e_money_regulation of bank indonesia n0 16 8 pbi 2014 translation 2014

REGULATION OF BANK INDONESIA

No. 16/8 / PBI / 2014

ABOUT

CHANGES TO THE BANK INDONESIA

No. 11/12 / PBI / 2009 CONCERNING

ELECTRONIC MONEY (ELECTRONIC MONEY)

BY THE GRACE OF GOD ALMIGHTY

GOVERNOR OF BANK INDONESIA,

Considering:

a. that the provision of electronic money needs to be harmonized the provision of transfer of

funds;

b. that in order to support the growth of the industry electronic money healthy the need for

increased security and efficiency technology implementation of electronic money;

c. that in order to support the inclusive finance necessary to expand access to the public to

obtain the payment system services and finance by increasing the use of electronic money

as an instrument in Digital financial services;

d. that based on consideration as referred to in letters a, b, and c above, make changes on

Bank Regulation Indonesia Number 11/12 / PBI / 2009 on Money Electronics (Electronic

Money);

Given:

1. Act No. 7 of 1992 on Banking (State Gazette of the Republic of Indonesia 1992 No. 31, State

Gazette Republic of Indonesia Number 3472) as be modified with Law Number 10 Year

1998 on the Amendment Law Act No. 7 of 1992 concerning Banking (State Gazette of the

Republic of Indonesia Year 1998 Number 182, Supplement to State Gazette Indonesia

Number 3790);

2. Act Number 23 of 1999 concerning Bank Indonesia (State Gazette of the Republic of

Indonesia 1999 Number 66, State Gazette Republic of Indonesia Number 3843) as

amended by Law Law No. 6 of 2009 regarding the Stipulation Government Regulation in

Lieu of Law Number 2 Year 2008 concerning the Second Amendment Act No. 23 of 1999

concerning Bank Indonesia became Act (Gazette The Republic of Indonesia Year 2009

Number 7, Additional State Gazette of the Republic of Indonesia No. 4962);

3. Law Number 21 Year 2008 on Islamic Banking (State Gazette Indonesia Year 2008 Number

94, Supplement State Gazette of the Republic of Indonesia Number 4867);

4. Law No. 3 of 2011 on Transfer Fund (State Gazette of the Republic of Indonesia Year 2011

Number 39, State Gazette Republic of Indonesia Number 5204);

DECIDED:

Assign:

BANK INDONESIA REGULATION CONCERNING THE AMENDMENT BANK INDONESIA REGULATION

NUMBER 11/12 / PBI / 2009 ON MONEY ELECTRONIC

(ELECTRONIC MONEY).

Article I

Several provisions in Bank Indonesia Regulation Number 11/12 / PBI / 2009 on Electronic Money

(Electronic Money) (Gazette The Republic of Indonesia Year 2009 Number 65, Supplement The

Republic of Indonesia Number 5001) is amended as follows:

1. The provisions of Article 1 is amended to read as follows:

Article 1

In this Bank Indonesia Regulation is defined as:

1. Bank is a bank as defined in the Act which regulates banks, and Islamic banks as referred

to in the Act that governs about Islamic banking.

2. Institutions Non-Bank is the legal entity Bank Indonesia not.

3. Electronic Money (Electronic Money) is a payment instrument meets the elements as

follows:

a. issued on the basis of the value of money paid in advance to the issuer;

b. value for money is stored electronically in a medium server or chip;

c. used as a means of payment to merchants not an electronic money issuer; and

d. the value of electronic money managed by the issuer not the deposit referred to in

the enactment laws governing banking.

4. Electronic Money Value is the value of the money saved in electronics on a media server or

chip that can transferred for the benefit of the payment transaction and / or transfer of

funds.

5. Principal is a Bank or Non-Bank Institution that responsible for managing the system and /

or network among its members, which acts as a publisher and / or acquirer, the Electronic

Money transaction cooperation with members based on a written agreement.

