Based on Article 23 of the POJK regarding the Implementation of ITSK, OJK supervises ITSK Providers who have been registered and/or obtained business licenses from OJK, where:
Sandbox participants who are declared to have passed the Regulatory Sandbox must apply for a business license to OJK within the validity period of the letter of graduation; and
Parties who have the same type of ITSK as the type of ITSK Sandbox Participants who have passed, have the same right to apply for registration or business license to OJK.
A. ITSK Registration and Licensing Mechanism Flow (Sandbox Follow-up)
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B. FSTI Registration
Based on POJK 3/2024 regarding the Implementation of ITSK, OJK can determine sandbox participants who have passed to register before applying for a business license based on considerations made by OJK, as follows:
the readiness of the participants consisting of institutional, capital, and technological infrastructure aspects;
readiness of the regulatory framework; and 3. readiness of other market supporting infrastructure.
In addition to Sandbox Participants who passed, Parties who have the same type of ITSK as the type of ITSK Sandbox Participants who have passed have the same right to apply for registration to submit a registration application to OJK, where each type of ITSK will have criteria that contain information about products, activities, services, and business models in the digital financial ecosystem that have specificity and are generated from the Sandbox process.
As of now, there are 2 types of ITSK that have been recommended based on the results of the Sandbox, namely Innovative Credit Scoring and Financial Services Product and Service Information Aggregator.
With the issuance of POJK 29/2024 regarding Alternative Credit Scoring for the type of ITSK in the form of Alternative Credit Scoring, it is not possible to apply for registration but may directly apply for an Alternative Credit Rating License. Meanwhile, for providers with the ITSK type in the form of Financial Product and Service Information Aggregation, may still apply for registration of ITSK Operators with the mechanism as stated in SEOJK number 6/SEOJK.07/2024 regarding Registration of Financial Sector Technology Innovation Organizers.
More detailed information related to the ITSK Type Criteria can be seen below.
Criteria for Financial Services Product and Service Information Aggregation Provider.pdf
C. ITSK Licensing
Based on Article 4 of POJK 3/2024 regarding the Implementation of ITSK, ITSK Operators are required to comply with the licensing provisions regulated by OJK. OJK grants business licenses to entities that have completed the licensing process where the entity consists of Sandbox Participants who have passed and Parties who have the same type of ITSK as the type of ITSK Sandbox Participants who have passed.
In regards with the issuance of POJK 29/2024 regarding Alternative Credit Ratings, all Parties who have an ITSK type in the form of an Alternative Credit Rating have the right to submit a licensing application to OJK where the submission mechanism and documents for licensing applications for Alternative Credit Scoring can refer to the relevant POJK.
D. Licensing of Digital Financial Assets including Crypto Assets
In regards to the transfer of duties from Bappebti to OJK as mandated in Article 8 number 4 and Article 312 paragraph (1) of Undang-Undang number 4 of 2023 regarding the Development and Strengthening of the Financial Sector (P2SK Law) and Government Regulation Number 49 of 2024 regarding the Transfer of Tasks for the Regulation and Supervision of Digital Financial Assets, including Crypto Assets and Financial Derivatives, has been officiated the signing of the Handover Minutes and Memorandum of Understanding (MoU) on January 10, 2025.
Meanwhile, OJK has issued Financial Services Authority Regulation (POJK) Number 27 of 2024 regarding the Implementation of Digital Financial Asset Trading Including Crypto Assets (POJK AKD AK) and the Financial Services Authority Circular Letter (SEOJK) Number 20/SEOJK.07/2024 regarding the Implementation of Digital Financial Asset Trading Including Crypto Assets (SEOJK AKD AK) which contains the main points of related regulations. Thus, the submission mechanism and documents for licensing applications for Digital Financial Asset Trading Operators can refer to the POJK.
