POJK No. 41 of 2025 on Representative Offices of Financing Institutions, Venture Capital Companies, and Other Financial Service Institutions Headquartered Abroad

FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 41 OF 2025
CONCERNING
REPRESENTATIVE OFFICES OF FINANCING INSTITUTIONS, VENTURE CAPITAL COMPANIES, AND OTHER FINANCIAL SERVICE INSTITUTIONS HEADQUARTERED ABROAD BY THE GRACE OF GOD THE ALMIGHTY

THE BOARD OF COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY,

Considering:
a. that in order to realize legal certainty, justice, and utility in the implementation of business activities of financing institutions, venture capital companies, and other financial service institutions headquartered abroad, it is necessary to regulate the institutional and operational aspects of representative offices in Indonesia as part of the realization of the state's philosophical values and the principle of prudence in the financial services sector; b. that the development of financial services business activities globally has driven cross-border economic and financial integration, necessitating a responsive regulatory framework to national social and economic needs by opening opportunities for cooperation and information transfer through the legal and monitored presence of representative offices;
c. that based on the considerations referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation concerning Representative Offices of Financing Institutions, Venture Capital Companies, and Other Financial Service Institutions Headquartered Abroad;

Recalling:

1. Law Number 21 of 2011 concerning 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 concerning 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);
2. Law Number 4 of 2023 concerning 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);

DECIDES:

To establish a FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING REPRESENTATIVE OFFICES OF FINANCING INSTITUTIONS, VENTURE CAPITAL COMPANIES, AND OTHER FINANCIAL SERVICE INSTITUTIONS HEADQUARTERED ABROAD.

CHAPTER I
GENERAL PROVISIONS

Article 1
In this Financial Services Authority Regulation, the following terms are defined:

1. Financing Institutions, Venture Capital Companies, and Other Financial Service Institutions, hereinafter referred to as PVL, are financial service institutions comprising financing companies, infrastructure financing companies, venture capital companies, pawnshop companies, technology-based crowdfunding service providers, export-import financing institutions, and secondary housing financing companies.
2. Representative Offices of PVL, hereinafter referred to as KPPVL, are offices of PVL that have legal entity status and have their headquarters abroad, acting as a liaison between the PVL with legal entity status and headquarters abroad and its customers in Indonesia.

CHAPTER II
LICENSING FOR THE OPENING OF KPPVL

Section One
Licensing for the Opening of KPPVL

Article 2
(1) PVL headquartered abroad intending to open a KPPVL in Indonesia must fulfill the following requirements:
a. having good performance and reputation; and b. having a commitment to contribute to the Indonesian economy.
(2) KPPVL must be headquartered in the capital city of the province.

Article 3
(1) PVL intending to open a KPPVL must first obtain a license for the opening of KPPVL from the Financial Services Authority.
(2) To obtain the license for the opening of KPPVL as referred to in paragraph (1), the authorized official of the PVL headquartered abroad must submit an application for the opening license to the Financial Services Authority, attaching the license application requirement documents consisting of:
a. the purpose of opening the KPPVL in Indonesia; b. a copy of the deed of establishment of the legal entity of the PVL headquartered abroad, including the articles of association approved by the competent authority in the respective country, accompanied by translations in Indonesian and English;
c. a copy of documents and/or official correspondence regarding the business license of the PVL headquartered abroad issued by the authority of the respective country;
d. a copy of documents from the authority of the respective country stating:

1. the PVL meets prudential and market conduct aspects;
2. the PVL does not violate laws, regulations, requirements, or standards of the authorities and/or government of the respective country;
3. approval to open the KPPVL in Indonesia; and
4. the PVL headquartered abroad has good performance and reputation;
   e. consolidated financial statements for the last 3 (three) years from the PVL headquartered abroad, audited by an independent public accounting firm; f. the most recent financial statements of the PVL headquartered abroad; g. the prospective leader of the KPPVL, accompanied by the fulfillment of administrative requirement documents in accordance with the Financial Services Authority Regulation concerning the assessment of competence and propriety for key parties of financial service institutions; h. a permanent license and work permit from the competent authority for the prospective leader of the KPPVL who is a foreign national;
   i. a plan for the organizational structure and human resources of the KPPVL;
   j. a statement letter from the authorized official of the PVL headquartered abroad stating the commitment of the KPPVL to contribute to the Indonesian economy; k. a work plan for the KPPVL for the first 1 (one) year;
   l. a list of customers or prospective customers in Indonesia for the PVL headquartered abroad, along with details of the financing portfolio; and
   m. the complete address data of the KPPVL, accompanied by proof of ownership or control of the office building.
   (3) The application letter for the opening license of KPPVL as referred to in paragraph (2) must be made in Indonesian and English according to the format of Form 1 as contained in the Appendix which is an integral part of this Financial Services Authority Regulation. (4) The application letter for the opening license of KPPVL as referred to in paragraph (2) must be submitted simultaneously with the application for the assessment of competence and propriety for the prospective leader of the KPPVL.

