Regulation of the Board of Commissioners of the Financial Services Authority Number 2 of 2026 Concerning the Implementation of Buy Now Pay Later for Financing Companies and Sharia Financing Companies

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REGULATION OF THE BOARD OF COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA NUMBER 2 OF 2026 CONCERNING THE IMPLEMENTATION OF BUY NOW PAY LATER (BUY NOW PAY LATER) FOR FINANCING COMPANIES AND SHARIA FINANCING COMPANIES BY THE GRACE OF GOD THE ALMIGHTY THE BOARD OF COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering: a. that in order to implement the mandate of Article 2 paragraph (4), Article 14 paragraph (5), Article 15 paragraph (2) of Financial Services Authority Regulation Number 32 of 2025 concerning the Implementation of Buy Now Pay Later (Buy Now Pay Later) (State Gazette of the Republic of Indonesia Year 2025 Number 44/OJK, Supplement to the State Gazette of the Republic of Indonesia Number 173/OJK) as well as to implement the mandate of Article 19B paragraph (2), Article 19H paragraph (13), Article 19J paragraph (4), and Article 19M paragraph (5) of Financial Services Authority Regulation Number 46 of 2024 concerning the Development and Strengthening of Financing Companies, Infrastructure Financing Companies, and Venture Capital Companies (State Gazette of the Republic of Indonesia Year 2024 Number 59/OJK, Supplement to the State Gazette of the Republic of Indonesia Number 127/OJK) as amended by Financial Services Authority Regulation Number 35 of 2025 concerning Amendments to Financial Services Authority Regulation Number 46 of 2024 concerning the Development and Strengthening of Financing Companies, Infrastructure Financing Companies, and Venture Capital Companies (State Gazette of the Republic of Indonesia Year 2025 Number 51/OJK, Supplement to the State Gazette Number 179/OJK), it is necessary to regulate implementation provisions regarding Digital Financing Services in the form of Buy Now Pay Later activities for Financing Companies and Sharia Financing Companies; b. that based on the considerations as referred to in letter a, it is necessary to establish a Regulation of the Board of Commissioners of the Financial Services Authority concerning the Implementation of Buy Now Pay Later (Buy Now Pay Later) for Financing Companies and Sharia Financing Companies. Recalling: 1. Financial Services Authority Regulation Number 32 of 2025 concerning the Implementation of Buy Now Pay Later (Buy Now Pay Later) (State Gazette of the Republic of Indonesia Year 2025 Number 44/OJK, Supplement to the State Gazette of the Republic of Indonesia Number 173/OJK);
2. Financial Services Authority Regulation Number 46 of 2024 concerning the Development and Strengthening of Financing Companies, Infrastructure Financing Companies, and Venture Capital Companies (State Gazette of the Republic of Indonesia Year 2024 Number 59/OJK, Supplement to the State Gazette of the Republic of Indonesia Number 127/OJK) as amended by Financial Services Authority Regulation Number 35 of 2025 concerning Amendments to Financial Services Authority Regulation Number 46 of 2024 concerning the Development and Strengthening of Financing Companies, Infrastructure Financing Companies, and Venture Capital Companies (State Gazette of the Republic of Indonesia Year 2025 Number 51/OJK, Supplement to the State Gazette Number 179/OJK);
DECIDING:
Establishing: A REGULATION OF THE BOARD OF COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY CONCERNING THE IMPLEMENTATION OF BUY NOW PAY LATER (BUY NOW PAY LATER) FOR FINANCING COMPANIES AND SHARIA FINANCING COMPANIES.
Article 1
Provisions concerning the Implementation of Buy Now Pay Later (Buy Now Pay Later) for Financing Companies and Sharia Financing Companies as contained in the Appendix which is an integral part of this Regulation of the Board of Commissioners of the Financial Services Authority.
Article 2
Compliance with the creditworthiness analysis of Prospective Debtors and/or Debtors for Financing Companies and Sharia Financing Companies regarding:
a. the age limit of the Debtor; and b. the income of the Debtor, shall take effect no later than July 1, 2026, against the acquisition of Prospective Debtors and/or the extension of financing or Sharia financing.

