providing analysis/recommendation support regarding the occurrence of an act/decision and who ought to know or ought to suspect that the proposal/order violates statutory regulations and does not attempt to refuse to perform the act or order; and
2) a person who executes a decision and who ought to know or ought to suspect that the decision violates statutory regulations and does not attempt to refuse to perform the act or order; and/or
d. a person who performs an act due to a promise or specific reward.
The term "accomplice" as referred to in item 12 letter b is a person who, in carrying out duties, positions, and/or due to an order from another party, with or without pressure, performs or participates in performing an act, and who ought to know or ought to suspect that the act or order performed violates statutory regulations, but who has attempted to refuse to perform the act or order, proven by supporting documents and/or who has reported the act or order to the relevant work unit handling violations of statutory regulations.

IV. FINAL ASSESSMENT RESULTS

The Financial Services Authority determines the final assessment result for Principal Parties with the predicate:
a. pass; or b. fail.
Parties categorized as accomplices may be given the predicate "pass" if they submit a letter of commitment stating a commitment not to repeat violation actions in the future.
Violations of the commitment as referred to in item 2 may serve as the basis for a reassessment of the party concerned.
The Financial Services Authority notifies the final assessment result of the Principal Party in writing to the Controlling Principal Party, the Financial Service Aggregation Institution (PAJK), the Principal Party being reassessed, and other interested parties.

V. CONSEQUENCES OF THE FINAL ASSESSMENT RESULT

Principal Parties established with the predicate "pass" meet the requirements to remain as PSPs, members of the Board of Directors, or members of the Board of Commissioners.
Controlling Principal Parties established with the predicate "fail" due to issues:
a. integrity, are prohibited from being:
1) Controlling Principal Parties or holding shares in PAJKs; and/or
2) Management Principal Parties of PAJKs.
b. financial feasibility, are prohibited from being:
1) Controlling Principal Parties where the Principal Party undergoes reassessment, for example, a PSP at PT XYZ established as failing the reassessment due to financial feasibility issues, then the party concerned is prohibited from being a PSP at any PAJK company; and/or
2) Management Principal Parties where the Principal Party undergoes reassessment, for example, an individual PSP at PT XYZ established as failing the reassessment due to financial feasibility issues regarding financial reputation, then the party concerned is prohibited from being a member of the Board of Directors or member of the Board of Commissioners at any PAJK company.
Management Principal Parties established with the predicate "fail" due to issues:
a. integrity, are prohibited from being:
1) Controlling Principal Parties or holding shares in PAJKs; and/or
2) Management Principal Parties and/or Executive Principal Parties at PAJKs.
b. financial reputation, are prohibited from being:
1) Controlling Principal Parties where the Principal Party undergoes reassessment; and/or
2) Management Principal Parties where the Principal Party undergoes reassessment.
c. competence, are prohibited from being Management Principal Parties where the Principal Party undergoes reassessment.
The imposition of prohibition periods on the parties as referred to in items 2 and 3, with details contained in the Appendix which is an integral part of this Financial Services Authority Regulation.
PAJKs are required to follow up on the dismissal of Management Principal Parties within a maximum of 3 (three) months from the date of notification from the Financial Services Authority by convening an Extraordinary General Meeting of Shareholders (RUPS) to dismiss (ratify) the Management Principal Parties established with the predicate "fail".
PAJKs are required to report the follow-up as referred to in item 5 to the Financial Services Authority within a maximum of 10 (ten) working days from the date of the RUPS convening for the dismissal of the Management Principal Parties.
PSPs who are shareholders established with the predicate "fail" are required to transfer all share ownership in:
a. PAJKs if the PSP is established as failing due to integrity factors; or b. PAJKs where the Principal Party undergoes reassessment, if the PSP is established as failing due to financial feasibility factors, within a maximum of 1 (one) year from the date the predicate "fail" is established by the Financial Services Authority.
The Financial Services Authority may establish a separate time period for the obligation to transfer ownership as referred to in item 7 in cases:
a. in the opinion of the Financial Services Authority, the step needs to be adjusted to the PAJK rehabilitation program as regulated in statutory regulations and/or policies in the financial services sector; and/or b. PSPs who are shareholders are subject to the obligation to transfer all share ownership in more than 1 (one) LJK.
The rights of Controlling Principal Parties regarding dividend distribution from PAJKs in the form of limited liability companies, the following provisions apply:
a. Controlling Principal Parties still have rights to dividend payments for a maximum period of 1 (one) year calculated from the date the predicate "fail" is established by the Financial Services Authority. b. In the event that the time period as referred to in letter a has expired and the Controlling Principal Party has not transferred all share ownership as referred to in item 7 or item 8, then the rights to dividend payments are suspended until the party concerned transfers all their share ownership in accordance with statutory regulations.

