Indonesian banks welcome new regulations in hope of faster digital transformation

Existing banks can transform into digital banks as long as they meet the requirements set by the Indonesia Financial Services Authority.
Existing banks can transform into digital banks as long as they meet the requirements set by the Indonesia Financial Services Authority.PHOTO: AFP

JAKARTA - Indonesian banks hope newly passed banking regulations will accelerate their digital transformations, enabling them to embrace innovations and grow faster as digital banking is set to boom in South-east Asia's largest economy.

The Indonesia Financial Services Authority's (OJK) regulations, which were unveiled on Aug 19 and will be effective at the end of October, specify a set of requirements for digital banks, ranging from consumer data protection to hiring executives with expertise in information technology.

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