Home Finance Bank Indonesia Releases e-Licensing Payment System Registration

Bank Indonesia Releases e-Licensing Payment System Registration

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Jakarta -Bank Indonesia launched a web-based application for licensing and registration in the field of payment systems, called e-licensing.

Head of Communication Department of Bank Indonesia, Agusman said the application can be used for licensing of Payment System Service Provider (PJSP), Money Service Service (KLU) organizer and registration of financial technology and regulatory sandbox provider.

“With e-licensing, the phases of receipt of documents and stages of document completeness can be done online, which is expected to facilitate the applicant,” said Agusman in a press release on Thursday (29/3/2018).

In addition, the applicant may also monitor the status of the application in each stage, thereby increasing transparency. The application can be accessed since March 29, 2018 at 14:00 pm, at www.bi.go.id.

In the submission of licensing of PJSP and KLU through e-licensing, he explained that the online process is done for several licensing steps, namely registration of email and filling of applicant profile, uploading documents, checklists of completeness of forms and documents and approval of registration by Bank Indonesia.

After the checklist of documents is declared complete in the online process, the applicant must submit the uploaded documents, either original, legalized copy, and or regular photocopy in accordance with the applicable provisions for each product submitted by the applicant.

Submission of documents can be done through the nearest Bank Indonesia office. As is the current process, Bank Indonesia will then conduct an analysis of the correctness and suitability of the documents against the requirements and field inspections, before determining the granting of licenses.

For Financial Technology Provider, Agusman discloses the applicant to register by completing the registration documents as well as the statement of completeness and correctness of documents online.

“Furthermore, Bank Indonesia will conduct research completeness, correctness, and conformity of documents against the provisions,” he explained.

If the application is approved, Bank Indonesia shall publish the Financial Technology Provider on the Bank Indonesia website. Currently there are 8 (eight) Providers of Financial Technology category of payment systems and market support registered with Bank Indonesia.

In the near future will also be announced also the Financial Technology Provider set to follow the Regulatory Sandbox.

The launch of e-licensing, said Agusman, is the beginning of a series of phases of e-licensing implementation of Bank Indonesia.

Going forward, he said Bank Indonesia is also developing e-licensing for all other licenses, such as approval of the development of the Card-Based Payment Instrument (APMK) instrument and approval of money market instruments.

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