You can see the rules and regulations in other jurisdictions.
The concept of passporting is not recognized in Indonesia, and the law does not permit offshore provision of regulated activities. In addition, under Indonesian law, if a party provides fintech services or products in the jurisdiction, it must establish a local presence and obtain the necessary license from the Indonesian regulatory bodies in accordance with the prevailing legislation and regulations.1
Depending on the business line, there may be restrictions on foreign ownership of Indonesian companies. Presidential Regulation No. 10 of 2021 regarding capital investment lines of business, dated 4 March 2021 (which has been amended by Presidential Regulation No. 49 of 2021, dated 25 May 2021) and applicable sectoral regulations issued by the government contain an 'Investment List' outlining these limitations. An example is a company involved in P2P lending activities, which can have no more than 85% foreign ownership; a minimum 15% must be held by Indonesian shareholders.1
If offshore products or services are marketed in Indonesia, it may be necessary for the supplier to establish a local presence. However, if potential clients contact them unsolicitedly, the provider will not have to obtain a license for their fintech activities provided that the company meets any requests either on-site or virtually.1
Indonesian rupiah cannot be remitted outside its territory, and only an amount less than 100 million rupiah can be physically taken out of Indonesia at a given time.1
