The Arrival of the Long-Awaited KBLI Numbers in Fintech

On 24 September 2020, Statistics Indonesia (Badan Pusat Statistik ─ “BPS”) issued BPS Regulation No. 2 of 2020 on Indonesian Standard Business Classifications (Klasifikasi Baku Lapangan Usaha Indonesia ─ “KBLI”), which is known as the 2020 KBLI. The 2020 KBLI introduces more than 200 new 5-digit KBLI numbers to keep up with the rapid development of new types and divisions of businesses in Indonesia. Included among the new KBLI numbers, the 2020 KBLI introduces the long-awaited KBLI numbers specifically to accommodate fintech related business activities.

The Job Creation Law & Highlighted Changes to The Manpower Law

The highly anticipated Law No. 11 of 2020 on Job Creation (“Job Creation Law”) (or widely known as the Omnibus Law) was enacted on 2 November 2020 The Job Creation Law amends various regulations, including Law No. 13 of 2003 on Manpower (“Manpower Law”). The series of M&T Advisory will also provide insight of the highlighted changes to the Manpower Law due to the issuance of the Job Creation law.

Brief Introduction to Indonesia’s Job Creation / Omnibus Law

“Law No. 11 of 2020 on Job Creation (the “Job Creation Law” or widely known as the Omnibus Law) was issued and came into effect on 2 November 2020. The changes made by this Job Creation Law affect 78 Laws and provides several strategic policies among others on (i) broadening of the investment ecosystem and business activities; (ii) the ease of doing business; and (iii) acceleration of national strategic projects oriented towards national interests.”

The Indonesian Government’s Relaxation for Foreigners Entering Indonesia

On 29 September 2020, aiming to relax the temporary ban and limitation on foreigners entering Indonesia due to the Covid-19 pandemic, the Minister of Law and Human Rights issued its regulation Number 26 of 2020 on Visas and Stay Permits During the Adaptation to the New Normal Period. Read more about it here.

Regulating the Growth of Electronic and Digital Banking Services

With the rapid development of technology and the rise of new finance products and players in the fintech industry, banks are pushed to produce new products and innovative services in order to serve their customers and keep abreast of the behaviour of consumers who appreciate the convenience of digital services. In response to this, the Financial Services Authority (Otoritas Jasa Keuangan -- OJK) has issued OJK Regulation No. 12/POJK.03/2018 on the Organization of Digital Banking Services by Commercial Banks (“OJK 12/18”).