6. Publisher is a Bank or Non-Bank Institution that issue Electronic Money.

7. The Acquirer is a Bank or Non-Bank Institution that:

a. working with merchants so traders capable of processing transactions from

Electronic Money issued by parties other than the acquirer concerned; and

b. responsible for the settlement of payments to traders.

8. Holder is the party that uses the Electronic Money.

9. Traders (merchant) is the seller of goods and / or services accept payment transactions

from the holder.

10. Refueling (top up) is the addition of the Value of Money Electronics on Electronic Money.

11. Float Fund is the entire value of Electronic Money received Publishers on the proceeds of

the Electronic Money and / or Refueling (top up) are still obliged Publisher Holders and

Traders.

12. Pull Cash is cash withdrawal facility on the Value of Money Electronics that can be made at

any time by the holder.

13. Clearing is a Bank or Building Society Bank that perform calculations rights and financial

liabilities each of the Issuer and / or the Acquirer in order Electronic Money transaction.

14. The organizer is the Final Settlement Bank or Building Society In addition the Bank is doing

and is responsible for final settlement of the rights and obligations of each financial each

Issuer and / or the Acquirer in order transaction Money Electronics based on the

calculation of the Operator Clearing.

15. Financial Services Digital hereinafter referred LKD is activity services and financial payment

systems conducted through cooperation with third parties as well using the means and

devices based on mobile technologies and web-based in order to inclusive finance.

16. Agent LKD is a third party in cooperation with Publisher and acting for and on behalf of the

Issuer in giving LKD.

2. Between Article 1 and Article 2, 1 (one) article, namely Article 1A to read as follows:

Article 1A

(1) Based on the data recording the identity of the Holder, Money Electronics can be divided

into two (2) types, namely:

a. Electronic Money identity data registered holder and recorded on the Publisher

(registered); and

b. Electronic money is not the holder of identity data listed and not listed on the Publisher

(unregistered).

(2) Facilities can be provided by the Electronic Money Issuer type registered as referred to in

paragraph (1) letter a, such as:

a. Holders of registration;

b. Refueling (top up);

c. Payment transaction;

d. Payment of bills;

e. Transfer of funds;

f. Cash Withdrawal;

g. Channeling government assistance programs to the public; and / or

h. Other facilities based on the approval of Bank Indonesia.

(3) Facilities that can be provided by the Electronic Money Issuer type unregistered referred to

in paragraph (1) letter b, form:

a. Refueling (top up);

b. payment transaction;

c. payment of bills;

d. Other facilities based on the approval of Bank Indonesia.

3. The provisions of Article 5 are amended to read as follows:

Article 5

(1) The activity of the Issuer can be done by the Bank or Institutions Bank.

(2) Bank which will act as Issuer as referred to in paragraph (1) shall obtain a license as a

Publisher from Bank Indonesia.

(3) Institute of Non-Bank will act as Issuer as referred to in paragraph (1) shall obtain a permit

as Issuer of Bank Indonesia if:

a. Float funds managed has reached a certain value; or

b. Float funding is planned to reach a certain value.

(4) In the case of Non-Bank Institution as referred to in paragraph (3) will provide fund transfer

facility through Money Electronic published the Institute for the Bank shall meet the

requirements of Electronic Money Issuer which has a fund transfer facilities.

(5) Further provisions on the requirements and procedures for the obtain a license as Issuer

referred to in paragraph (2), paragraph (3), and paragraph (4), including provisions on value

Float funds referred to in paragraph (3) shall be Bank Indonesia Circular Letter.

4. Between Article 9 and Article 10 inserted 2 (two) articles, namely Article 9A

and Article 9B to read as follows:

Article 9A

(1) license as Principal, Issuer, Acquirer, Clearing, and / or Final Settlement Operator which is

given by Bank Indonesia as referred to in Article 9 applies for a period of 5 (five) years and

can extended by Bank Indonesia.

(2) During the period of enactment permit referred in paragraph (1), Bank Indonesia conduct

an evaluation of the permit Electronic Money implementation that has been given to the

consider at least:

a. level optimization and development activity Electronic Money implementation;

b. the level of compliance Principal, Issuer, Acquirer, Organizers Clearing, and / or Final

Settlement Operator against applicable provision; and / or

c. aspects of consumer protection.

