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Structural Regulation
Indonesia Forms National Working Group on Benchmark Reform
By Editors | 29/11/2021
The working group will provide information and education to market players and recommendations on alternative benchmark rates.
Payments & Settlements
Bank Indonesia Issues Implementation Regulations for BI-FAST
By Editors | 22/11/2021
Banks with IDR 6 trillion in core capital, and non-bank institutions with IDR 100 billion in paid-up capital, can be direct participants of BI-FAST.
Cryptocurrency
Indonesia Religious Council Declares Crypto Assets Forbidden
By Editors | 12/11/2021
Crypto assets as a currency are considered haram, or banned, for Muslims, according to Indonesia’s National Ulema Council.
Anti-Money Laundering
Indonesia, UAE to Cooperate on Payments, Fintech, AML
By Editors | 11/11/2021
Central banks will cooperate on cross-border payments, fintech, and AML. Financial services regulators will cooperate on developing the Islamic finance industry.
Payments & Settlements
Bank Indonesia Set to Launch Faster Payment System
By Sanday Chongo Kabange | 11/11/2021
‘BI-Fast’ will enable real-time payments 24/7 for retail customers, and will also be used in cross-border payments in future.
Sustainable Finance
OJK Indonesia Establishes New Sustainable Finance Task Force
By Ranamita Chakraborty | 10/10/2021
The task force comprises 47 financial institutions including banks, securities firms, insurers, pension funds and financiers.
Reporting & Disclosures
ASEAN Exchanges to Identify Common ESG Metrics
By Pongnut Thanaboonchai | 26/09/2021
Seven ASEAN exchanges have formed a new ESG working group to start work towards a ‘common sustainability programme’.
Payments & Settlements
China, Indonesia Launches Local Currency Settlement Framework
By Sanday Chongo Kabange | 08/09/2021
Bank Indonesia has also recently expanded its local currency settlement frameworks with Japan, Malaysia and Thailand.
Structural Regulation
Bank Indonesia Raises Mandatory MSME Lending Thresholds
By Pongnut Thanaboonchai | 07/09/2021
The mandatory minimum MSME lending requirements will be increased in phases. Lenders that fail to meet the thresholds will face a maximum penalty of IDR 5 billion.
Payments & Settlements
Bank Indonesia Issues Framework for Open Banking
By Sanday Chongo Kabange | 26/08/2021
Under the framework, 16 banks and payment service providers will be required to adopt open API systems by June 2022.
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