Article 4
(1) The Financial Services Authority grants approval or rejection of the application for the opening license of KPPVL as referred to in Article 3 paragraph (2) within a maximum period of 20 (twenty) working days calculated from the date the application for the opening license of KPPVL is received in complete form. (2) In granting approval or rejection as referred to in paragraph (1), the Financial Services Authority conducts analysis and research on the completeness of documents. (3) In the event of missing documents for the opening license of KPPVL as referred to in Article 3 paragraph (2), the Financial Services Authority sends a request for document completeness to the authorized official of the PVL headquartered abroad. (4) The authorized official of the PVL headquartered abroad must submit the complete documents as referred to in paragraph (3) within a maximum period of 20 (twenty) working days calculated from the date of the document completeness request letter from the Financial Services Authority as referred to in paragraph (3). (5) If within the period of 20 (twenty) working days from the date of the document completeness request letter as referred to in paragraph (3), the Financial Services Authority has not received the complete documents, the KPPVL is deemed to have canceled the application. (6) The Financial Services Authority may conduct an inspection of the KPPVL as part of the analysis and research on document compliance. (7) In the event that the application for the opening license of KPPVL as referred to in Article 3 paragraph (2) is approved, the Financial Services Authority issues a decision granting the opening license for the KPPVL. (8) In the event that the application for the opening license of KPPVL as referred to in Article 3 paragraph (2) is rejected, the Financial Services Authority sends a written notification to the authorized official of the PVL headquartered abroad, accompanied by the reasons for rejection. (9) In the event that the KPPVL which has obtained the opening license for KPPVL has not carried out activities as a KPPVL within a period of 60 (sixty) working days calculated from the date of the decision granting the opening license for KPPVL as referred to in paragraph (7), the opening license for KPPVL issued by the Financial Services Authority becomes invalid.

Article 5
(1) The Financial Services Authority conducts an assessment of competence and propriety for the prospective leader of the KPPVL.
(2) The prospective leader of the KPPVL is required to undergo the assessment of competence and propriety in accordance with the Financial Services Authority Regulation concerning the assessment of competence and propriety for key parties of financial service institutions. (3) The prospective leader of the KPPVL who has undergone the assessment of competence and propriety as referred to in paragraph (2) and has received approval from the Financial Services Authority must be appointed by the competent official at the headquarters of the PVL headquartered abroad within a maximum period of 6 (six) months calculated from the date of approval by the Financial Services Authority. (4) In the event that the prospective leader of the KPPVL approved by the Financial Services Authority is not appointed within the period as referred to in paragraph (3), the approval issued by the Financial Services Authority becomes invalid. (5) The KPPVL is required to inform the Financial Services Authority of the appointment of the KPPVL leader no later than 10 (ten) working days calculated from the date of appointment, accompanied by the minutes of the general meeting of shareholders or the appointment document from the competent official at the headquarters of the PVL headquartered abroad. (6) In the event that the prospective leader of the KPPVL is not approved based on the assessment of competence and propriety by the Financial Services Authority, the KPPVL must submit a replacement prospective leader of the KPPVL for the assessment of competence and propriety.

Article 6
(1) In the event that there is a leader of the KPPVL who is dismissed, resigns, or dies, the KPPVL is required to inform the Financial Services Authority no later than 10 (ten) working days calculated from the date of the dismissal letter, resignation, or declaration of death. (2) The information on dismissal, resignation, or death as referred to in paragraph (1) must be accompanied by supporting documents regarding the dismissal, resignation, or declaration of death.

Article 7
(1) The leader of the KPPVL is required to reside in Indonesia.
(2) The leader of the KPPVL is fully responsible for the activities conducted by the KPPVL.
(3) The leader of the KPPVL is prohibited from holding concurrent positions as the leader of another company and/or more than 1 (one) representative office of a foreign company.

Article 8
KPPVL utilizing foreign labor must comply with the requirements and procedures for the utilization of foreign labor in accordance with applicable legislation.

Section Two
Administrative Sanctions

Article 9
(1) KPPVL violating the provisions as referred to in Article 5 paragraph (2), paragraph (5), Article 6 paragraph (1), Article 7 paragraph (1), and/or paragraph (3), shall be subject to administrative sanctions in the form of a written warning. (2) Administrative sanctions in the form of a written warning as referred to in paragraph (1) are given for a maximum of 3 (three) consecutive times, with each validity period being a maximum of 30 (thirty) working days. (3) In addition to the administrative sanctions as referred to in paragraph (1), KPPVL violating the provisions as referred to in Article 5 paragraph (5) and/or Article 6 paragraph (1), shall be subject to administrative sanctions in the form of a fine of IDR 1,000,000.00 (one million rupiah) per working day and a maximum of IDR 30,000,000.00 (thirty million rupiah). (4) In the event that KPPVL has been subject to administrative sanctions as referred to in paragraph (1) and/or paragraph (3), and has not fulfilled the provisions as referred to in Article 5 paragraph (2), paragraph (5), Article 6 paragraph (1), Article 7 paragraph (1), and/or paragraph (3), KPPVL shall be subject to administrative sanctions in the form of restrictions and/or prohibitions on conducting KPPVL activities.

