Indonesia

Fintech / Regtech

More Banks Join Indonesia’s New Fast Payments System

By Sanday Chongo Kabange | 07/02/2022

BI-Fast launched in December with an initial 21 entities; 21 additional banks and Indonesia’s CSD have now also enrolled.

Market Infrastructure

Malaysia, Indonesia Launch Cross-border QR Payments Linkage

By Editors | 27/01/2022

The linkage will eventually be expanded to support real-time cross-border fund transfers. The 2nd phase of Malaysia’s QR payment linkage with Thailand has also gone live.

Fintech / Regtech

Singapore, Indonesia to Deepen Cooperation on Payments, AML

By Editors | 22/01/2022

MAS and Bank Indonesia will deepen cooperation on payments innovation, monetary policy, macroprudential policy, financial stability, and AML/CFT.

Market Infrastructure

Indonesian Regulators Publish LIBOR Transition Guide

By Editors | 28/12/2021

The guide recommends five steps for market participants with LIBOR exposures, to help them respond to and prepare for the transition.

Fintech / Regtech

Bank Indonesia Launches New Fast Payments System, BI-Fast

By Sanday Chongo Kabange | 24/12/2021

BI-Fast lowers the interbank transfer fee, set at IDR 2,500 (USD 0.18) per transaction, down from the usual IDR 6,500 fee for interbank transfers. 21 banks have so far enrolled on BI-Fast.

Market Infrastructure

Indonesia Forms National Working Group on Benchmark Reform

By Editors | 29/11/2021

The working group will provide information and education to market players and recommendations on alternative benchmark rates.

Market Infrastructure

Bank Indonesia Issues Implementation Regulations for BI-FAST

By Editors | 22/11/2021

Banks with IDR 6 trillion in core capital, and non-bank institutions with IDR 100 billion in paid-up capital, can be direct participants of BI-FAST.

Fintech / Regtech

Indonesia Religious Council Declares Crypto Assets Forbidden

By Editors | 12/11/2021

Crypto assets as a currency are considered haram, or banned, for Muslims, according to Indonesia’s National Ulema Council.

Fintech / Regtech

Indonesia, UAE to Cooperate on Payments, Fintech, AML

By Editors | 11/11/2021

Central banks will cooperate on cross-border payments, fintech, and AML. Financial services regulators will cooperate on developing the Islamic finance industry.