Indonesia: Adopted Regulation on National Payment System Standard

On 13 August 2021, Bank Indonesia, the central bank of Indonesia, adopted Regulation No. 23/11/PBI/2021 on the National Payment System Standard, which is part of the Payment System Blueprint 2025 which aims, among other things, to digitalise the payment system. The regulation establishes the principles under which the Bank will issue a national standard to administer payment systems used within the territory of Indonesia. The national standard will cover various aspects, including but not limited to governance, risk management, security standards and interoperability, and will take the form of technical specifications, operations specifications and codes of practice.