Article 10
Regarding violations of the administrative sanction provisions as referred to in Article 9, the Financial Services Authority may conduct a re-assessment of the KPPVL leader in accordance with the Financial Services Authority Regulation concerning the re-assessment for key parties of financial service institutions.

CHAPTER III
KPPVL ACTIVITIES

Section One
KPPVL Activities

Article 11
(1) Activities that may be conducted by KPPVL:
a. providing information to third parties regarding the terms and procedures for establishing relationships with the headquarters or branches abroad; b. assisting the headquarters or branches abroad in supervising financing located in Indonesia;
c. acting as a supervisor for projects partially or fully financed by the headquarters or branches abroad;
d. conducting promotional activities to introduce the PVL headquartered abroad; e. acting as an agent to contact institutions or agencies for the needs of the headquarters or branches abroad; f. providing information regarding the Indonesian economy, finance, and/or trade to foreign parties or vice versa; g. assisting Indonesian exporters in obtaining market access abroad through the international network owned by the KPPVL or vice versa; h. encouraging the increase of capital participation and/or financing from abroad in Indonesia to finance projects in priority sectors and regions;
i. facilitating the handling of consumer or customer complaints; and/or
j. other activities determined by the Financial Services Authority.
(2) In conducting activities as referred to in paragraph (1), KPPVL may cooperate with PVL in Indonesia.
(3) KPPVL is prohibited from conducting PVL business activities.

Article 12
(1) KPPVL is required to submit quarterly reports for the end of March, June, September, and December to the Financial Services Authority, according to the format of Form 3 as contained in the Appendix which is an integral part of this Financial Services Authority Regulation. (2) The report as referred to in paragraph (1) must at least contain information:
a. debtors/business partners in Indonesia receiving financing/capital participation from the headquarters or branches abroad; b. the value of financing/capital participation;
c. the economic sector;
d. location; e. the date of financing placement; and f. maturity date (for financing schemes).
(3) The report as referred to in paragraph (1) must be submitted no later than 5 (five) working days in the following month.

Article 13
(1) KPPVL is required to submit a work plan for the next 1 (one) year to the Financial Services Authority.
(2) The work plan of the KPPVL as referred to in paragraph (1) contains details of activities to be conducted by the KPPVL for the next 1 (one) year, referring to the KPPVL activities as referred to in Article 11 paragraph (1). (3) KPPVL is required to submit the work plan as referred to in paragraph (1), signed by the leader of the KPPVL, to the Financial Services Authority no later than November 30. (4) If the deadline for submitting the work plan as referred to in paragraph (3) falls on a holiday, the work plan is submitted on the next working day. (5) If the deadline for submitting the work plan as referred to in paragraph (3) falls on a national holiday or shared holiday, the Financial Services Authority has the authority to determine the deadline for submitting the work plan.

Article 14
(1) KPPVL is required to submit a report on the realization of the work plan to the Financial Services Authority.
(2) The report on the realization of the work plan as referred to in paragraph (1) must be submitted by the leader of the KPPVL to the Financial Services Authority no later than February 15 of the following year. (3) If the deadline for submitting the report as referred to in paragraph (2) falls on a holiday, the report is submitted on the next working day. (4) If the deadline for submitting the report as referred to in paragraph (2) falls on a national holiday or shared holiday, the Financial Services Authority has the authority to determine the deadline for submitting the report.

Article 15
(1) KPPVL is required to report changes to the KPPVL address to the Financial Services Authority no later than 10 (ten) working days calculated from the date of the address change.
(2) The reporting of KPPVL address changes as referred to in paragraph (1) is submitted by the leader of the KPPVL, attaching documents:
a. data regarding the KPPVL address; and b. proof of ownership or control of the building.

Article 16
(1) The leader of the KPPVL is required to report changes to the name and/or legal entity form of the headquarters of the KPPVL to the Financial Services Authority no later than 30 (thirty) working days calculated from the date the change of name and/or legal entity form is approved by the authority of the respective country, accompanied by supporting documents. (2) The Financial Services Authority:
a. issues a determination of the KPPVL name with the new name; and/or b. records the change of the legal entity form of the headquarters of the KPPVL, within a maximum period of 14 (fourteen) working days calculated from the date the supporting documents are received in complete form. (3) In the event that the Financial Services Authority has not received the supporting documents in complete form, the Financial Services Authority cannot perform the recording related to the change of name and/or legal entity form of the new KPPVL in the Financial Services Authority database.

