Indonesia: Adopted national payment system standard regulation including operating conditions

On 13 August 2021, Indonesia's central bank adopted a national payment system standard regulation (Number 23/11/PBI/2021). With the standardization of the payment system, the central government aims to support a healthy, competitive, and innovative payment system industry. Among others, the regulation includes topics like governance, risk management, information system security standards and interconnection and interoperability requirements. The regulation should ensure that the payment sector remains up-to-speed with digitalization trends.