Digital financial innovation in Indonesia demands equal disclosure of data and information between banks and financial technology (fintech) companies through the Open API. Bank Indonesia as the authority in the payment system issued a series of regulations to regulate the standardization of Open API Payments to create data disclosure integrity, as well as improve personal data protection and consumer protection in open banking. This paper will review several legal aspects that have emerged, and it will be assessed whether the current provisions have addressed a number of these legal aspects. This paper uses a normative juridical approach with a descriptive analysis specification, which uses laws and regulations as the primary material. Based on research, currently existing regulations have succeeded in addressing the legal aspects of the Open API Payment. However, to strengthen consumer rights in the Open API Payments, it is still necessary to enact a Personal Data Protection Law (PDP Law) and amend the Consumer Law that is more in favor of the interests of consumers.
印度尼西亚的数字金融创新要求银行和金融科技(fintech)公司通过开放API平等地披露数据和信息。印度尼西亚银行作为支付系统的权威机构发布了一系列法规，规范Open API Payments的标准化，以创建数据披露的完整性，以及完善开放银行的个人数据保护和消费者保护。本文将审查已出现的几个法律方面，并将评估现行规定是否解决了其中一些法律方面的问题。本文采用以法律法规为主要材料的规范性司法方法和描述性分析规范。根据研究，目前现有的法规已经成功地解决了开放API支付的法律问题。但是，为了加强开放API支付中的消费者权益，仍需要制定《个人数据保护法》(PDP法)，并对《消费者法》进行更有利于消费者利益的修订。
{"title":"Legal Aspect of Personal Data Protection and Consumer Protection in the Open API Payment","authors":"Camila Amalia","doi":"10.21098/jcli.v1i2.19","DOIUrl":"https://doi.org/10.21098/jcli.v1i2.19","url":null,"abstract":"Digital financial innovation in Indonesia demands equal disclosure of data and information between banks and financial technology (fintech) companies through the Open API. Bank Indonesia as the authority in the payment system issued a series of regulations to regulate the standardization of Open API Payments to create data disclosure integrity, as well as improve personal data protection and consumer protection in open banking. This paper will review several legal aspects that have emerged, and it will be assessed whether the current provisions have addressed a number of these legal aspects. This paper uses a normative juridical approach with a descriptive analysis specification, which uses laws and regulations as the primary material. Based on research, currently existing regulations have succeeded in addressing the legal aspects of the Open API Payment. However, to strengthen consumer rights in the Open API Payments, it is still necessary to enact a Personal Data Protection Law (PDP Law) and amend the Consumer Law that is more in favor of the interests of consumers. ","PeriodicalId":292753,"journal":{"name":"Journal of Central Banking Law and Institutions","volume":"30 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114017641","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Covid-19 pandemic has negatively impacted economic conditions, health, and social activities of the community. This study elaborated on two things. First, the legal aspects of handling the Covid-19 Pandemic. Second, it outlines the aspects of institutions involved in handling the Covid-19 Pandemic. The results of this study show that the legal aspects of the Government in dealing with the Covid-19 Pandemic are through Law No. 2 of 2020. In this regulation, at least two main things are regulated, namely the legal protection of members of the Financial System Stability Committee (KSSK) from lawsuits in exercising their authority and exceeding the deficit limit of 3 percent of GDP, furthermore, regarding institutions involved in handling the Covid-19 Pandemic, it is necessary to strengthen institutions. In this case, the institution in question is included in the KSSK members, because of its large authority in handling the Pandemic, especially for national economic recovery, as well as large state budget allocations. The strengthening efforts that can be done are First, amendments to Law No. 2 of 2020, especially regarding the protection of the KSSK against claims and exemptions from state financial losses. Second, the issuance of a PERPPU on supervision and reporting of financial responsibility for handling the Covid-19 Pandemic. Through these institutional strengthening efforts, it is hoped that the handling of the Pandemic, especially in the context of national economic recovery, can run optimally.
