The enactment of Law No. 4 of 2023 on the Development and Reinforcement of the Financial Sector (“the P2SK Law”) has provided fresh air for technological innovation in financial services. At the same time, the P2SK Law also protects consumers and strengthens the financial sector amid rapid digital development. Specifically, we discussed Financial Sector Technological Innovation (Inovasi Teknologi Sektor Keuangan - “ITSK”) and the possibilities for it under the P2SK Law.

This advisory is the first of many advisories in the P2SK Law dedicated series.