VI. REQUEST FOR RECONSIDERATION

Principal Parties established with the predicate "fail" may submit a request for reconsideration of the predicate "fail" before the consequence time period expires.
The request for reconsideration as referred to in item 1 may be submitted if it meets the criteria:
a. there is new evidence, data, and/or information related to absence, or not submitting clarification or response during the reassessment; b. there is a final and binding court decision stating that the party established with the predicate "fail" as referred to in item 1 is not proven to have committed a criminal offense or not proven to be declared bankrupt and/or become a shareholder, member of the board of directors, or member of the board of commissioners, or equivalent, who is declared guilty causing a company to be declared bankrupt or have its business license revoked;
c. as a consequence of the implementation of the Law of the Republic of Indonesia; and/or
d. having served ¾ (three-quarters) of the consequence time period, and the Principal Party:
1) has no negative records during the period of being declared "fail"; and
2) is committed to contributing significantly to the strengthening or rescue of the financial services industry, realized within a time period established by the Financial Services Authority.
New evidence, data, and/or information related to absence, or not submitting clarification or response as referred to in item 2 letter a must include strong and relevant reasons or considerations related to the evidence of absence or not submitting clarification or response, including:
a. illness that prevents the party being reassessed from being able to function normally; and b. other reasons causing the party being reassessed to be unable to provide clarification or response within the time period established by the Financial Services Authority.
The term "consequence of the implementation of the Law of the Republic of Indonesia" as referred to in item 2 letter c includes, among others, the implementation of Law of the Republic of Indonesia Number 11 of 2016 on Tax Amnesty.
The term "having no negative records" as referred to in item 2 letter d item 1) means not committing legal violations with the threat of prison/imprisonment sanctions of more than 1 (one) year, not causing bankruptcy, and/or becoming a shareholder, member of the board of directors, or member of the board of commissioners, or equivalent, who is declared guilty causing a company to be declared bankrupt or have its business license revoked.
The commitment to contribute significantly to the strengthening or rescue of the PAJK industry as referred to in item 2 letter d item 2) is stated, among others, in written documents containing action plans with specific time periods to be realized or the provision of funds in the form of an escrow account.
The request for reconsideration as referred to in item 1 must be accompanied by the following documents:
a. identity documents, at least consisting of:
1) photocopy of the electronic identity card;
2) curriculum vitae;
3) recent 4x6 cm photo; and
4) photocopy of the tax identification number (NPWP);
b. photocopy of the final assessment result decision of the Principal Party stating that the applicant failed;
c. evidence documents in accordance with the criteria for the request for reconsideration, including:
1) new evidence, data, and/or information related to absence or not submitting clarification or response during the reassessment, such as an official letter from the hospital where the applicant was treated;
2) copy of the final and binding court decision stating that the applicant is not proven to have committed a criminal offense or not proven to be declared bankrupt and/or become a shareholder, member of the board of directors, or member of the board of commissioners, or equivalent, who is declared guilty causing a company to be declared bankrupt or have its business license revoked; and
3) official and valid evidence of consequences from the implementation of laws;
d. evidence of having no negative records during the period of being declared "fail", including:
1) a stamped letter of statement stating that the applicant:
a) is not proven to be declared bankrupt and/or become a shareholder, member of the board of directors, or member of the board of commissioners, or equivalent, who is declared guilty causing a company to be declared bankrupt or have its business license revoked; and b) has never been sentenced for proven legal violations with the threat of sanctions of more than 1 (one) year; and
2) police record certificate.
If necessary, the Financial Services Authority has the authority to request other supporting documents and/or information related to the documents for the request for reconsideration as referred to in item 7.
The Financial Services Authority grants approval or rejection of the request for reconsideration submitted by Principal Parties established with the predicate "fail" based on:
a. examination of the completeness and truthfulness of documents; b. analysis of the reconsideration documents; and
c. other considerations, such as impact on the condition of PAJKs both individually and industrially.
In the event that based on the analysis results it is known that there are inconsistencies with the request for reconsideration criteria and/or the submitted documents are incomplete, the Financial Services Authority notifies the applicant that the request for reconsideration is rejected.

This copy is in accordance with the original
Director of Legal Development
Legal Department signed
Aat Windradi

Applicants may submit a request for reconsideration again if they have met the request for reconsideration criteria and/or the documents possessed are complete.
In the event that the criteria are met, the request for reconsideration approved by the Financial Services Authority is carried out with the following steps:
a. clarification of evidence, data, and/or information to the Principal Party submitting the request for reconsideration; b. determination and submission of the interim result of the reconsideration to the Principal Party submitting the request for reconsideration;
c. response from the Principal Party submitting the request for reconsideration regarding the interim result of the reconsideration; and
d. determination and notification of the final result of the reconsideration to the Principal Party submitting the request for reconsideration.
Principal Parties declared to pass in the reconsideration process may become Principal Parties through the fitness and propriety assessment process referring to this Financial Services Authority Regulation.

VII. DELIVERY ADDRESS

Submission of clarifications, letters of statement, and/or responses from Principal Parties being assessed in the reassessment process is delivered to:
Head of the Executive for Supervision of Financial Sector Technology Innovation, Digital Financial Assets and Crypto Assets of the Financial Services Authority Attention: Head of the Department for Regulation and Licensing of Financial Sector Technology Innovation, Digital Financial Assets and Crypto Assets Soemitro Djojohadikusumo Building East Banteng Field Street 2-4 Jakarta 10710, Indonesia
In the event of a change in the address of the Financial Services Authority office, the delivery address will be in accordance with the information provided on the official website of the Financial Services Authority.

CHAIRMAN OF THE COMMISSIONER BOARD
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
MAHENDRA SIREGAR

Lineage: No known changes

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