This copy is in accordance with the original
Head of the Legal Development Directorate
Legal Department signed.
Aat Windradi

Article 3
This Regulation of the Board of Commissioners of the Financial Services Authority shall take effect on the date of establishment.
Established in Jakarta on May 4, 2026
EXECUTIVE HEAD
SUPERVISOR OF FINANCING INSTITUTIONS, VENTURE CAPITAL COMPANIES, MICROFINANCE INSTITUTIONS, AND OTHER FINANCIAL SERVICE INSTITUTIONS FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA, AGUSMAN signed.

APPENDIX
REGULATION OF THE BOARD OF COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA NUMBER 2 OF 2026 CONCERNING THE IMPLEMENTATION OF BUY NOW PAY LATER (BUY NOW PAY LATER) FOR FINANCING COMPANIES AND SHARIA FINANCING COMPANIES

I. GENERAL PROVISIONS
In this Regulation of the Board of Commissioners of the Financial Services Authority, the following terms are defined:

1. Financing Company is a legal entity that conducts financing activities for goods and/or services to the public, including those that conduct their business activities either partially or entirely based on Sharia principles.
2. Sharia Principle is Islamic legal principles based on fatwas and/or Sharia compliance statements issued by institutions having authority in determining fatwas in the Sharia field.
3. Electronic System is a series of electronic devices and procedures that function to prepare, collect, process, analyze, store, display, announce, send, and/or disseminate electronic information.
4. Debtor is a business entity or individual who receives financing for goods and/or services from a Financing Company or a consumer, whether a business entity or individual, who enters into a Sharia financing agreement with a Sharia Financing Company or a Financing Company that has a Sharia business unit.
5. Buy Now Pay Later (Buy Now Pay Later) hereinafter referred to as BNPL is a financing facility provided by financial service institutions through an Electronic System for the purchase of goods and/or services.
6. Multi-purpose Financing is financing for goods and/or services needed by the Debtor for use/consumption and not for business or productive activities within the agreed period.
7. Working Capital Financing is financing to meet expenditure needs that are exhausted in one cycle of the Debtor's business activity.
8. Sales Financing is financing in the form of providing goods through sales transactions in accordance with the Sharia financing agreement agreed upon by the parties.
9. Service Financing is the provision/provision of services, whether in the form of providing benefits over a good, lending, and/or providing services with and/or without payment of service fees in accordance with the Sharia financing agreement agreed upon by the parties.
10. Investment Financing is financing for capital goods and services needed for business/investment activities, rehabilitation, modernization, expansion, or relocation of business/investment premises provided to the Debtor.
11. Partner is another party that cooperates with the Financing Company in the provision of goods and/or services to the Debtor.

II. IMPLEMENTATION OF BNPL

1. In implementing BNPL, Financing Companies must meet the BNPL characteristics as regulated in the provisions of legislation concerning the implementation of BNPL.
2. In implementing BNPL, Financing Companies must have certainty through appropriate analysis of the Debtor's ability and willingness that the Debtor can repay its obligations through the return of the principal financing and interest/margin/return/ujrah as agreed.
3. In applying the principle of prudence, Financing Companies implementing BNPL must ensure that BNPL at least:
   a. is not used for illegal transaction purposes, such as drug transactions, gambling, firearm purchases, and/or other illegal activities violating the provisions of legislation; b. does not apply compound interest or interest on interest; and/or
   c. does not provide additional costs upon early repayment.

III. APPLICATION OF SHARIA PRINCIPLES IN BNPL IMPLEMENTATION

1. Financing Companies must fulfill Sharia Principles in conducting business activities and in the use of contracts.
2. Fulfillment of Sharia Principles in the use of contracts as referred to in number 1 must be supported:
   a. by a fatwa from an institution having authority in determining fatwas in the Sharia field or a Sharia compliance statement from an institution having authority in determining fatwas in the Sharia field that serves as the basis for the use of the contract; and b. by an opinion from the Sharia Supervisory Board of the Financing Company regarding the use of specific contracts for Sharia financing business activities.
3. The Sharia Supervisory Board conducts an evaluation of the fulfillment and application of Sharia Principles at least covering:
   a. BNPL disbursement activities; b. standard operating procedures;
   c. BNPL marketing practices; and
   d. accounting application.
4. The evaluation of the fulfillment and application of Sharia Principles as referred to in number 3 is conducted by the Sharia Supervisory Board periodically at least once every 2 (two) months.
5. The results of the evaluation of the fulfillment and application of Sharia Principles as referred to in number 4 are reported by the Sharia Supervisory Board in a meeting with the Board of Directors and recorded in the meeting minutes.

