Indonesia’s Financial Services Authority Issues Regulations to Define and Regulate the Digital Banking Sector 

In an effort to structure and regulate the digital banking sector across Indonesia, which has increasingly gained popularity, the Financial Services Authority of Indonesia (OJK) issued regulations in August 2021.

Why it Matters?

The crisis created by the COVID-19 has brought the digital economy to the forefront highlighting the need to structure it. Electronic commerce (E-commerce) is predicted to grow significantly in the next few years and will prove to be crucial to attract entrepreneurship and investors. Indonesia as a country has huge potential to develop e-commerce with an expanding middle class facilitated by a growing per capita GDP, large younger population that is tech-savvy and the increasing number of tech start-ups that are generated in the c...