INDONESIA Trends and Developments Contributed by: Vik Tang, Michelle Virgiany, Novita Wulandari and Fransiska Larasati, Hiswara Bunjamin & Tandjung
Introduction Indonesia’s fintech sector has continued to mature and the regulatory framework has become more sophisticated following the issu - ance of new regulations by Bank Indonesia (BI) and Indonesia’s Financial Services Authority (OJK). While the stricter regulatory regime has made it more difficult for certain new players to enter the market, it is a welcome development, in that it both addresses some of the regulatory issues that have arisen and focuses on the importance of balancing innovation and growth, while also improving stability and customer protection. BI and OJK have each issued key documents: • the 2030 Indonesia Payment System Blue - print (the “2030 Payment System Blueprint” ) and • the 2024–28 Roadmap for the Development and Strengthening of Financing Companies (the “2024–28 Financing Companies Road- map” ). These two documents respectively outline the vision and strategic direction of BI and OJK as the primary authorities in the fintech sector. BI’s 2030 Payment System Blueprint adopts the same five visions set out in the 2025 Blue - print, with a focus on infrastructure stabilisation, expanding reach, further regulatory reforms, and fulfilling the mandate of Law No 4 of 2023 on Financial Sector Development and Reinforce - ment (the “Financial Services Omnibus Law” ). Meanwhile, OJK’s 2024–28 Financing Com - panies Roadmap aims to crystalise and track specific stakeholder milestones over a five-year period.
The key highlights of Indonesia’s fintech sector during 2024 and early 2025 relate to: • digital payment; • digital financing; • alternative credit scoring; and • digital financial assets. In digital payment, BI has: • continued to expand the use of Quick Response Code Indonesian Standard (QRIS) regionally, including through new technology adoption; • incorporated measures and provisions to prevent financing the proliferation of weap - ons of mass destruction in the regulation on anti-money laundering and counter-terrorism financing; and • introduced new regulations on cybersecurity. In digital financing, new regulations on Peer-to- Peer (P2P) lending and multi-finance underscore the importance of fintech lending as an alterna - tive financing solution for the underbanked and micro, small and medium-sized businesses. 2024 also marked the transition of the regula - tion of the alternative credit scoring business model from OJK’s fintech sandbox regime to a full licensing regime, pursuant to the issuance of OJK’s new licensing regulation in this area. In the realm of digital financial assets, OJK intro - duced a new regulation that also encompasses crypto-assets, thus officially marking the trans - fer of supervisory authority from the Commodity Futures Trading Regulatory Agency ( “Bappebti” ) to OJK. In this article, the authors discuss the trends and developments in these four key segments, where
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