(3) The results of the evaluation referred to in paragraph (2) into the base consideration for

Bank Indonesia to set policies related permits have been granted.

(4) Policies of the permission granted by Bank Indonesia as referred to in paragraph (3) in the

form of:

a. revocation of a license;

b. shorten the period of validity of licenses; and / or

c. limiting the implementation of Electronic Money activity.

(5) Further provisions on the requirements and procedure license renewal, and evaluation

procedure licensing Electronic Money implementation regulated by Circular Letter Bank

Indonesia.

Article 9B

(1) Bank Indonesia has the authority established a policy restriction gift permit as Principals,

Publishers, Acquirer, Clearing, and / or Operator Settlement End.

(2) In the framework of the policy of limiting the granting of licenses as referred to in

paragraph (1), Bank Indonesia has the authority to close and reopen licensing as Principal,

Issuer, Acquirer, Clearing, and / or Operator Final Settlement.

(3) The policy restrictions and reopening licensing as referred to in paragraph (2) is based on

considerations such as maintaining national efficiency, support national policies, safeguard

the public interest, keeping industrial growth, and maintaining competition healthy.


Article 11

(1) Principal, Issuer, Acquirer, Clearing, and / or Final Settlement organizers who have obtained

a permit Bank Indonesia can only cooperate with the Principal, Issuer, Acquirer, Clearing,

and / or Operator Final settlement which has obtained a license from the Bank Indonesia.

(2) Principal, Issuer, Acquirer, Clearing, and / or Final Settlement organizers can work with the

other party in respect of the activities of Money Electronics.

(3) To cooperate with other parties referred to in paragraph (2) which is carried out in the

framework of the provision of services general, conducted exclusively prohibited.

6. Between Article 11 and Article 12 inserted 2 (two) articles, namely Article 11A and Article 11B,

to read as follows:

Article 11A

(1) Publisher's cooperation with other parties referred to in Article 11 paragraph (2) can be

carried out in order to:

a. the provision of facilities in the form of Electronic Money:

1. The facilitator registration holder;

2. Refueling (top up);

3. The payment of bills;

4. Pull Cash;

5. channeling government assistance programs to community; and

6. The other facilities based on the approval of Bank Indonesia.

b. provision means and infrastructure supporter Electronic Money implementation.

(2) The other party in the framework of cooperation with the Publisher Electronic Money

supply facility as referred to in paragraph (1) letter a form of:

a. organizing the transfer of funds; or

b. Indonesian legal entity.

(3) The Operator transfers of funds referred to in paragraph (2) letter a shall meet the

requirements at least as following:

a. has obtained a license from Bank Indonesia;

b. placing a deposit in the amount corresponding Publisher Publisher defined; and

c. pass the due diligence process (due diligence) by the Issuer.

(4) A business company incorporated in Indonesia as intended in paragraph (2) letter b shall

meet the requirements of at least as follows:

a. have the ability, reputation, and integrity in the area operations;

b. has been conducting business for at least 2 (Two years;

c. placing a deposit in the amount corresponding Publisher Publisher defined; and

d. pass the due diligence process (due diligence) by the Issuer.

(5) The Issuer shall ensure compliance with the requirements of the other party in cooperation

with the Issuer as described in Paragraph (3) and (4).

(6) The implementation of cooperation with the other parties obligated Publisher reported to

Bank Indonesia.

(7) Further provisions on cooperation mechanisms Publishers with the other party and the

procedures for submission of a report to the Bank Indonesia is regulated by Bank Indonesia

Circular Letter.

Article 11B

If an Issuer in cooperation with other parties to do Holders registration as referred to in Article

11A paragraph (1) letter a number 1, the following provisions shall apply:

a. registration approval holder remains the authority and Publisher's responsibilities; and

b. Publishers and others who cooperate with the Issuer shall applying the principles of anti-

money laundering and prevention financing of terrorism, as well as consumer protection

set in the legislation in force.

