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Indonesian central bank reforms payment systems regulations

( January 8, 2021, 08:47 GMT | Official Statement) -- MLex Summary: Indonesia’s central bank has released a new umbrella policy for payment systems, which consolidates various regulations and restructures the sector to accommodate developments related to financial technology. Bank Indonesia said the new policy moves from the previous institution-based approach to an activity- and risk-based approach, and aims to optimize the role of self-regulatory organizations. It also strengthens regulations related to tech-based innovations, payment systems and integrated data management, among others. The new regulation will go into effect on July 1, 2021. The central bank's statement follows and the regulation is attached. ...

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