IV. APPROVAL FOR BNPL IMPLEMENTATION

1. Financing Companies intending to implement BNPL must submit an application for BNPL implementation approval to the Financial Services Authority.
2. Financing Companies submitting an application for BNPL implementation approval as referred to in number 1 must submit application documents at least consisting of:
   a. documents containing general information regarding BNPL consisting of:

1. the name of the BNPL product to be marketed;
2. information regarding BNPL product features, business model, or characteristics;
3. the date of BNPL implementation start; and
4. target market;
   b. documents containing information regarding BNPL benefits, costs, and risks consisting of:
5. benefits and costs for the Financing Company;
6. benefits and risks for the Debtor; and
7. business prospect analysis;
   c. documents explaining the financing mechanism or method to be used;
   d. documents describing the rights and obligations of the parties; e. documents containing policies and procedures for BNPL implementation; f. documents containing policies and procedures related to the application of anti-money laundering programs, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction; g. analysis and identification of BNPL implementation risks by the Financing Company in the form of risk identification, measurement, monitoring, and mitigation of BNPL implementation; h. documents containing the results of legal and compliance aspect analysis of the submitted BNPL, including in relation to consumer protection aspects and consumer education;
   i. examples of financing agreements to be used; and
   j. documents containing descriptions of the cooperation mechanisms conducted with Partners in the implementation of BNPL. The description is accompanied by supporting information at least consisting of Partner profiles, policies and procedures for selecting prospective Partners, cooperation agreements with Partners, and the results of cooperation analysis with Partners.

3. If necessary, the Financial Services Authority may request Financing Companies to complete the documents as referred to in number 2 and documents from independent examination results providing opinions on:
   a. BNPL implementation characteristics; b. the adequacy of Electronic System security related to BNPL activities; and
   c. compliance with Indonesian legislation provisions and/or practices or standards applicable nationally or internationally.
4. The approval application as referred to in number 1 is submitted by the Financing Company to the Financial Services Authority online through the Financial Services Authority's data communication network system.
5. In the event that the Financial Services Authority's data communication network system:
   a. is not yet available; and/or b. experiences technical disturbances or force majeure, the Financing Company submits the approval application as referred to in number 4 online in the form of electronic documents through the email address designated by the Financial Services Authority.
6. In the event of technical disturbances or force majeure as referred to in number 5 letter b, the Financial Services Authority announces this on the Financial Services Authority website or via email to the Financing Company.
7. Force majeure as referred to in number 5 letter b includes, among others, fire, mass riots, war, armed conflict, sabotage, pandemic, cyber attacks, and/or natural disasters, such as earthquakes or floods.
8. The submission of the approval application in the form of electronic documents via email as referred to in number 5 is sent through the mailingroomwismul@ojk.go.id address or other addresses designated by the Financial Services Authority and addressed to:
   a. the Licensing Department, Special Examination and Quality Control of Supervision of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Special Financial Service Institutions, for Financing Companies headquartered in the Special Capital Region of Jakarta; or b. the Financial Services Authority Office, for Financing Companies headquartered outside the Special Capital Region of Jakarta.
9. In the event of a change in the Financial Services Authority office address as referred to in number 8, the Financial Services Authority provides notification of the address change via letter or announcement.

V. MANAGEMENT OF PERSONAL DATA, TRANSACTION DATA, AND FINANCIAL DATA

1. In implementing BNPL, Financing Companies may only access the camera, location, and microphone on the devices owned by Prospective Debtors and/or Debtors, with the consent of the Prospective Debtors and/or Debtors.
2. Financing Companies must obtain consent from the owner of personal data to obtain and use the personal data, transaction data, and financial data owned by Prospective Debtors and/or Debtors.
3. Financing Companies that obtain personal data, transaction data, and financial data as referred to in number 2 cannot provide all personal data, transaction data, and financial data owned by Prospective Debtors and/or Debtors to third parties, except:
   a. there is consent from the Prospective Debtors and/or Debtors; and/or b. there are regulations in the provisions of legislation.
4. In the event that Prospective Debtors and/or Debtors provide written consent as referred to in number 2, the Financing Company:
   a. may provide the personal data, transaction data, and financial data of Prospective Debtors and/or Debtors to third parties; and b. ensures that the third parties as referred to in letter a do not provide and/or use the personal data, transaction data, and financial data of Prospective Debtors and/or Debtors for purposes other than those agreed upon between the Financing Company and the third party.
5. Financing Companies ensure that Prospective Debtors and/or Debtors are aware of the purpose of using personal data, transaction data, and financial data and the risks attached to the written consent provided by the Prospective Debtors and/or Debtors.
6. The written consent from Prospective Debtors and/or Debtors as referred to in number 4 is expressed in the form of a statement and consent and is documented by the Financing Company.
7. Personal data, transaction data, and financial data as referred to in number 2 must be secured through methods that ensure the process of reading personal data, transaction data, and financial data is conducted by authorized parties.
8. Personal data, transaction data, and financial data of Prospective Debtors and/or Debtors obtained and utilized by Financing Companies must meet the following criteria:
   a. the provision of limitations on the use of personal data, transaction data, and financial data to Prospective Debtors and/or Debtors; b. the provision of any changes in the purpose of using personal data, transaction data, and financial data to Prospective Debtors and/or Debtors, if any; and
   c. the media and/or methods used in obtaining and utilizing the personal data, transaction data, and financial data of Prospective Debtors and/or Debtors are guaranteed in confidentiality, security, and integrity.
9. Financing Companies must maintain the confidentiality, integrity, and availability of personal data, transaction data, and financial data owned by Prospective Debtors and/or Debtors that they manage, calculated from the time the data is obtained until the data is destroyed.
10. Financing Companies, in carrying out the deletion and/or destruction of Prospective Debtors' and/or Debtors' data, must consider:
    a. retention aspects based on the provisions of legislation; b. audit interests and examinations from supervisory and sectoral regulatory authorities; and
    c. no data is left behind and can be reused.
11. Financing Companies must notify the deletion and/or destruction of personal data, transaction data, and financial data to Prospective Debtors and/or Debtors with reference to the provisions of legislation.
12. Financing Companies prevent unauthorized access to the personal data, transaction data, and financial data of Prospective Debtors and/or Debtors.
13. The management of personal data, transaction data, and financial data of Prospective Debtors and/or Debtors is carried out in accordance with the provisions of legislation.

VI. MECHANISM FOR CREDITWORTHINESS ANALYSIS OF PROSPECTIVE DEBTORS AND/OR DEBTORS

1. Financing Companies or Partners must provide information that needs to be noted on the Financing Company's Electronic System or Partner platform to Prospective Debtors and/or Debtors at least consisting of:
   a. an explanation regarding BNPL; b. the Financing Company's services are subject to all provisions of legislation;
   c. the Financing Company must obtain consent from Prospective Debtors and/or Debtors as owners of personal data to obtain and use the personal data of Prospective Debtors and/or Debtors;
   d. the consent as referred to in letter c is limited to the camera, microphone, and location of the Prospective Debtors' and/or Debtors' devices as owners of personal data; e. the Financing Company needs to set an upper limit for financing facilities adjusted to the ability of Prospective Debtors and/or Debtors to conduct transactions, including the financial ability of Prospective Debtors and/or Debtors; f. a warning about the risk of late payment of financing installments on time; g. the Financing Company verifies the authenticity and completeness of all documents submitted by Prospective Debtors and/or Debtors. In the event that invalid or fake documents are found, the Financing Company can take follow-up actions in accordance with the applicable provisions of legislation; h. the Financing Company does not charge any fees to Prospective Debtors for complaint services; and
   i. the Financing Company provides information regarding dispute resolution and collection procedures in the event of financing default by Prospective Debtors and/or Debtors,
   before Prospective Debtors and/or Debtors submit financing applications to the Financing Company or Partners.
2. In conducting financing, Financing Companies must ensure that Prospective Debtors and/or Debtors understand the matters that need to be noted as referred to in number 1.
3. The financing application mechanism by Prospective Debtors and/or Debtors is as follows:
   a. Prospective Debtors and/or Debtors submit financing applications; and b. the Financing Company conducts analysis and credit scoring assessments on the financing application, including:

1. verifying the authenticity of submitted documents in accordance with the Financing Company's standard operating procedures;
2. conducting clarification and confirmation, whether face-to-face electronically and/or non-face-to-face electronically, with Prospective Debtors and/or Debtors as regulated in Financial Services Authority Regulations regarding the application of anti-money laundering programs, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction in the financial service sector;
3. processing data from other parties relevant to assessment needs (if necessary); and
4. creditworthiness analysis of Prospective Debtors and/or Debtors, at least covering:
   a) being at least 18 (eighteen) years old or married; and b) having an average gross income of at least IDR 3,000,000.00 (three million rupiah) per month supported by valid evidence such as pay slips or account statements of Prospective Debtors and/or Debtors.

4. The average gross income as referred to in number 3 letter b number 4) letter b) can be calculated using the income prediction method results for Prospective Debtors and/or Debtors.
5. Financing Companies may request valid evidence as referred to in number 3 letter b number 4) letter b) as supporting documents if the Debtor applies for a credit limit increase or during transaction processes.
6. Financing Companies can conduct risk management strategies by limiting financing disbursement. Example: financing disbursement is only given to Prospective Debtors and/or Debtors who do not receive financing from more than 3 (three) Financing Companies, including the Financing Company in question, based on the latest Prospective Debtors' and/or Debtors' information data.
7. After the Financing Company conducts analysis and assessment of Prospective Debtors and/or Debtors, the Financing Company determines the creditworthiness of Prospective Debtors and/or Debtors and provides information to Prospective Debtors and/or Debtors that:
   a. in the event that Prospective Debtors and/or Debtors are deemed eligible, the Financing Company provides the assessment results along with the tenor and interest/margin/return/ujrah of the financing applied for; and b. in the event that Prospective Debtors and/or Debtors are deemed ineligible, the Financing Company provides the ineligibility to Prospective Debtors and/or Debtors accompanied by the reasons for rejection.

VII. CREDIT SCORING ASSESSMENT

1. Credit scoring assessment as referred to in Roman VI number 3 letter b considers the eligibility and ability of Prospective Debtors and/or Debtors to meet financing payment obligations, namely character and repayment capacity, as well as other relevant aspects including verification of income from Prospective Debtors.
2. Assessment of repayment capacity as referred to in number 1 for financing is conducted, among others, by reviewing the comparison between the amount of principal payments and economic benefits paid by Prospective Debtors and/or Debtors with the income of Prospective Debtors and/or Debtors, set at a maximum of:
   a. 40% (forty percent) in 2027 and 2028; and b. 30% (thirty percent) from 2029 onwards.
   The amount of principal payments and economic benefits refers to the total amount of principal payments and economic benefits paid by Prospective Debtors and/or Debtors to the Financing Company.
3. In the framework of credit scoring assessment, Financing Companies can utilize data from:
   a. internal Financing Company data;

b. information service providers who have been registered or licensed by the relevant authority;
c. government institutions or state-owned enterprises or regional-owned enterprises; and/or
d. other institutions that have been registered or licensed by the relevant authority.

4. The utilization of data as referred to in item 3 is carried out by complying with provisions of legislation regarding personal data protection.

5. The credit scoring method as referred to in item 1 uses:
   a. traditional methodology, namely the credit scoring method that uses individual or Financing Company historical credit data to determine creditworthiness.
   This process involves analyzing data such as payment history, the amount of loans owned, loan duration, and various other factors related to past credit behavior; and/or b. machine learning methodology, namely the credit scoring method that uses machine learning algorithms to analyze data and predict the creditworthiness of prospective Debtors.

6. Financing Companies may use the machine learning system as referred to in item 5 letter b independently or in cooperation with third parties.

VIII. INFORMATION DISCLOSURE

1. For the implementation of BNPL, Financing Companies must provide information that needs to be noted by prospective Debtors and/or Debtors on the Electronic System.

2. The information as referred to in item 1 consists of:
   a. the source of financing funds in the event that financing is carried out with a joint financing mechanism, channeling financing, and/or has been transferred to other parties; b. the amount and frequency of installments; and/or
   c. other information determined by the Financial Services Authority.

3. Other information as referred to in item 2 letter c is included in the process:
   a. registration; and b. transaction.

