Following the enactment of Bank of Indonesia (“BI”) Regulation Number 22/23/PBI/2020 of 2020 on Payment System (“PBI 22/2020”) which has become effective as of 1 July 2021, BI has issued BI Regulation Number 23/6/PBI/2021 on Payment System Providers (“PBI 23/6/2021”) as the implementing regulations regarding payment system providers under the framework of the new payment system introduced by PBI 22/2020. PBI 22/2020, PBI 23/6/2021 hereinafter together shall be referred to as “New Payment System Regulations”.

PBI 23/6/2021 revokes several regulations namely (i) BI Regulation Number 11/11/PBI/2009 on the Implementation of Card-Based Payment Instrument as amended by BI Regulation Number 14/2/PBI/2012; (ii) BI Regulation Number 18/40/PBI/2016 on the Implementation of Payment Transaction Processing; (iii) BI Regulation Number 19/12/PBI/2017 on Implementation of Financial Technology; and (iv) BI Regulation Number 20/6/PBI/2018 on Electronic Money.

Upon the enactment of PBI 23/6/2021, payment system operators who have obtained their payment system operators license(s) under the previous payment system regime, would be reclassified and have their license(s) converted into payment system providers licenses pursuant to assessment conducted by BI in accordance with the New Payment System Regulations.

Please do refer to our previous publication for further elaboration on PBI 22/2020 and detailed comparison to the previous payment system regime.

Written by Ahmad Jamal Assegaf and Caroline Ignes Tando. Please click on the download button below to read this publication.

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