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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