BI Strictly Monitors Systemic Payment Systems
Bank Indonesia (BI) officially issued a new regulation on the payment system. The central bank issued Bank Indonesia Regulation (PBI) No. 22/23/PBI/2020 on the Payment System, which will take effect from July 1, 2021.
Apart from regulating the payment system operator and shareholder composition, the rule also regulates the systemic payment system. Assistant to the BI Governor and Head of Payment System Policy Department Filianingsih Hendarta said that the new payment system regulation was meant as a big rule to regulate everything in Indonesia's payment system sector. This is because the digitalization trend is increasing in society, making the business model and the risks more complex.