The New Indonesian Umbrella Regulation on Payment Systems: Key Points that Foreign Investors Should be Aware of

On 30 December 2020, Bank Indonesia issued Bank Indonesia Regulation No. 22/23/PBI/2020 of 2020 on Payment Systems (“Payment Systems Regulation”). The Payment Systems Regulation is intended to serve as an “umbrella” regulation that provides a regulatory framework for the Indonesian payment systems industry. This regulation will come into force on 1 July 2021.

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New Regulation on Electronic System Organizers in the Private Sector

The Minister of Communication and Informatics (“MOCI”) has finally issued MOCI Regulation No. 5 of 2020 on Electronic System Organizers (“ESO”) in the Private Sector (“MOCI Regulation 5/2020”) that serves as the new implementing regulation of Government Regulation No. 71 of 2019 on The Organization of Electronic Systems and Transactions (“GR 71/2019”) (together, the “ESO Regulations”), that revokes 2 (two) previous implementing regulations: MOCI Regulation No. 19 of 2014 on The Handling of Internet Websites Containing Negative Content and MOCI Regulation No. 36 of 2014 on The Procedure for the Registration of ESOs. MOCI Regulation 5/2020 was issued on 16 November 2020 and came into force on 24 November 2020.

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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.

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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”).

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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.”

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