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Erwandi Hendarta

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Erwandi Hendarta is a senior partner and the Head of Finance & Projects Practice Group in Hadiputranto, Hadinoto & Partners. Erwandi has extensive experience working in the business and financial sectors. Erwandi has had multiple careers, having worked as a central banker at Bank Indonesia (the Central Bank of Indonesia) handling Government’s projects with multilateral agencies (IBRD/the World Bank, OECF, ADB) and as an investment banker doing corporate finance with Schroders Indonesia (an investment banking arm of Schroders Plc., London) before becoming a lawyer with HHP. In addition to his Indonesian legal degree, Erwandi has an LL.M. from Cornell University, USA, and an MBA from Boston University, USA. He was a recipient of prestigious graduate scholarships from the Fulbright, USA and the World Bank. Erwandi has been a regular contributor to Doing Business publications by the World Bank and the IFC.

In the spirit of the ASEAN Central Bank Governors’ Meeting in April 2022 (which is one of Indonesia’s G20 Presidency events) and Indonesia’s Payment System 2025 Visions that were introduced in May 2019, Bank Indonesia has launched cooperation with Bank of Thailand that enables consumers and merchants in both countries to make and accept instant cross-border QR payments for goods and services.

To keep up with the momentum of digitalized lending and address the multitude of aspects (including financial inclusion and consumer protection) impacted by this ever-growing practice, the Indonesian Financial Services Authority (Otoritas Jasa Keuangan or OJK) has finally issued the long-anticipated regulation that revamped OJK Regulation No. 77/POJK.01/2016 on Information Technology-Based Lending Services (POJK 77). On 4 July 2022, OJK enacted OJK Regulation No. 10/POJK.05/2022 on Information Technology Based Collective Funding Services, updating the requirements for peer-to-peer lending operators and revoked POJK 77.

Happy New Year 2021! We hope that this year things will get better.

Bank Indonesia has issued Regulation No.22/23/PBI/2020 on Payment Systems (“Payment System Regulation”), which is an “umbrella” regulation for the payment system industry. The issuance of this regulation is an implementation of the 2025 Indonesia Payment System Blueprint, which we outlined in our previous client alert. This “umbrella” regulation restructures the regulatory framework of payment systems, including the reclassification of activities of payment system operators. Bank Indonesia’s approach in outlining the rules introduced in this regulation appears to be principle-based and strategic. The technical and operational details of how the rules are supposed to be observed will be outlined in future Bank Indonesia implementing regulations. We anticipate that those will be issued in the coming months, so keep an eye on this space.

In this recording of our introductory workshop, Baker McKenzie FinTech Legal Accelerator: Cracking the Legal Code, held as part of the Hong Kong FinTech Week 2020, our lawyers across Asia Pacific give an overview of key fintech issues that start-ups or scale-ups need to know as they grow and expand…