Indonesia: BI Grants Registration for 15 Fintechs

• Apr 03, 2018

TEMPO.CO, Jakarta – Bank of Indonesia (BI) has granted the registration of payment system for 15 technology-based financial services providers (Fintech). However, BI is still waiting for the entity to enter the regulatory sandbox for later approval.

Executive Director of Payment System Department of BI, Onny Widjanarko, stated here on Monday that out of the 15 fintechs, the operational system of only one organizer, namely PT Toko Pandai Nusantara (Pandai Shop), had entered a regulatory sandbox. If Toko Pandai could fill the requirements in the regulatory sandbox, then BI will give permission for a wider business scale.

“A fintech that could be qualified to enter a regulatory sandbox must have elements that can be categorized into the payment system and contain innovative, beneficial, and non-exclusive elements,” he remarked.

In addition, there are a total of 14 other fintech services that are still in the process of entering the regulatory sandbox. Fintech operators that have just signed up to BI can still operate and provide services normally, but it does not have large-scale operation as granted fintech.

Overall, a total of 15 registered Fintech operators or products in BI include Cashlez MOSP, Pay by QR, Bayarind Payment Gateway, Smart Store, yoOk Pay, Halomoney, Duithape, Saldomu, Tax Pay, Wallez, Lead Generation Credit Scoring Check Loan Market Place, Netzme, Mareco-Pay, and Ipaymu.

Source: https://en.tempo.co/read/news/2018/04/03/056917215/BI-Grants-Registration-for-15-Fintechs