The Implementing Regulation of the Payment Systems Regulation: Payment Services Providers
Following the issuance of Bank Indonesia Regulation No. 22/23/PBI/2020 on Payment Systems (“Payment Systems Regulation”) on 30 December 2020 which came into force on 1 July 2021 that serves as an “umbrella” regulation that provides a regulatory framework for the Indonesian payment systems industry, this advisory discusses what follows the Payment Systems Regulation, that is one of the two newly issued implementing regulations of the Payment Systems Regulation, ie. Bank Indonesia Regulation No. 23/6/PBI/2021 on Payment Services Providers (Penyedia Jasa Pembayaran ─ “PJP”) which was issued and came into force on 1 July 2021 (“PBI PJP”).
Given the broad scope of the PBI PJP, this advisory only focuses on the scope of activities of PJPs, the licensing requirements, the ongoing capital, the single ownership policy and restrictions on corporate actions, particularly the requirements which apply to non-bank entity PJPs.