Indonesia

Cryptocurrency

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.

Anti-Money Laundering

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.

Payments & Settlements

Bank Indonesia Set to Launch Faster Payment System

By Sanday Chongo Kabange | 11/11/2021

‘BI-Fast’ will enable real-time payments 24/7 for retail customers, and will also be used in cross-border payments in future.

Sustainable Finance

OJK Indonesia Establishes New Sustainable Finance Task Force

By Ranamita Chakraborty | 10/10/2021

The task force comprises 47 financial institutions including banks, securities firms, insurers, pension funds and financiers.

Reporting & Disclosures

ASEAN Exchanges to Identify Common ESG Metrics

By Pongnut Thanaboonchai | 26/09/2021

Seven ASEAN exchanges have formed a new ESG working group to start work towards a ‘common sustainability programme’.

Payments & Settlements

China, Indonesia Launches Local Currency Settlement Framework

By Sanday Chongo Kabange | 08/09/2021

Bank Indonesia has also recently expanded its local currency settlement frameworks with Japan, Malaysia and Thailand.

Structural Regulation

Bank Indonesia Raises Mandatory MSME Lending Thresholds

By Pongnut Thanaboonchai | 07/09/2021

The mandatory minimum MSME lending requirements will be increased in phases. Lenders that fail to meet the thresholds will face a maximum penalty of IDR 5 billion.

Payments & Settlements

Bank Indonesia Issues Framework for Open Banking

By Sanday Chongo Kabange | 26/08/2021

Under the framework, 16 banks and payment service providers will be required to adopt open API systems by June 2022.

Payments & Settlements

Thailand, Indonesia Pilot Cross-border QR Payment Link

By Manesh Samtani | 17/08/2021

The full commercial launch will take place in Q1 2022. Indonesia has separately also launched a national open API payment standard.