7. Between Article 12 and Article 13 is inserted 1 (one) article, namely Article 12A to read as

follows:

Article 12A

(1) The issuer may charge a service fee facilities Money Electronics to the Holder.

(2) Cost of services that can be charged by the Issuer to Holder referred to in paragraph (1) in

the form of:

a. media replacement costs for the use of Electronic Money first or media replacement

Electronic Money damaged or lost;

b. Refueling costs (top up) through another party in cooperation with the publisher or

using delivery channel other parties;

c. Pull Cash costs through other parties that cooperate the Issuer or using delivery

channels parties another; and / or administrative costs for Electronic Money is not used

within a certain period.

(3) If an Issuer will charge a service fee to the Holder referred to in paragraph (1) and

paragraph (2), Publisher shall inform in a clear and transparent to the Holder.

(4) Further provisions on the charging mechanism services and the amount of the maximum

service fee imposed by the Issuer to the Holder is set to Letter Bank Indonesia Circular.


Article 13

(1) The Issuer is prohibited to issue Electronic Money Money Rated Electronic larger or smaller

than the value of money remitted to the Issuer.

(2) If an Issuer to manage Electronic Money Value and management of value equal to the

value of money, apply provisions:

(1) recording and / or management of Electronic Money Value should separated from the

recording and / or management value equivalent to the value of other currencies; and

(2) a value equivalent to the value of money can not be converted be the Electronic Money

Value.


follows:

Article 13A

(1) The value of money deposited into the Electronic Money should be able to used or

transacted entirely up is zero.

(2) Electronic Money Issuer prohibited:

a. setting a minimum value as an Electronic Money:

1. The terms of use of Electronic Money; and / or

2. The terms of termination of the use of Electronic Money

b. detain or block the Electronic Money Value basis unilateral; and / or

c. charge termination of the use of Electronic Money


Article 16

(1) Electronic Money that can provide fund transfer facility is a registered Electronic Money

and processed online.

(2) Publishers that provides fund transfer facility through Money Electronic Cash Withdrawal

shall provide facilities.

(3) In order to provide Cash Withdrawal facility as referred to in paragraph (2), the Issuer may

cooperate with cash cashing place as stipulated in the transfer of funds.

(4) The implementation of the transfer of funds via the Electronic Money besides subject to

this Bank Indonesia Regulation shall also subject to the laws and regulations related to the

applies.


Article 24

(1) Principal, Issuer, Acquirer, Clearing, and / or Final Settlement organizers must:

a. using a system that is safe and reliable;

b. maintain, improve security technology Money Electronics, and / or replace

infrastructure and systems Electronic money with safer;

c. have written policies and procedures (standard operating procedure) Electronic Money

activity implementation; and

d. maintaining the security and confidentiality of data.

(2) In order to meet the obligations referred to in paragraph (1), Principal, Issuer, Acquirer,

Clearing, and / or Final Settlement Operator shall implement information technology audit

on a regular basis and report results The information technology audit to Bank Indonesia.

(3) Further provisions on security technology as referred to in paragraph (1), the

implementation of the audit and governance way of reporting results as information

technology audit referred to in paragraph (2), regulated by Circular Letter Indonesia.


follows:

Article 24A

(1) Bank Indonesia has the authority to request reports:

a. Electronic Money organizers have not obtained a license Bank Indonesia; and

b. organizing non-cash payment instruments in the form of stored value.

(2) Further provisions on reporting as referred to in paragraph (1) shall be regulated by

Circular Letter Indonesia.

13. Among Chapter VI and Chapter VII, 1 (one) Chapter, namely Chapter VIA to read as follows:

CHAPTER VIA

IMPLEMENTATION OF FINANCIAL SERVICES DIGITAL

Part One

Execution

Article 24B

(1) The issuer may organize LKD.

(2) The LKD by Publisher conducted through cooperation with Agent LKD.

Article 24C

LKD agency referred to in Article 24B paragraph (2) may form:

a. organizing the transfer of funds or legal entity Indonesia as referred to in Article 11A (2);

and / or

b. individual.

