• In 1949, Indonesia gained its independence from the Netherlands.1
  • Indonesia has the largest economy in Southeast Asia, and is the world’s 10th largest economy in terms of purchasing power parity. Indonesia’s gross national income per capita has steadily risen, from US$560 in 2000 to US$3,374 in 2015.2 
  • More than 28m, approximately 15% of Indonesians, still live below the poverty line, and another 25% of the population remain vulnerable of falling into poverty, as their incomes are very close to the national poverty line (US$22.60 per month).2
[1] CIA (2017) Indonesia, available at
[2] World Bank (2016) Indonesia, available at
  • 1,904,569 sq km
  • Indonesia is southeastern Asia in the archipelago between the Indian Ocean and the Pacific Ocean.
  • The capital is Jakarta.
  • 258m (2016 est.)
  • Bahasa Indonesia is the official language.
  • US$3.028 trillion (2016 est.)
  • US$11,700 (2016 est.)
Financial Inclusion (2014)2
  • 36.1% of adults have a financial account.
  • 35.9% have a financial institution account
  • 0.4% have a DFS account.
[1] CIA (2017) Indonesia, available at
[2] World Bank (2014) Findex, available at
  • DFS was first introduced in Indonesia in 2007 by Telkomsel with TCash.
  • Since then four other main providers have joined the market, Indosat with Dompetku in 2008, XL with Tunai in 2011, and Bank Mandiri with e-Cash, BRI with T-Bank, both in 2013.1
  • There are currently 5 main DFS deployments in Indonesia (2015):
    • Telkomsel TCash
    • XL Tunai
    • Indostat Dompetku
    • Bank Mandiri e-Cash
    • BRI T-Bank
  • Mobile penetration in Indonesia is at 130% (2015).2


[1] ITU (2015) Digital Financial Services in Indonesia, available at
[2] Red-Wing (2017) Indonesia’s Mobile -Driven Telecoms Market, available at
Central Bank: Bank Indonesia
  • Bank Indonesia (BI) was established under the Central Bank Act, the UU No. 23/1999 on Bank Indonesia, on May 17, 1999.
  • The Act was amended with UU No.3/2004 on January 15, 2004 and gives the Bank the status and position as an independent state institution and freedom from interference by the government or any other external parties. BI has one single objective of achieving and maintaining the stability of the Rupiah value.
  • The BI seeks to achieve this objective through three main pillars: formulating and implementing monetary policy, regulating and ensuring a smooth payment system, and financial stability.
Jl. MH. Thamrin No. 2
Jakarta 10350 Indonesia
Phone: 1500131 (outside Indonesia)
Fax: (+62) 21 386 – 4884
AML: Transaction Reports and Analysis Center
  • Transaction Reports and Analysis Center (PPATK) is Indonesia’s central institution for AML.
  • It operates under Act No. 8 of 2010 on the Prevention and Combating of Money Laundering Act.
Jl. Ir.H. Juanda No.35
Jakarta, Indonesia
Phone: + 6221-3850455 / 3853922
Fax: + 6221-3856809 / 3856826
Communications: Indonesian Telecommunication Regulatory
  • The Indonesian Telecommunication Regulatory Authority (BRTI) was established in July of 2003 with Decree No. 31/2003 and amended by the Decree of the Minister of Communications and Information Technology Decree No. 25.
  • BRTI’s core functions are to regulate, monitor and control the telecommunication industry in Indonesia.1
No. 276, Elvitigala Mawatha,
Colombo 08,
WP, Sri Lanka
Phone: +94 11 2689345
Competition: Commission for the Supervision of Business Competition
  • The Commission for the Supervision of Business Competition (KPPU) was introduced through the Act No. 5/1999 on the Prohibition of Monopolistic Practices and Unfair Business Competition.
  • The KPPU is the only institution that deals with competition law in Indonesia.
Jl. Ir. H. Juanda No. 36
Jakarta Pusat Indonesia / 10120
Phone: +62-21-3519144 – 3507015 – 3507043
Fax: +62-21-3507008
[1] Telekom (2009) Overview of Telecom Industry in Indonesia, available at
Legal System1
The Indonesian legal system is a civil law system based on the Roman-Dutch model and influenced by customary law.
DFS Model Type2
The DFS model is non-bank-based in which banks, MNOs, and third party providers can issue, acquire, clear and settle e-money. However, if an e-money issuer wants to use agents to offer cash-out services, the agent must be licensed as a money remitter by Bank Indonesia. Bank Indonesia (BI) first launched e-money regulations with Regulation No. 11/12/PBI/2009. In 2014, BI amended the 2009 regulations with Regulation No. 16/8/PBI/2014, in which only Book IV banks are allowed to partner with unregistered entities.
Interoperability is not mandated. However, in 2013 Indonesia’s three major mobile operators Telkomsel, Indosat, and XL enabled their DFS customers to send and receive money across each other’s networks.
Isolation of Funds Arrangement4
If the issuer is an institution other than a bank, managed float funds must be placed with a commercial bank in the form of a deposit account consisting of savings account, current account, and/or time deposit account.
[1] CIA (2017) Pakistan, available at
[2] Jakarta Post (2014) New Rule Means More Players in E-Money, available at
[3] GSMA (2013) Implementing Mobile Money Interoperability in Indonesia, available at
[4] CGAP (2010) Nonbank E-Money Issuers, available at

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