4. Other information in the registration process as referred to in item 3 letter a contains at least the following information:
   a. a warning using adequate capital letters, as follows:
   “EVERY TRANSACTION WILL BE RECORDED IN THE FINANCIAL SERVICES INFORMATION SYSTEM (SLIK) OF THE FINANCIAL SERVICES AUTHORITY, WHICH IS A SYSTEM THAT RECORDS DEBTOR LOAN HISTORY FOR DEBTS TO FINANCIAL INSTITUTIONS. THIS TRANSACTION HAS THE POTENTIAL TO CAUSE DEBT ACCUMULATION. IF THE LOAN IS DECLARED PROBLEMATIC, THIS CAN RESULT IN THE BLOCKING OF ACCESS TO OTHER FINANCIAL SERVICES. THEREFORE, IT IS HOPED THAT YOU WILL ALWAYS BE CAREFUL AND WISE IN TRANSACTIONS, AND ADJUST TO YOUR NEEDS AND PAYING ABILITY.”; b. interest rate/margin/yield/ujrah and late payment fees;
   c. a statement from the prospective Debtor that they have understood all rights and obligations as a Debtor by checking the tick box; and
   d. BNPL account closure by the Debtor.

5. Other information in the transaction process as referred to in item 3 letter b contains at least the following information:
   a. the warning as referred to in item 4 letter a; b. the interest rate/margin/yield/ujrah amount for each tenor option;
   c. details of costs arising from third parties, such as shipping costs, insurance, and/or application services;
   d. the amount and frequency of installments; e. late payment fees, in the event of a delay; f. notification for each transaction to the Debtor, including through the Electronic System owned by the Financing Company; g. the source of financing funds in the event that financing is carried out with a joint financing mechanism, channeling financing, and/or has been transferred to other parties; and h. if early repayment is carried out by the Debtor.

6. Information contained in the Electronic System is stipulated in the BNPL agreement and a copy is delivered to the Debtor.

7. A copy of the information as referred to in item 6 is provided through the Electronic System owned by the Financing Company used by the Debtor to access financing.

8. In the event of early repayment as referred to in item 5 letter h, the Financing Company provides information at least consisting of:
   a. requirements for early repayment; b. the mechanism for submitting an early repayment application;
   c. the handling period by the Financing Company for the early repayment application; and
   d. other important information that needs to be known by the Debtor.

9. In the event of BNPL account closure by the Debtor as referred to in item 4 letter d, the Financing Company provides information at least consisting of:
   a. requirements for BNPL account closure; b. the mechanism for submitting a BNPL account closure application;
   c. the handling period by the Financing Company for the BNPL account closure application; and
   d. other important information that needs to be known by the Debtor.

IX. DEBT COLLECTION

1. Financing Companies may conduct debt collection independently or by appointing other parties to carry out debt collection.

2. Debt collection as referred to in item 1 is carried out in accordance with provisions of legislation governing consumer and public protection in the financial services sector.

3. In the event that the Financing Company does not conduct debt collection in accordance with the provisions as referred to in item 2, the Financing Company is subject to administrative sanctions in accordance with the provisions of legislation governing consumer and public protection in the financial services sector, including the dismissal of management.

X. CESSATION OF BNPL IMPLEMENTATION

1. Financing Companies cease the implementation of BNPL based on:
   a. initiative from the Financing Company; or b. order from the Financial Services Authority.

2. The implementation of the cessation of BNPL implementation based on the initiative of the Financing Company as referred to in item 1 letter a is carried out as follows:
   a. The Financing Company includes the BNPL cessation plan in the other information section of the business plan, in accordance with the Financial Services Authority Regulation regarding the business plan of non-bank financial service institutions; b. the BNPL cessation plan is accompanied by:

1. reasons and considerations for the cessation plan;
2. the cessation time plan;
3. the plan for settling or transferring the Financing Company's obligations; and
4. other relevant information;
   c. the BNPL cessation as referred to in letter a still pays attention to the settlement or transfer of the Financing Company's obligations by complying with the principles of consumer and public protection and compliance with legislation.

3. The cessation of BNPL based on the order of the Financial Services Authority as referred to in item 1 letter b is carried out if there are:
   a. violations of applicable legislation; b. risk profile increases that cannot be adequately mitigated; and/or
   c. increases in the number of Debtor complaints that cannot be resolved properly.