Section Two
Administrative Sanctions

Article 17
(1) KPPVL violating the provisions as referred to in Article 12 paragraph (1), paragraph (3), Article 13 paragraph (1), paragraph (3), Article 14 paragraph (1), paragraph (2), Article 15 paragraph (1), and/or Article 16 paragraph (1), shall be subject to administrative sanctions in the form of a written warning. (2) KPPVL violating the provisions as referred to in Article 11 paragraph (3) shall be subject to administrative sanctions in the form of the closure of the KPPVL. (3) Administrative sanctions in the form of a written warning as referred to in paragraph (1) are given for a maximum of 3 (three) consecutive times, with each validity period being a maximum of 30 (thirty) working days. (4) In addition to the administrative sanctions as referred to in paragraph (1), KPPVL violating the provisions as referred to in Article 12 paragraph (1), paragraph (3), Article 13 paragraph (1), paragraph (3), Article 14 paragraph (1), paragraph (2), Article 15 paragraph (1), and/or Article 16 paragraph (1), shall be subject to administrative sanctions in the form of a fine of IDR 1,000,000.00 (one million rupiah) per working day and a maximum of IDR 30,000,000.00 (thirty million rupiah). (5) In the event that KPPVL has been subject to administrative sanctions as referred to in paragraph (1) and/or paragraph (4), and has not fulfilled the provisions as referred to in Article 12 paragraph (1), paragraph (3), Article 13 paragraph (1), paragraph (3), Article 14 paragraph (1), paragraph (2), Article 15 paragraph (1), and/or Article 16 paragraph (1), KPPVL shall be subject to administrative sanctions in the form of restrictions and/or prohibitions on conducting KPPVL activities.

Article 18
Regarding violations of the administrative sanction provisions as referred to in Article 17, the Financial Services Authority may conduct a re-assessment of the KPPVL leader in accordance with the Financial Services Authority Regulation concerning the re-assessment for key parties of financial service institutions.

CHAPTER IV
SUPERVISION

Section One
Supervision of KPPVL

Article 19
(1) The Financial Services Authority conducts supervision of KPPVL.
(2) Supervision as referred to in paragraph (1) is conducted by:
a. direct supervision; and b. indirect supervision.
(3) In order to conduct supervision as referred to in paragraph (2), the Financial Services Authority may request data and information from the KPPVL.
(4) KPPVL is required to submit data and information upon request by the Financial Services Authority.
(5) Supervision of KPPVL as referred to in paragraph (1) is aimed at ensuring the compliance of KPPVL with the provisions of this Financial Services Authority Regulation.
(6) Supervision of KPPVL as referred to in paragraph (2) is conducted in accordance with the Financial Services Authority Regulation concerning the supervision of financing institutions, venture capital companies, and other financial service institutions.

Section Two
Administrative Sanctions

Article 20
(1) KPPVL violating the provisions as referred to in Article 19 paragraph (4) shall be subject to administrative sanctions in the form of a written warning.
(2) Administrative sanctions in the form of a written warning as referred to in paragraph (1) are given for a maximum of 3 (three) consecutive times, with each validity period being a maximum of 30 (thirty) working days. (3) In the event that KPPVL has been subject to administrative sanctions as referred to in paragraph (1), and has not fulfilled the provisions as referred to in Article 19 paragraph (4), it shall be subject to administrative sanctions in the form of restrictions and/or prohibitions on conducting KPPVL activities.

Article 21
Regarding violations of the administrative sanction provisions as referred to in Article 20, the Financial Services Authority may conduct a re-assessment of the KPPVL leader in accordance with the Financial Services Authority Regulation concerning the re-assessment for key parties of financial service institutions.

CHAPTER V
CLOSURE OF KPPVL

Section One
General

Article 22
(1) The Financial Services Authority has the authority to close the KPPVL.
(2) The closure of the KPPVL as referred to in paragraph (1) is based on:
a. a request from the headquarters of the KPPVL; b. the business license of the headquarters of the KPPVL is revoked or liquidated by the authority of the respective country; or
c. the results of supervision by the Financial Services Authority.
(3) The closure of the KPPVL by the Financial Services Authority as referred to in paragraph (1) is conducted by issuing a decision on the closure of the KPPVL.

Section Two
Implementation of KPPVL Closure

Article 23
(1) The competent official at the headquarters of the KPPVL submits an application for the closure of the KPPVL as referred to in Article 22 paragraph (2) letter a to the Financial Services Authority, accompanied by:
a. the reasons for the closure of the KPPVL; and b. a statement letter that:

1. the obligations of the KPPVL to other parties have been settled, accompanied by proof of settlement and/or including settlement steps in the form of a settlement scheme; and
2. if there are claims in the future, they become the responsibility of the headquarters of the KPPVL; and

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c. a party in Indonesia appointed to represent the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad to fulfill obligations as included in the resolution scheme.
(2) The Financial Services Authority grants approval for the application to close the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad as referred to in paragraph (1) within a maximum period of 14 (fourteen) working days calculated from the date:
a. the application documents are received in complete form; and b. all obligations of the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad have been fulfilled, including resolution steps involving a resolution scheme.

Third Section
Closure of the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad due to Revocation of Business License of the Head Office by the Local Country Authority

Article 24
(1) The Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad must inform the Financial Services Authority no later than 3 (three) working days calculated from the date the business license of the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad is revoked by the local country authority. (2) In the event that the business license of the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad is revoked by the local country authority, the Financial Services Authority determines the closure of the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad. (3) With the issuance of the closure decision for the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad as referred to in paragraph (2), the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad must:
a. cease the activities of the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad; and b. fulfill all obligations.

