Tuesday, 21 March 2023

Best Conduct of Business Regulator in Asia Pacific - Bank Indonesia

5 min read

By The Asian Banker

Bank Indonesia launched the country’s 2025 Payment System Blueprint to navigate the role of the payment system industry in the era of digital economy and finance. The blueprint contains five payment system visions implemented by five working groups: open banking, retail payment systems, financial market infrastructure, data and digitalisation, as well as regulatory, licensing, and supervisory.

It issued regulations on payment service providers to accommodate the needs of a more comprehensive regulatory framework. Furthermore, the new regulation forges a new path in regulating foreign direct investment by separating economic interests and voting rights.

On 21 December 2021, Bank Indonesia launched FAST, a payment system infrastructure that is accessible via applications to facilitate retail payment transactions for the public.  

The implementation of its FAST payment system reflects the Bank Indonesia’s efforts to accelerate digitalisation of the national economy and finance through fast payment infrastructure as a game changer in anticipation of digital transaction developments in the future, including cross-border transactions. Moving forward, BI-FAST services will be expanded incrementally to include bulk credit, direct debit, and request for payment services.

Therefore,The Best Conduct of Business Regulator in Asia Pacific Award goes to Bank Indonesia.

Leave your Comments
Recent Comments