Part Two

Operator requirements through Agent LKD LKD Individuals

Article 24D

(1) Implementation of LKD LKD through individual agents can only be conducted by the Issuer

in the form of the Bank.

(2) The Issuer is a Bank as referred to in paragraph (1) shall meet the following requirements:

a. Indonesian legal entity;

b. Commercial Bank category by Business Activity (BOOK) 4 corresponding period last

assessment by the supervisory authority Bank;

c. Publishers have become at least 2 (two) years; and

d. meet the operational requirements set by the Bank Indonesia.

(3) Issuer Bank will be held LKD through LKD individual agent shall submit to Bank Indonesia

plan implementation of the activities through the Agent LKD LKD individual.

(4) Bank Indonesia provides confirmation of the plan implementation of the activities through

the Agent LKD LKD individuals delivered by the Issuer in the form of Bank referred in

paragraph (3).

(5) The assertion of Bank Indonesia as referred to in paragraph (4) given after consideration

received from authorities Bank supervision.

(6) Further provisions on the requirements, delivery LKD implementation plan through

individual LKD Agent, and Bank Indonesia confirmation regulated by Circular Letter

Indonesia.

Part Three

LKD agents Individuals

Article 24E

(1) Agent LKD individuals must meet the requirements of at least as follows:

a. have the ability, reputation, and integrity in the area operations;

b. has the ongoing efforts by business location keep at least 2 (two) years;

c. pass the due diligence process (due diligence) by the Issuer in the form Bank; and

d. placing a deposit with the amount defined in accordance Publishers in the form of the

Bank.

(2) Electronic Money that could be used in the administration Agent LKD LKD through the

individual is registered Electronic Money and processed online.

(3) Service which can be done by individual LKD Agent include:

a. Holders registration facilitator;

b. Refueling (top up);

c. payment of bills;

d. Cash Withdrawal;

e. channeling government assistance programs to the public; and

f. Other facilities based on the approval of Bank Indonesia.

(4) Further provisions on the requirements of individual LKD Agent and services that can be

carried by an individual LKD Agent set Bank Indonesia Circular Letter.

Part Four

Obligations and Responsibilities Organizers LKD

Article 24F

(1) Publisher that will hold through the Agent LKD LKD must submit to the Bank Indonesia

plans implementation of the activities through the Agent LKD LKD.

(2) The Issuer shall be responsible for all activities that performed by the Agent LKD.

(3) The Issuer shall ensure compliance LKD Agent as referred to in Article 11A paragraph (3),

Article 11A paragraph

(4) and Article 24E paragraph (1).

Article 24G

(1) Publisher in cooperation with the Agency shall LKD submit a report on the activities of the

Bank LKD Indonesia periodically.

(2) Further provisions on reporting as referred to in paragraph (1) shall be regulated by

Circular Letter Indonesia.


follows:

Article 25A

Bank or Non-Bank Institutions that apply Bank Indonesia to obtain a license as Principal, Issuer,

Acquirer, Clearing, and / or Operator Final settlement must first obtain:

a. permit or approval from the supervisory authority of the Bank to the Bank; or

b. the written recommendation of the Non-Bank Institution supervisory authority for the

Institute Bank.


Article 33

(1) Principal, Issuer, Acquirer, Clearing, and / or Final Settlement organizers who violate the

provisions of Article 3, Article 4, Article 7, Article 9, Article 11, Article 11A, Article 11B,

Article 12, Article 12A paragraph (3), Article 13, Article 13A, Article 14, Article 15, Article 16,

Article 17, Article 18, Article 21, Article 22, Article 24, Article 24D, Section 24F, 24G Article,

Article 29 and / or Article 50 subject to administrative sanctions in the form of:

a. a reprimand;

b. fines;

c. temporary suspension of part or all of the activities Money Electronics; and / or

d. Electronic Money revocation of the operating license.

(2) Further provisions on the procedure for the imposition of sanctions and the amount of the

fine referred to in paragraph (1) shall be Bank Indonesia Circular Letter.