Fourth Section
Follow-up on the Closure of the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad

Article 25
(1) The closure of the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad must be informed by the head office of the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad to the competent authority in the local country after the date of issuance of the closure decision for the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad by the Financial Services Authority. (2) The regulation as referred to in paragraph (1) does not apply to the closure of the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad in connection with the business license of the head office of the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad being revoked or liquidated by the local country authority.

Article 26
The report on the implementation of the closure of the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad that has obtained approval from the Financial Services Authority as referred to in Article 23 paragraph (2) or the report on the implementation of the closure of the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad based on the determination by the Financial Services Authority as referred to in Article 24 paragraph (2) must be submitted by the party appointed to represent the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad to the Financial Services Authority no later than 10 (ten) working days calculated from the date of the closure decision for the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad by the Financial Services Authority.

Article 27
Since the date of the closure decision as referred to in Article 22 paragraph (3), the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad is not permitted to conduct activities of the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad as referred to in Article 11 paragraph (1).

Fifth Section
Administrative Sanctions

Article 28
A Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad that violates the provisions as referred to in Article 24 paragraph (1) and/or paragraph (3) shall be subject to administrative sanctions in the form of a written warning.

Article 29
Regarding violations of the administrative sanction provisions as referred to in Article 28, the Financial Services Authority may conduct a re-evaluation of the leader of the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad in accordance with the Financial Services Authority Regulation regarding re-evaluation for key parties of financial service institutions.

CHAPTER VI
OTHER PROVISIONS

First Section
General

Article 30
(1) Submission of licensing applications, approval applications, and reports must be done online through the Financial Services Authority's data communication network system.
(2) The Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad must be accountable that every document submitted online through the Financial Services Authority's data communication network system is consistent with the original documents. (3) In the event that the Financial Services Authority's data communication network system as referred to in paragraph (1) is not yet available or experiences technical disturbances, the submission of licensing applications, approval applications, and reports must be submitted in the form of electronic data via email designated by the Financial Services Authority.

Article 31
The Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad must administer all documents in the application for the opening of the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad.

Article 32
The Financial Services Authority may consider the principle of reciprocity in granting approval or rejecting licensing applications for the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad.

Article 33
The Financial Services Authority may grant approval or policies different from this Financial Services Authority Regulation based on specific considerations.

Second Section
Administrative Sanctions

Article 34
(1) A Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad that violates the provisions as referred to in Article 30 paragraph (2) and/or Article 31 shall be subject to administrative sanctions in the form of a written warning. (2) Administrative sanctions in the form of a written warning as referred to in paragraph (1) are given for a maximum of 3 (three) consecutive times, with each validity period being a maximum of 30 (thirty) working days. (3) In the event that the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad has been subject to administrative sanctions as referred to in paragraph (1) and has not fulfilled the provisions as referred to in Article 30 paragraph (2) and/or Article 31, the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad shall be subject to administrative sanctions in the form of restrictions and/or prohibitions on conducting activities of the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad.

Article 35
Regarding violations of the administrative sanction provisions as referred to in Article 34, the Financial Services Authority may conduct a re-evaluation of the leader of the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad in accordance with the Financial Services Authority Regulation regarding re-evaluation for key parties of financial service institutions.

CHAPTER VII
TRANSITIONAL PROVISIONS

Article 36
At the time this Financial Services Authority Regulation comes into force:
a. Financing Institutions, Venture Capital Companies, and Other Financial Service Institutions Headquartered Abroad that have been operating in Indonesia before this Financial Services Authority Regulation comes into force must obtain approval for the opening of the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad from the Financial Services Authority no later than 6 (six) months calculated from the date this Financial Services Authority Regulation comes into force; and/or b. capital distribution or financing that has been conducted by the Representative Office of a Financing Institution, Venture Capital Company, or Other Financial Service Institution Headquartered Abroad before this Financial Services Authority Regulation comes into force may continue to be conducted until the capital distribution or financing ends.

CHAPTER VIII
CLOSING PROVISIONS

Article 37
This Financial Services Authority Regulation comes into force on the date of enactment.

In order that everyone knows it, it is ordered to enact this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

Established in Jakarta on 22 December 2025

CHAIRMAN OF THE COMMISSIONERS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA,

MAHENDRA SIREGAR

Enacted in Jakarta on [Date]

MINISTER OF LAW OF THE REPUBLIC OF INDONESIA,

SUPRATMAN ANDI AGTAS

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2025 NUMBER [Number]

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 41 OF 2025
ON
REPRESENTATIVE OFFICES OF FINANCING INSTITUTIONS, VENTURE CAPITAL COMPANIES, AND OTHER FINANCIAL SERVICE INSTITUTIONS HEADQUARTERED ABROAD

I. GENERAL
Companies or legal entities headquartered abroad and not having branches or subsidiaries in Indonesia establish representative offices to conduct marketing and other activities. The existence of these representative offices serves as an information channel for marketing the company's products to business partners. Representative offices are generally permitted and have been regulated in government regulations and international agreements. In order to strengthen regulation and supervision, it is necessary to clarify the scope of permitted activities and obligations for representative offices of such companies or legal entities while operating in Indonesia. Based on these considerations, a legal basis is needed to regulate the opening of representative offices in the financial service institution sector, specifically Financing Institutions, Venture Capital Companies, and Other Financial Service Institutions (PVL). This Financial Services Authority Regulation generally contains main materials including regulations on licensing for opening Representative Offices of Financing Institutions, Venture Capital Companies, and Other Financial Service Institutions Headquartered Abroad (KPPVL), activities of KPPVL, supervision of KPPVL, and the implementation of the closure of KPPVL.

