You can see the rules and regulations in other jurisdictions.
Traditional financial services, including conventional banking, investment, and insurance, are regulated by the OJK. Initial coin offerings, for example, are not regulated by any specific regulations. When fintech companies sell and market financial products, they must be sure that there is no misleading information that may cause consumers to lose money.1
OJK Regulation No. 12/POJK.03/2021, dated 30 July 2021 (OJK Reg 12/2021), has been issued to amend and replace past regulations on banking that have been put out by Bank Indonesia and the OJK. This new regulation applies to both commercial banks as well as digital banks, without classifying them in a separate category. Under OJK Reg 12/2021, banks are categorised into two broad types: commercial banks and public credit banks; this loose detail provides industry players more liberty in choosing their business model - be it a traditional bank, one that includes digital banking services, a hybrid digital bank etcetera. It appears that OJK Reg12/2021 has been initiated due to the sharp increase of digital banking in Indonesia over the past five years.1
