To support the rapid development in the financial sector, the House of Representatives approved the enactment of the Financial Sector Development and Reinforcement (Pengembangan dan Penguatan Sektor Keuangan) Law (“PPSK Law”), which align various regulations into one law.

The PPSK Law will increase the authority of the Financial Services Authority (OJK) to regulate and supervise cooperatives engaged in the financial sector, which aims to make the national financial sector stronger and more developed.

How will the new enacted law meet the objectives? Dentons HPRP’s lawyers, Mika Isac Kriyasa (Partner) and Cattelya Nabila Mediarman (Associate) have prepared an editorial, which discuss the updates of the former laws and regulations relating to financial technology products/services.

The full article can be downloaded here.