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#Pkwt bank indonesia update#
#Pkwt bank indonesia registration#

provide, manage, and/or operate communications systems comprising but not limited to short messages, voice calls, video calls, elektronic mails, and network conversations in the form of digital platform, network services and social media.

send materials or paid digital content through data networks either by downloading through portals or sites, dispatch through electronic mail, or through other applications to the equipment of the Electronic Systems User.

provide, manage, and/or operate financial transaction services.

provide, manage, and/or make offers and/or trade goods and/or services.

Private PSEs that have portals, sites, or network applications through the internet to be used to:.

Private PSEs regulated or supervised by the Ministry or institution based on the provisions of laws and regulations and/or.

Minister Regulation 5/2020 governs that private electronic systems Organizers ( Penyelenggara Sistem Elektronik – “ Private PSE”) which meet the following criterias shall be registered to the Minister via Online Single Submission (OSS) system:

#Pkwt bank indonesia registration#

36 of 2014 on Registration Procedures for Organizers of Electronic Systems. 19 of 2014 on the Handling of Internet Websites Containing Negative Content and (ii) Minister Regulation No. 5 of 2020 on Private Electronic System Organizers (“ Minister Regulation 5/2020”), which revokes and replaces (i) Minister Regulation No. Therefore, the Minister of Communication and Information Technology (“ Minister”) recently issued Regulation No. Whereas in reality, the majority of electronic systems are conducted by private entities as online-based businesses continue to grow in its popularity in Indonesia.

However, such Government Regulation has yet to provide a comprehensive and detailed provision on the organization of electronic systems by private entities. Previously, the Indonesian Government has issued a regulation regarding the Organization of Electronic Systems and Transactions under Government Regulation Number 71 of 2019. Last Updated on Wednesday, 10 November 2021 22:29 This e-mail address is being protected from spambots. If you would like information or assistance on the above, you may wish to contact the Partner at WongPartnership or Lubis Santosa & Maramis whom you normally deal with or the following: 245/Pdt.Sus-PKPU/2021/PN.), and the growing trend of Indonesian companies utilising Singapore as their centre for restructuring.

#Pkwt bank indonesia update#

This update includes a look at the Central Jakarta Commercial Court’s decision in PT Bank Maybank Indonesia Tbk v PT Pan Brothers Tbk (Judgment No. However, in a recent development, judicial attitudes in Indonesia appear to be changing.

On Indonesia’s part, the courts have, for many years, generally been slow in recognising foreign judgments and have emphasised the principle of national sovereignty in refusing recognition of foreign judgments and arbitral awards. Recent case law has shown that the Singapore courts are willing to adopt a flexible test to determine whether a foreign company has a “substantial connection” with Singapore. The IRDA allows unregistered foreign companies to be wound up if they have a “substantial connection” to Singapore. and Hong Kong.įor the most part, in its push to become a leading regional and global restructuring hub, Singapore is very receptive to foreign companies restructuring their debts in Singapore. The recent reforms to Singapore’s insolvency and restructuring framework have allowed Singapore to compete with other leading global restructuring and insolvency jurisdictions such as the U.S., the U.K.

This has developed synergistically with its position as an international financial centre and preferred venue of international dispute resolution, particularly with the Singapore International Arbitration Centre, the Singapore International Commercial Court, and the Singapore International Mediation Centre. Singapore has grown into one of the leading jurisdictions for international debt restructuring.