Bank Indonesia & OJK Issue Joint Framework for Cross-Border QRIS & Fintech Consumer Protection

Bank Indonesia (BI) and the Financial Services Authority (Otoritas Jasa Keuangan / OJK) have issued unified implementation directives governing digital payment system providers and financial technology operators. Key Provisions: 1. **Cross-Border QRIS Settlements:** Merchants accepting payments via international QR linkages must settle transactions in Indonesian Rupiah (IDR) through local settlement banks adhering to Law No. 7/2011 on Currency. 2. **Fintech Lending Capital & Escrow Integrity:** Peer-to-peer lending platforms (LPBBTI) must maintain minimum paid-up capital of IDR 25 Billion and route all lender-borrower funds strictly through registered Indonesian custodial escrow accounts. 3. **Consumer Data Protection & Consent:** Customer financial histories and biometric data cannot be shared with third-party telemarketing services without unambiguous, opt-in consent conforming to Law No. 27/2022 on Personal Data Protection. Business Utility Advice: Payment gateways, digital merchants, and fintech platforms must update their merchant service agreements, terms of service, and user consent prompts to reflect the latest OJK consumer protection circulars.