Indonesia: Adopted regulation number 23/15/PADG/2021 concerning the national standard for open application programming interfaces introducing operating conditions

On 20 August 2021 the Bank of Indonesia adopted the National Standard for Open Application Programming Interface in Payments Regulation ('SNAP Regulation') and is aiming to create a healthy, competitive, and innovative payment system industry; promote integration, interconnection, interoperability, and security and reliability of the payment system infrastructure; and improve market practice that is efficient and fair in the implementation of the payment system. The SNAP Regulation especially acts as an implementing regulation for open application programming interfaces of payment systems. Along with the SNAP Regulation two further documents will in the future be issued to specify the content of the SNAP Regulation, namely the (1) SNAP technical standards and the (2) SNAP governance guidelines.