New Obligation Alert: Payment Systems Operators Required to Submit Funding Provision Plans by December 2024

In 2019, Bank Indonesia (“ BI ”) issued Regulation No. 21/16/PBI/2019 (“ Regulation 16/2019 ”) on the Standardization of Competencies Within the Field of Payment Systems (Standardisasi Kompetensi di Bidang Sistem Pembayaran– “ SK SP ”) and the Management of Rupiah. At its core, Regulation 16/2019 established various requirements and guidelines for banks (“ Banks ”) and non-banking institutions (lembaga selain bank– “ LSB ”) (Banks and LSB collectively referred to as “ SK SP Operators ”) that were aimed at enhancing competencies within the payment systems and rupiah management sector. [1]