Client Newsletter – New OJK Regulation on Regulatory Sandboxing for Digital Financial Innovation – OJK Regulation No. 13/POJK.02/2018
New Indonesian Financial Services Authority (“OJK“) regulation on digital financial innovation sandboxing: OJK has issued OJK Regulation No. 13/POJK.02/2018 on Digital Financial Innovation in the Financial Sector, which became effective starting from 16 August 2018.
This regulation may change how businesses in the financial and technology sector operate and interact with the government, some of which may have previously been operating under a legal vacuum in Indonesia. Among the businesses which may be affected are those operating in peer-to-peer lending, robo-advisory, equity crowdfunding and credit scoring.
The introduction of this regulation also demonstrates OJK’s commitment to design regulations that can balance the desire for rapid innovation with public accountability.
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