II. ARTICLE BY ARTICLE EXPLANATION

Article 1
Sufficiently clear.

Article 2
Paragraph (1)
Letter a
What is meant by "having good performance" is a PVL headquartered abroad that has positive performance, among others indicated by the booking of profits in the financial statements of the aforementioned PVL. What is meant by "having a good reputation" can be reflected by a PVL headquartered abroad not being subject to sanctions due to serious violations by the local authority.

Letter b
Having a commitment to contribute to the Indonesian economy is contained in a statement letter stating the commitment to contribute to the Indonesian economy contained in the work plan that the KPPVL will promote the increase of financing from the head office and/or branches abroad, among others to finance priority sector projects based on government policies supporting national development, such as renewable energy development.

Paragraph (2)
Sufficiently clear.

Article 3
Paragraph (1)
Sufficiently clear.

Paragraph (2)
What is meant by "competent official of the PVL headquartered abroad" is an official who is stated to have the authority to represent the head office of the PVL abroad based on the articles of association of the relevant PVL.

Letter a
Sufficiently clear.

Letter b
Sufficiently clear.

Letter c
Sufficiently clear.

Letter d
Sufficiently clear.

Letter e
Sufficiently clear.

Letter f
What is meant by "latest financial report" is a financial report for the period closest to the time of submission of the application for the opening license of the KPPVL to the Financial Services Authority.

Letter g
Sufficiently clear.

Letter h
Sufficiently clear.

Letter i
Sufficiently clear.

Letter j
Sufficiently clear.

Letter k
Sufficiently clear.

Letter l
Sufficiently clear.

Letter m
Proof of ownership or control of the office building can be in the form of, among others, a building lease agreement or a letter of statement from the relevant institution if owned by a government institution.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Article 4
Sufficiently clear.

Article 5
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
See Explanation of Article 3 paragraph (2).

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Article 6
Sufficiently clear.

Article 7
Sufficiently clear.

Article 8
Sufficiently clear.

Article 9
Sufficiently clear.

Article 10
Sufficiently clear.

Article 11
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Examples of cooperation that can be conducted between the KPPVL and PVL in Indonesia include, among others, information exchange cooperation to explore market access potential in each respective country or in the form of cooperation to increase human resource capacity in each respective entity.

Paragraph (3)
What is meant by "business activities" is business activities as referred to in regulations concerning financing companies, infrastructure financing companies, venture capital companies, pawn companies, providers of joint financing services based on information technology, export-import financing institutions, and secondary housing financing companies.

Article 12
Sufficiently clear.

Article 13
Sufficiently clear.

Article 14
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Example: The report on the realization of the 2026 work plan must be submitted no later than 15 February 2027.

Paragraph (3)
Sufficiently clear.

Paragraph (4)
Sufficiently clear.

Article 15
Sufficiently clear.

Article 16
Paragraph (1)
What is meant by "supporting documents" includes, among others, documents amending the articles of association (or equivalent), containing information related to name changes and/or changes in the legal form of the entity.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
Sufficiently clear.

Article 17
Sufficiently clear.

Article 18
Sufficiently clear.

Article 19
Paragraph (1)
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
What is meant by "data and information" is data and information as requested by the Financial Services Authority.

Paragraph (4)
Sufficiently clear.

Paragraph (5)
Sufficiently clear.

Paragraph (6)
Sufficiently clear.

Article 20
Sufficiently clear.

Article 21
Sufficiently clear.

Article 22
Sufficiently clear.

Article 23
Paragraph (1)
Letter a
Sufficiently clear.

Letter b
Number 1
The obligations of the KPPVL to other parties include, among others, the obligation to pay outstanding salaries, office costs, taxes, and other relevant costs. The determination of the resolution scheme includes the plan and schedule for fulfilling the obligations of the KPPVL.

Number 2
Sufficiently clear.

Letter c
Sufficiently clear.

Paragraph (2)
Sufficiently clear.

Article 24
Sufficiently clear.

Article 25
Sufficiently clear.

Article 26
Sufficiently clear.

Article 27
Sufficiently clear.

Article 28
Sufficiently clear.

Article 29
Sufficiently clear.

Article 30
Paragraph (1)
For "licensing applications" includes, among others, applications for licenses to open KPPVL.
For "approval applications" includes, among others, applications for approval of other activities and/or applications for the assessment of the suitability and propriety of prospective leaders of KPPVL. For "reports" includes, among others, quarterly reports, reports on the realization of work plans, and/or reports on changes to the address of KPPVL.

