Aftech: Fintech Capital Regulations Improve Operator Security and Reliability
Bank Indonesia (BI) has issued two new regulations covering aspects of restructuring and optimization for fintech. The rules, which include a minimum capital requirement, are assessed by the Indonesian Fintech Association (Aftech) as helping to encourage the security and reliability of fintech to be more adequate.
BI strengthened the payment system implementation ecosystem through the issuance of Bank Indonesia Regulation No.23/6/PBI/2021 concerning Payment Service Providers (PBI PJP) and Bank Indonesia Regulation No.23/7/PBI/2021 concerning Payment System Infrastructure Operators (PBI PIP). ). The two rules will come into effect on July 1, 2021. These efforts are carried out, among others, through the efficiency of the payment system in Indonesia in the form of simplifying the processing of PJP permits and determining PIP. In addition, also in processing the development of risk-based activities, products, and/or cooperation. In addition to efficiency aspects, the issuance of the two PBIs includes restructuring and optimization aspects. Restructuring is related to the minimum paid-up capital requirements for PJP and PIP based on their activities as well as the fulfillment of payment system capital obligations (KPSP), risk management, and information system security standards based on the classification of System Operators. Systemic Payments (PSPS), Critical Payment System Operators (PSPK), and General Payment System Operators (PSPU). Meanwhile, optimization aspects of follow-up supervision and evaluation of permits/stipulations as well as data/information acquisition are one of the main aspects in an effort to maintain a healthy industry. This is in line with the reform of the regulation of the implementation of the payment system (PBI SP).
|•SOURCE•| Articles :INVESTOR | Image :IFLR |
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