Heaptalk, Jakarta — Indonesia’s Financial Services Authority (OJK) announced the regulation arrangement of Buy Now Pay Later (BNPL) or Pay later in 2025.
The Director of Regulation for Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Services at OJK, Irfan Sanusi Sitanggang, disclosed that the regulations were initially planned to be issued this year. Nevertheless, OJK was forced to hold off on policy issuance until next year due to the extensive derivative regulations.
“For now, we will not release the policy yet until next year. We initially planned to issue them this year, but considering the numerous derivative regulations from the OJK law, we decided to postpone until 2025,” Irfan said.
As cited in Bisnis, referring to the road map, OJK will regulate several points, including credit scoring methods, interest rates, and other fees, personal data protection, complaint service mechanisms, billing mechanisms, consumer information reporting, collectibility, and pay later, and other fees, personal data protection, complaint service mechanisms, billing mechanisms, consumer information reporting, collectibility, and pay later implementation partnerships. This policy will be specifically governed by OJK Regulation (POJK)
“The establishment of specific regulations for pay later has been included in the Roadmap for the Development and Strengthening of Financing Companies for 2024-2028,” concluded Irfan.