16. Article 34 is deleted.













Article 47

(1) In addition to in order to sanction referred in Article 33, Bank Indonesia has the authority:

a. asked Principal, Issuer, Acquirer, Clearing, and / or Final Settlement Operator to do and

/ or does not perform certain activities;

b. suspend part or all of the activities Principal, Issuer, Acquirer, Clearing, and / or

Organizers Final Settlement;

c. cancel the permission has been given as Principal, Publishers, Acquirer, Organizer

Clearing, and / or Organizers Final Settlement; or

d. Electronic Money revoke permissions that have been granted as Principal, Issuer,

Acquirer, Clearing and / or Final Settlement organizers.

(2) The authority of Bank Indonesia to implement matters referred to in paragraph (1) is based

on conditions, among others:

a. Bank Indonesia supervision result indicating that Principal, Issuer, Acquirer, Clearing,

and / or Organizer Completion End not can Electronic Money well organized;

b. an evaluation of the operating license Electronic Money has been given to Principals,

Issuer, Acquirer, Organizers ... Clearing, and / or Operator Settlement End as referred to

in Article 9A;

c. there is a demand for the authorities to Bank Indonesia to suspend activities of the

Principal, Publishers, Acquirer, Organizer Clearing, and / or Final Settlement organizers,

in order to support legal process;

d. there is a recommendation from the competent supervisory authority Bank Indonesia

to suspend Principal activities, Issuer, Acquirer, Clearing, and / or Final Settlement

Operator;

e. the competent supervisory authority has revoked the business license and / or

terminate the operations of the Bank or Institution In addition to conducting Bank as

Principal, Publishers, Acquirer, Organizer Clearing, and / or Organizers Final Settlement;

or

f. the request for cancellation and / or revocation of licenses that is filed by the Bank or

Building Society Bank which has obtained a license from Bank Indonesia.

(3) In order to ensure the correctness of the reports submitted and ensure compliance with

the provisions of the implementation of Money Publishers electronics by conducting LKD,

Bank Indonesia may request reports, information, and / or data, including direct

examination (on-site visit) against Agent LKD.

(4) Further provisions on the procedure of implementation Bank Indonesia authority as

referred to in paragraph (1) and paragraph (3) shall be regulated by Bank Indonesia Circular

Letter.

Article II

1. Application for a license as Principal, Issuer, Acquirer, Organizers Clearing, and / or Final

Settlement Operator submitted before the enactment of this Bank Indonesia Regulation is

subject to Bank Indonesia Regulation Number 11/12 / PBI / 2009 on Money Electronics

(Electronic Money) and Bank Indonesia Circular Letter No. 11/11 / DASP dated April 13,

2009 on Electronic Money (Electronic Money).

2. Permits as Principal, Issuer, Acquirer, Clearing, and / or Final Settlement Operator which

has been given before the enactment of this Bank Indonesia Regulation, remain valid

within a maximum period of 5 (five) years, starting from the enactment of this Bank

Indonesia Regulation.

3. Principal, Issuer, Acquirer, Clearing, and / or Final Settlement organizer who has worked

with Other parties in the provision of public services performed exclusively before the

enactment of this Bank Indonesia Regulation shall remain valid until the expiration of labor

agreements the same.

4. Regulation of the implementation of this Bank Indonesia Regulation shall be Further in

Bank Indonesia Circular Letter.

5. Bank Indonesia Regulation shall come into force on the date promulgation.

In order ...

For public cognizance, it is ordered Bank Indonesia Regulation be promulgated in the

Gazette The Republic of Indonesia.

Enacted in Jakarta

On 8 April 2014

GOVERNOR OF BANK INDONESIA,

AGUS DW MARTOWARDOJO

Promulgated in Jakarta

On 8 April 2014

MINISTER OF JUSTICE AND HUMAN RIGHTS

REPUBLIC OF INDONESIA,

AMIR SYAMSUDIN

GAZETTE OF THE REPUBLIC OF INDONESIA OF 2014 NUMBER 69 DKSP

e_money_regulation of bank indonesia n0 16 8 pbi 2014 translation 2014

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