XI. ECONOMIC BENEFITS OF BNPL

1. Financing Companies must report the imposition of BNPL economic benefits.

2. The BNPL economic benefits imposed on the Debtor are the accumulation of all costs, including:
   a. interest rate/margin/yield/ujrah; b. administrative costs/commission fees/platform fees;
   c. insurance costs, if any; and/or
   d. other costs, if any.

3. The interest rate as referred to in item 2 letter a is calculated using the effective interest method and reported according to its tenor choice.
   What is meant by calculating the interest rate “using the effective interest method” is a method of calculating interest based on the carrying amount of a financial asset or liability in each period, using an interest rate that truly reflects the actual yield during the financing tenor.

4. The economic benefits as referred to in item 2 are reported with the nominal value of the economic benefits received by the Financing Company for the financing provided to the Debtor.

Example 1: Financing Company ABCD provides financing options with interest rates listed on the Financing Company's Electronic System and/or the Partner's platform with a range of 5% (five percent) to 60% (sixty percent) per year. If the Debtor receives financing of Rp5,000,000.00 (five million rupiah), the effective interest rate is 12% (twelve percent) per year, the financing tenor is for 1 (one) month, the administrative cost is Rp100,000.00 (one hundred thousand rupiah), and there are no insurance costs and provison fees, then the reporting of the economic benefit amount is calculated based on:
a. interest of Rp50,000.00 (fifty thousand rupiah); b. administrative costs of Rp100,000.00 (one hundred thousand rupiah); and
c. economic benefits of Rp150,000.00 (one hundred fifty thousand rupiah).
The economic benefits that must be reported by the Financing Company and borne by the Debtor amount to Rp150,000.00 (one hundred fifty thousand rupiah).

Example 2: Financing Company KLMN provides financing options with interest rates listed on the Financing Company's Electronic System and/or the Partner's platform with a range of 5% (five percent) to 60% (sixty percent) per year. If the Debtor receives financing of Rp5,000,000.00 (five million rupiah), the effective interest rate is 12% (twelve percent) per year, the financing tenor is for 12 (twelve) months, the administrative cost is Rp100,000.00 (one hundred thousand rupiah), and there are no insurance costs and provison fees, then the reporting of the economic benefit amount is calculated based on:
a. interest of Rp328,000.00 (three hundred twenty-eight thousand rupiah); b. administrative costs of Rp100,000.00 (one hundred thousand rupiah); and
c. economic benefits of Rp428,000.00 (four hundred twenty-eight thousand rupiah).
The economic benefits that must be reported by the Financing Company and borne by the Debtor amount to Rp428,000.00 (four hundred twenty-eight thousand rupiah).

Example 3: Financing Company OPQR provides financing options with interest rates listed on the Financing Company's Electronic System and/or the Partner's platform with a range of 5% (five percent) to 60% (sixty percent) per year. If the Debtor receives financing of Rp5,000,000.00 (five million rupiah), the effective interest rate is 12% (twelve percent) per year, the financing tenor is for 24 (twenty-four) months, the administrative cost is Rp100,000.00 (one hundred thousand rupiah), and there are no insurance costs and provison fees, then the reporting of the economic benefit amount is calculated based on:
a. interest of Rp652,000.00 (six hundred fifty-two thousand rupiah);

This copy is in accordance with the original
Head of Legal Development Directorate
Legal Department signed.
Aat Windradi

b. administrative costs of Rp100,000.00 (one hundred thousand rupiah); and
c. economic benefits of Rp752,000.00 (seven hundred fifty-two thousand rupiah).
The economic benefits that must be reported by the Financing Company and borne by the Debtor amount to Rp752,000.00 (seven hundred fifty-two thousand rupiah).

5. The procedure and format for reporting BNPL economic benefits refer to the provisions of legislation regarding monthly reports of Financing Companies and Sharia Financing Companies.

EXECUTIVE HEAD OF SUPERVISOR
OF FINANCING INSTITUTIONS,
VENTURE CAPITAL COMPANIES,
MICRO FINANCE INSTITUTIONS, AND
OTHER FINANCIAL SERVICE INSTITUTIONS
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA,
AGUSMAN signed.