Thailand
Indonesia: BI Suspends 4 e-Money Products
TEMPO.CO, Jakarta – Bank Indonesia (BI) has suspended the services offered by four e-money platforms. BI official says that the products are not licensed. The products are BukaDompet by Bukalapak, TokoCash by Tokopedia, ShopeePay by Shopee, and Paytren by Yusuf Mansyur.
BI director of electronification program at the payment system policy and supervision department Pungky Purnomo Wibowo said the action was taken because the four e-money platforms have accommodated transactions up to billions.
While waiting for their licenses, the product’s services—including credits top-up—will be inaccessible. Other services offered by the platforms remain operable.
The top-up service of TokoCash and ShopeePay had been suspended since mid-September. Meanwhile, BukaDompet‘s top-up service became unavailable since yesterday. Bukalapak CEO Ahmad Zaky said that he is getting permit so that the top-up service to be active again.
The same is said by Tokopedia boss William Tanuwijaya. He said he has been processing to get the permit since some time ago.
Based on BI’s Circular, which became the derivative rule of BI Regulation No.11/2009 on Electronic Money, all e-money platforms that have or plan to manage funds of Rp1 billion must have permits. The licensing process can be done no later than 90 working days and must be renewed every five years.
Source: https://en.tempo.co/read/news/2017/10/03/056911975/BI-Suspends-4-e-Money-Products