Tuesday, 11 May 2021 | 19:47 WIB

Plans to Acquire Three Fintechs, GoPay Must Ask for BI Permit

Executive Director of the Department of Communications BI, Agusman

JAKARTA, NNC -  Executive Director of the Department of Communications Bank Indonesia (BI), Agusman said the takeover of institutions other than banks that have been licensed as a provider of payment systems, institutions other than banks must submit a written approval request.

Agusman conveyed the statement in Jakarta, Sunday (12/17/2017) related to the acquisition plan made by payment service provider, GoPay.

Agusman said the acquisition plan made by payment service provider application, GoPay, must get prior approval from BI.

This is in accordance with the provisions of Bank Indonesia Regulation Number 18/40/PBI/2016 concerning the Processing of Payment Transaction Implementation.

It said by Agusman, the Central Bank will investigate more about acquisition information conducted by GoPay to three financial technology companies (fintech).

"This is to ensure that the business activities have been carried out in accordance with the permit owned and have been obedient to the principles and provisions in force," he said as reported by Antara.

The obligation of the application for permit, said Agusman, is to ensure that the development of payment system business has considered system security, consumer protection and national security.

"Thus, the PJSP can only implement the plan if it has been approved by BI," he said.

Agusman asserted if there is a violation of the provisions, then the Central Bank will conduct an examination.

Previously, on Friday (12/15) information circulated that the application of GoJek transport services, affiliated with GoPay, has signed an agreement to acquire three fintechs in Indonesia, Kartuku, Midtrans and Mapan.

This step is referred to as an effort to provide an inclusive financial payment ecosystem to financial institutions, SMEs, driver and other partners, and consumers across Indonesia.

The acquisition was also followed by a change in the leadership structure of the business unit at Gojek Group, including a change of leadership position on GoPay.