There is no information on the social and political climate towards RegTech services in Indonesia.
Up to this date, there are no specific regulations, obligations and requirements with respect to RegTech in Indonesia.
Therefore, a fintech company conducting this business will only need to comply with general business license (e.g. certificate of domicile, company’s certificate and trading business license, as relevant) in Indonesia.
However by considering the procedures as stated in BI Regulations on Fintech and should the business player deems its business model can be considered as “Financial Technology”, it is possible for them to firstly register to BI as financial technology operator and follow the determined procedures i.e. registration and Regulatory Sandbox.
Please see detailed explanation on Part “1. Payment Service / Mobile Payment”, particularly on “Legal Affairs” part.
The market for this type of business is relatively small and not common in Indonesia.
Since this area has not yet been regulated specifically, to the best of our knowledge, the availability of this type of business is relatively small and not common in Indonesia. The government will likely take the view that there is no urgency to further regulate this type of business.