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Indonesia: fintech & payments regulation

Regulated

Indonesia fintech & payments: OJK/Bappebti/Bank Indonesia dual oversight under 2024/2025 reforms

Lead regulator:
Otoritas Jasa Keuangan (OJK)
Key law:
Financial Sector Development and Strengthening Law (Law No. 4 of 2023)
Last updated:
2026-07-12

Indonesia operates a multi-regulator framework for fintech and payments, primarily overseen by the Otoritas Jasa Keuangan (OJK), Bank Indonesia (BI), and the Commodity Futures Trading Regulatory Agency (Bappebti). The OJK regulates digital financial assets (including crypto assets), crowdfunding, and financial technology innovation providers under the 2024/2025 regulatory updates. Bank Indonesia maintains exclusive authority over payment systems, electronic money, and payment service providers. Bappebti retains jurisdiction over physical commodity trading, including physical crypto asset trading on futures exchanges.

Recent regulatory developments have significantly expanded OJK's supervisory scope, transferring authority for digital financial asset derivatives from Bappebti to OJK and introducing strict licensing and capital requirements for crowdfunding and alternative credit scoring. The regulatory environment is characterized by a shift toward electronic licensing, enhanced consumer protection, and mandatory health assessments for technology-based financial service providers.

Who regulates

  • Otoritas Jasa Keuangan (OJK)

    Primary supervisor for capital markets, digital financial assets, crowdfunding, fintech innovation, and financial service aggregation.

    [1][2][3][4]

  • Bank Indonesia (BI)

    Supervisor of payment systems, electronic money, payment service providers, and settlement infrastructure.

    [5][6]

  • Badan Pengawas Perdagangan Berjangka Komoditi (Bappebti)

    Supervisor of commodity futures, physical commodity trading, and physical crypto asset trading on futures exchanges.

    [7][8][9]

Core laws & rules

  • Financial Sector Development and Strengthening Law (2023)

    The foundational law mandating the expansion of OJK's authority over digital financial assets and fintech innovation, and establishing the legal basis for new licensing regimes.

    [2][4]

  • OJK Regulation No. 27 of 2024 (2024)

    Regulation assuming full regulatory and supervisory authority over Digital Financial Assets and Crypto Assets from Bappebti.

    [2]

  • Bank Indonesia Regulation No. 23/6/PBI/2021 (2021)

    Comprehensive regulatory framework for Payment Service Providers (PJP) covering fund administration, payment initiation, and remittance.

Licensing & registration

  • Digital Financial Asset Trading Operator

    Requires OJK license; operators must submit comprehensive business plans and adhere to strict governance standards.

    [10][2]

  • Payment Service Provider (PJP)

    Requires Bank Indonesia license; covers fund administration, payment initiation, and remittance services.

  • IT-Based Collective Financing (LPBBTI)

    Requires OJK license; mandates minimum equity of IDR 12 billion. Capital: IDR 12 billion

    [11]

  • Financial Service Aggregation Institution (PAJK)

    Requires OJK license under POJK No. 4 of 2025; targets financial sector technology innovations.

    [4]

  • Physical Crypto Asset Trader

    Requires Bappebti approval to trade physical crypto assets on futures exchanges; subject to strict operational and reporting guidelines.

    [7]

Restrictions & warnings

  • Digital financial asset derivatives are exclusively regulated by OJK, with authority transferred from Bappebti.

    [3]

  • Payment system infrastructure providers require prior designation from Bank Indonesia based on risk assessments.

    [5]

  • LPBBTI operators must maintain a minimum Composite Ratio as part of mandatory health level assessments.

    [12]

Direction of travel

  • Regulatory focus is shifting towards electronic licensing, enhanced reporting requirements, and stricter capital adequacy for financial service institutions.

    [13][14]

  • OJK is expanding its scope to include financial service aggregation and alternative credit scoring, reflecting a broader fintech regulatory net.

    [4][15]

Sources

  1. Regulation of the Commodity Futures Trading Regulatory Agency Number 2 of 2021 Concerning Technical Requirements for Controlled Atmosphere Storage (CAS) Warehouses in the Warehouse Receipt System · 2021-08-01
  2. Regulation of the Financial Services Authority Number 27 of 2024 on the Organization of Digital Financial Asset Trading Including Crypto Assets · 2024-01-01
  3. Amendment to Financial Services Authority Regulation Number 27 of 2024 Concerning the Organization of Digital Financial Asset Trading Including Crypto Assets · 2025-01-01
  4. OJK Regulation Number 4 of 2025 on Financial Service Aggregation Institutions · 2025-01-01
  5. Bank Indonesia Regulation on Payment System Infrastructure Providers · 2021-07-01
  6. Regulation of Board of Member of Governors Number 21/18/PADG/2019 on Implementation of National Standard on Quick Response Code for Payment · 2019-08-21
  7. Bappebti Regulation No. 9 of 2024 on the Third Amendment to Regulation No. 8 of 2021 Regarding Guidelines for Physical Crypto Asset Trading on Futures Exchanges · 2024-10-16
  8. Regulation of the Commodity Futures Trading Supervisory Agency Number 3 of 2025 Concerning Procedures for the Implementation of Digital Physical Gold Trading on Futures Exchanges · 2025-06-25
  9. Bappebti Regulation No. 6 of 2025 on the Third Amendment to Regulation No. 69/BAPPEBTI/PER/6/2009 Concerning Market Makers and Obligations to Trade Futures Contracts on Futures Exchanges · 2025-12-19
  10. OJK Circular No. 34/SEOJK.07/2025 on Business Plans for Digital Financial Asset Trading Operators · 2025-01-01
  11. Financial Services Authority Regulation No. 40 of 2024 on Information Technology-Based Collective Financing Services · 2024-01-01
  12. Assessment of the Health Level of Information Technology-Based Joint Financing Service Providers · 2025-01-01
  13. Electronic Licensing, Approval, and Reporting for Financing Companies and Sharia Financing Companies · 2026-06-23
  14. OJK Circular on Reporting by Financial Sector Technology Innovation Providers with Business Licenses at the Financial Services Authority · 2025-01-01
  15. OJK Regulation No. 29 of 2024 on Alternative Credit Scoring (PKA) · 2024-01-01

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This guide is compiled automatically from 15 primary-source documents published by Indonesia's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.