Digital Payments & Fintech - Indonesia

Non-bank and bank payment service providers must obtain a PJP licence from Bank Indonesia under PBI No. 23/6/PBI/2021, with licences granted by activity category and requirements covering capital, risk management and IT capability. A new payment-system industry framework (BI Regulation No. 10 of 2025) takes effect 31 March 2026, and non-bank PJPs require at least 15% Indonesian ownership.

BI runs the national real-time retail rail BI-FAST (launched December 2021, 24/7, ISO 20022, IDR 250 million per-transaction cap) and the unified QRIS QR-code standard (developed with ASPI), which uses bank accounts and server-based e-money as funding sources.

Bank Indonesia introduced the National Open API Payment Standard (SNAP) via BI Governor Decree No. 23/10/KEP.GBI/2021 (16 Aug 2021), mandating standardised technical, security and data specifications for open API payments to ensure interoperability; ongoing governance has been passed to the payments association ASPI.

P2P/IT-based co-funding providers must obtain an OJK business licence; POJK No. 40/2024 (in force 27 Dec 2024, replacing POJK 10/2022) raised minimum paid-up capital to IDR 25 billion, set equity and liquidity ratios, and capped combined interest plus fees at 0.3% per day for consumptive funding.

POJK No. 32 of 2025 governs Buy Now Pay Later, effective 15 Dec 2025; BNPL may only be offered by commercial banks and licensed financing companies, and from 1 Jan 2027 users must be at least 18 years old with a minimum monthly income of around IDR 3 million.

OJK Regulation No. 3 of 2024 created a licensing/registration regime for Technological Innovation in the Financial Sector (ITSK), covering activities such as crowdfunding, credit scoring, aggregators, e-KYC and digital financial assets including crypto-assets supervised by OJK.