In response to the rapid development of financial technology (fintech), the Indonesia Financial Services Authority (OJK) has taken a significant step by issuing Financial Services Authority Regulation (POJK) Number 3 of 2024. This regulation governs the Implementation of Limited Trial Activities (Regulatory Sandbox) to encourage innovation in the financial services industry.
Regulatory Sandbox is a regulatory framework that allows fintech companies to test innovative products, services, or business models in a controlled environment with more flexible regulatory requirements. This concept has been adopted by various countries to encourage innovation while maintaining consumer protection.
This POJK aims to:
The Regulatory Sandbox in POJK 3/2024 covers various innovative activities in the financial services sector, including but not limited to: