INDONESIA Law and Practice Contributed by: Emir Nurmansyah, Monic N. Devina, D. Meitiara P. Bakrie and Nesya Ashari, ABNR Counsellors at Law
2.11 Implications of Additional, Non- Financial Services Regulations Fintech providers must comply with regulations on the use of electronic platforms in Indonesia. Whether applications or websites, these are classified as elec - tronic systems pursuant to Government Regulation No 71 of 2019 on the Implementation of Electronic Systems and Transactions (“Reg 71”). An Electronic Services Operator (ESO) and its electronic system must be registered with the MCD in accordance with Reg 71. The MCD will issue an ESO Certificate to an ESO that has successfully registered its platform with it. Personal Data Management and Handling In addition to a requirement to obtain an ESO Cer - tificate, implementation of an electronic system must accord with personal data protection principles. All stages of personal data processing by an ESO (includ - ing the collection, processing and analysis, storage, disclosure and deletion of user data) must maintain data privacy and comply with the law – in this case, Law No 27 of 2022 on Personal Data Protection in conjunction with Law No 11 of 2008, as amended by Law No 19 of 2016 and Law No 1 of 2024 on Electron - ic Information and Transactions (the “EIT Law”), Reg 71, and Ministry of Communication and Informatics Regulation No 20 of 2016 on Personal Data Protection in Electronic Systems. Prohibition on Pornographic Content The law and regulations prohibit the intentional and unauthorised distribution of, transmission of, crea - tion of or action resulting in accessibility to electronic information or data with immoral content. This is also in line with the Pornography Law, which prohibits anyone from producing, creating, copying, multiply - ing, distributing, broadcasting, importing, exporting, offering, selling and purchasing, leasing or providing pornography that explicitly shows:
Implementation of Anti-money Laundering (AML) and Counter-terrorism Financing (CFT) For OJK-licensed entities, OJK Regulation No 8 of 2023 on the Implementation of AML, CFT, and Preven - tion of Proliferation of Weapons of Mass Destruction Funding Programmes Within the Financial Services Sector (“OJK Reg 8”) applies to fintech providers that receive fees from customers in return for their ser - vices as P2P lenders and equity crowdfunding pro - viders. These providers must have a policy, super - visory protocol and procedure to mitigate the risk of money laundering and financing of terrorism related to their customers and must report the implementa - tion thereof to the OJK and suspicious transactions to the PPATK. 2.12 Review of Industry Participants by Parties Other Than Regulators Business associations in fintech sectors play a sig - nificant role in overseeing fintech players. Currently, two business associations are recognised by the OJK: the Indonesia FinTech Association (AFTECH) and the Perkumpulan Fintech Pendanaan Bersama Indonesia (AFPI). Both associations have tried to supervise those aspects of fintech activities that are not yet stipulated in the regulation by issuing a code of conduct for each fintech sector. The OJK is also mandated to ensure the compliance of fintech players with the prevailing regulation, as well as to supervise the way fintech players conduct their business. The AFPI has issued a code of conduct that prevails for all P2P lending companies, while the AFTECH issued an update to their codes of conduct in Decem - ber 2025 which applies to all of their members who carry out activities as P2P lending, aggregators, finan - cial planners, innovative credit scorers, digital finan - cial asset and crypto-asset trading services providers, debt-collection providers, and any parties that provide financial services operating in the FSTI sector, PSP, and other payment transaction facilitators, that are registered and/or have obtained a business licence from the OJK and/or the BI. In the crypto-asset and blockchain space, industry oversight and representation are further supported by specialised associations, including ASPAKRINDO ( Asosiasi Pedagang Aset Kripto Indonesia ), which rep -
• sexual intercourse; • sexual exploitation; • masturbation; • nudity or displays of exotic nudity; • sex organs; or • child pornography.
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