INDONESIA Trends and Developments Contributed by: Vik Tang, Michelle Virgiany, Novita Wulandari and Fransiska Larasati, Hiswara Bunjamin & Tandjung
Concluding Remarks The trends and developments summarised above reflect how the various subsectors of Indonesia’s fintech industry have matured rapidly over the past year. As a consequence, regulators (ie, BI and OJK) have introduced new regulations from time to time, demonstrating their commit - ment to keeping pace with and accommodating the industry’s evolving business models. The authors expect that more regulations and guide - lines will be issued in the coming year, aimed at strengthening industry players’ governance frameworks and enhancing the overall perfor - mance of the industry.
laundering, terrorism financing, or fund - ing the proliferation of weapons of mass destruction). Traders are also required to ensure that each customer only opens one account after going through a comprehensive identification and verification process (including, among other things, facial recognition integrated with bio - metric data). To facilitate the identification and verification process, traders must co-operate with the Ministry of Home Affairs ( Kementerian Dalam Negeri ), enabling access to the citizen - ship database.
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