Paragraph (2)
Sufficiently clear.

Paragraph (3)
The submission of licensing applications, approval applications, and reports in the form of electronic data is done via email through the Financial Services Authority's mailing room service at the address mailingroomwismul@ojk.go.id and addressed to:
a. For licensing applications and approval applications:
Executive Head of Supervision of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Service Institutions u.p. Head of Licensing, Special Examination, and Quality Control Department of Supervision of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Service Institutions Wisma Mulia 2 Gatot Subroto Street Kav. 42 Jakarta 12710; and/or b. For reporting:

1. for financing companies, infrastructure financing companies, venture capital companies:
   Executive Head of Supervision of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Service Institutions Financial Services Authority u.p. Director of Supervision of Financing Institutions and Venture Capital Companies Wisma Mulia 2 Building Jenderal Gatot Subroto Street Kav. 40 Jakarta 12710;
2. for pawn companies:
   Executive Head of Supervision of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Service Institutions Financial Services Authority u.p. Director of Supervision of Microfinance Institutions, Pawn Companies, and Coordination of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Service Institutions Regional Offices, Wisma Mulia 2 Building Jenderal Gatot Subroto Street Kav. 40 Jakarta 12710;
3. for providers of joint financing services based on information technology:
   Executive Head of Supervision of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Service Institutions Financial Services Authority u.p. Director of Supervision of Providers of Joint Financing Services Based on Information Technology Wisma Mulia 2 Building Jenderal Gatot Subroto Street Kav. 40 Jakarta 12710; and/or
4. for export-import financing institutions and secondary housing financing companies:
   Executive Head of Supervision of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Service Institutions Financial Services Authority Wisma Mulia 2 Building Jenderal Gatot Subroto Street Kav. 40 Jakarta 12710; with a copy to the Head of Data and Statistics Management Department.

Article 31
Sufficiently clear.

Article 32
Sufficiently clear.

Article 33
The granting of approval or different policies is intended, among others, to:
a. support national policies; b. maintain public interests;
c. maintain industry growth; and/or
d. maintain healthy business competition.
Examples of conditions requiring specific considerations are extraordinary events, hereinafter abbreviated as KLB, which can cause a large increase in morbidity and mortality, which also impacts the economy and society, thus requiring attention and handling by all relevant parties and regulated in other regulations regarding considerations in facing possible KLB.

Article 34
Sufficiently clear.

Article 35
Sufficiently clear.

Article 36
Sufficiently clear.

Article 37
Sufficiently clear.

SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER [Number]

APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION
OF THE REPUBLIC OF INDONESIA
NUMBER 41 OF 2025
ON
REPRESENTATIVE OFFICES OF FINANCING INSTITUTIONS, VENTURE CAPITAL COMPANIES, AND OTHER FINANCIAL SERVICE INSTITUTIONS HEADQUARTERED ABROAD

FORM 1:
APPLICATION FOR LICENSE TO OPEN KPPVL
Number : ……………………. ……...., 20…
Attachment : …………………….
Subject : Application for License to Open KPPVL To:
Executive Head of Supervision of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Service Institutions u.p. Head of Licensing, Special Examination, and Quality Control Department of Supervision of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Service Institutions Wisma Mulia 2 Gatot Subroto Street Kav. 42 Jakarta 12710

Referring to Financial Services Authority Regulation Number ... Year ... concerning Representative Offices of Financing Institutions, Venture Capital Companies, and Other Financial Service Institutions Headquartered Abroad, hereby we apply for a business license as KPPVL:
Name : ………………….......……………………………………..
Address : ……………………………………………………............
City: ..... Province: ..... Postal Code: ......
Telephone Number: …………….…………….……………
Email : ……………………………………………………............

The purpose of opening the KPPVL is for ..................……………………………

To complete the aforementioned application, we hereby submit the following documents:

1. the purpose of opening the KPPVL in Indonesia;
2. a copy of the deed of establishment of the legal entity of the PVL headquartered abroad, including the articles of association approved by the competent authority in the local country, accompanied by a translation in Indonesian or English;
3. a copy of documents and/or official information regarding the business license of the PVL headquartered abroad issued by the local country authority;
4. a copy of documents from the local country authority stating:
   a. the PVL meets prudential and market conduct aspects; b. the PVL does not violate laws, regulations, requirements, standards of the authority and/or government of the local country;
   c. approval to open the KPPVL in Indonesia; and
   d. the PVL headquartered abroad has good performance and reputation.
5. consolidated financial reports for the last 3 (three) years from the PVL headquartered abroad, audited by an independent public accounting firm;
6. the latest financial report from the PVL headquartered abroad;
7. prospective leader of the KPPVL accompanied by the fulfillment of administrative requirement documents in accordance with the Financial Services Authority Regulation regarding the assessment of ability and propriety for key parties of financial service institutions;
8. permanent residence permit and work permit from the competent authority for prospective leaders of the KPPVL who are foreign nationals;
9. the plan for the organizational structure and human resources of the KPPVL;
10. a statement letter from the competent official of the PVL headquartered abroad stating the KPPVL's commitment to contribute to the Indonesian economy;
11. the work plan for the KPPVL for the first 1 (one) year;
12. a list of customers or prospective customers in Indonesia for the PVL headquartered abroad along with financing portfolio details; and
13. complete address data of the KPPVL accompanied by proof of ownership or control of the office building.

