Bank Indonesia (“BI”) has issued the newest regulation on Electronic Money (“E-Money”), i.e. Bank Indonesia Regulation No. 20/6/PBI/2018 on Electronic Money (“PBI 20/2018”).
PBI 20/2018 fully replaced the previous regulations on E-money, which are Bank Indonesia Regulation No.11/12/PBI/2009 and its amendments (“Previous Regulations”). By issuing PBI 20/2018, BI aims to adjust the technological developments related to financial matters by regulating several additional requirements and obligations which were not regulated in the Previous Regulations.
Regulation No. 20/2018 introduces several key changes by setting up the provisions mentioned as below:
1. Classifications of E-Money;
2. E-Money Operators;
3. E-Money Issuers;
4. Organization of E-Money;
5. Unification, merging, segregation and takeover of E-Money administrators;
6. Reporting and supervision; and
7. Sanctions.