We can be contacted regarding the license application for opening the KPPVL by Mr./Ms............. via email ........ and telephone number..........

This is our application, and we thank you for your attention, Sir/Madam.

Respectfully,
Competent Official * ...............
..................................
(Clear Name* and Signature)
*) Specify
) Strike out what is not needed

FORM 2:
SELF-ASSESSMENT APPLICATION FOR LICENSE TO OPEN KPPVL SELF-ASSESSMENT FORM LICENSE TO OPEN KPPVL Company Name :
Application Letter Number :
Application Letter Date :
Brief Description of Activities :
Contact Person (Name, Tel/email) :
NO. DESCRIPTION YES NO NOTES

1. Is the application letter signed by the competent official of the PVL headquartered abroad?
   Name of signatory of letter: ...
2. Has the application included the purpose of opening the KPPVL in Indonesia?
3. Has the application included a copy of the deed of establishment of the legal entity of the PVL headquartered abroad, including the articles of association approved by the competent authority in the local country, accompanied by a translation in Indonesian or English?
4. Has the application included a copy of documents and/or official information regarding the business license of the PVL headquartered abroad issued by the local country authority?
5. Has the application included a copy of documents from the local country authority stating:
   a. the PVL meets prudential and market conduct aspects?; b. the PVL does not violate laws, regulations, requirements, standards of the authority and/or government of the local country?;
   c. approval to open the KPPVL in Indonesia?; and
   d. the PVL headquartered abroad has good performance and reputation?
6. Has the application included consolidated financial reports for the last 3 (three) years from the PVL headquartered abroad, audited by an independent public accounting firm?
7. Has the application included the latest financial report from the PVL headquartered abroad?
8. Has the application included an explanation regarding the prospective leader of the KPPVL accompanied by the fulfillment of administrative requirement documents in accordance with the Financial Services Authority Regulation regarding the assessment of ability and propriety for key parties of financial service institutions?
9. Has the application included residence permit and work permit documents from the competent authority for prospective leaders of the KPPVL who are foreign nationals?
10. Has the application included the plan for the organizational structure and human resources of the KPPVL?
11. Has the application included a statement letter from the competent official of the PVL headquartered abroad stating the KPPVL's commitment to contribute to the Indonesian economy?
12. Has the application included the work plan for the first 1 (one) year?
13. Has the application included a list of customers or prospective customers in Indonesia for the PVL headquartered abroad along with financing portfolio details?
14. Has the application included information regarding the complete address data of the KPPVL accompanied by proof of ownership or control of the office building?
15. Is the application letter submitted in Indonesian and English?
16. Other documents (if any, specify)

We, the undersigned, hereby state that the above entries are consistent with the actual situation. The application and documents uploaded to the application are the same as the originals, and the original documents have been stored. In the event that the Financial Services Authority later requires the stored original documents, we are willing to submit said documents to the Financial Services Authority.

(Place, Date, Month, Year)
Competent Official
Signature
(Clear Name)

FORM 3:
QUARTERLY REPORT OF KPPVL
Quarterly Financing Activity Report
(in full rupiah units)
No. Debtor Name Identity Number Type of Financial Service Institution Economic Sector Financing Date Location Maturity Date Financing Quality Total Current Doubtful Bad Financing

Column Explanations:
a. Debtor Name
Filled with the name of the debtor, whether an individual or a company in Indonesia, that receives financing/equity participation from the headquarters or branch office of a Financing Institution (PVL) headquartered abroad.

b. Identity Number
Filled with the identity number of the debtor obtaining financing/equity participation, which may be a Taxpayer Identification Number (NPWP) or a Population Identity Number (NIK).

c. Type of Financial Service Institution
Filled with the type of financial service institution providing financing/equity participation, referring to the regulations applicable to the PVL headquarters as established by the local authority.

d. Economic Sector
Filled with the economic sector of the debtor obtaining financing/equity participation, namely:

1. agriculture, hunting, and agricultural services;
2. mining;
3. manufacturing industry;
4. electricity, gas, and water;
5. construction;
6. trade, restaurants, and hotels;
7. transportation, warehousing, and communication;
8. business services;
9. social/community services; or
10. others.

e. Financing Date
Filled with the date of placement of financing/equity participation to the customer in dd/mm/yy format.

f. Location
Filled with the location of the debtor obtaining financing/equity participation.

g. Maturity Date
Filled with the date of the end of the customer's obligation to repay the financing/equity participation (if any).

h. Financing Quality
Filled with the financing quality category, consisting of performing/doubtful/loss quality, referring to the regulations applicable to the PVL headquarters as established by the local authority.

i. Total Financing
Filled with the total rupiah value of the total balance of receivables/financing assets/equity participation.

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