{"title":"Legal and Institutional Aspects of the Financial Sector in Handling the COVID-19 Pandemic","authors":"Yunus Husein, Ichsan Zikry","doi":"10.21098/jcli.v1i2.15","DOIUrl":"https://doi.org/10.21098/jcli.v1i2.15","url":null,"abstract":"The Covid-19 pandemic has negatively impacted economic conditions, health, and social activities of the community. This study elaborated on two things. First, the legal aspects of handling the Covid-19 Pandemic. Second, it outlines the aspects of institutions involved in handling the Covid-19 Pandemic. The results of this study show that the legal aspects of the Government in dealing with the Covid-19 Pandemic are through Law No. 2 of 2020. In this regulation, at least two main things are regulated, namely the legal protection of members of the Financial System Stability Committee (KSSK) from lawsuits in exercising their authority and exceeding the deficit limit of 3 percent of GDP, furthermore, regarding institutions involved in handling the Covid-19 Pandemic, it is necessary to strengthen institutions. In this case, the institution in question is included in the KSSK members, because of its large authority in handling the Pandemic, especially for national economic recovery, as well as large state budget allocations. The strengthening efforts that can be done are First, amendments to Law No. 2 of 2020, especially regarding the protection of the KSSK against claims and exemptions from state financial losses. Second, the issuance of a PERPPU on supervision and reporting of financial responsibility for handling the Covid-19 Pandemic. Through these institutional strengthening efforts, it is hoped that the handling of the Pandemic, especially in the context of national economic recovery, can run optimally.","PeriodicalId":292753,"journal":{"name":"Journal of Central Banking Law and Institutions","volume":"134 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116351343","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Protection of consumers as weaker parties is an important goal in Indonesian society and in Indonesian law. The same applies to the EU Member States. When it comes to crossborder consumer contracts, special rules are needed to ensure this goal can still be achieved. In this regard the European Union developed rules on jurisdiction and applicable law which apply both to situations exclusively connected with EU Member States and to international situations connected with third countries. The Brussels I Regulation pursues an objective of legal certainty which consists in strengthening the legal protection of persons established inthe European Union, by enabling the applicant to easily identify the court in which he may sue and the defendant reasonably to foresee before which court, he may be sued. The Rome I Regulation does the same for the law regulating the protection of the consumer. This way both the aims of protection of the weaker consumer and legal certainty on the side of the commercial party go hand in hand. Where legal certainty is an important precondition for international trade and thus for a nation’s economy, clear rules are needed. By presenting the EU rules in the dynamics of the caselaw of the European Court of Justice, this article aimsto contribute to the discussion on how future cross-border consumer protecting regulations could be shaped in Indonesia and ASEAN.
{"title":"Balancing Consumer Rights and Business Interests in Online Cross-Border Consumer Contracts","authors":"Mathijs H. Ten Wolde","doi":"10.21098/jcli.v1i1.11","DOIUrl":"https://doi.org/10.21098/jcli.v1i1.11","url":null,"abstract":"Protection of consumers as weaker parties is an important goal in Indonesian society and in Indonesian law. The same applies to the EU Member States. When it comes to crossborder consumer contracts, special rules are needed to ensure this goal can still be achieved. In this regard the European Union developed rules on jurisdiction and applicable law which apply both to situations exclusively connected with EU Member States and to international situations connected with third countries. The Brussels I Regulation pursues an objective of legal certainty which consists in strengthening the legal protection of persons established inthe European Union, by enabling the applicant to easily identify the court in which he may sue and the defendant reasonably to foresee before which court, he may be sued. The Rome I Regulation does the same for the law regulating the protection of the consumer. This way both the aims of protection of the weaker consumer and legal certainty on the side of the commercial party go hand in hand. Where legal certainty is an important precondition for international trade and thus for a nation’s economy, clear rules are needed. By presenting the EU rules in the dynamics of the caselaw of the European Court of Justice, this article aimsto contribute to the discussion on how future cross-border consumer protecting regulations could be shaped in Indonesia and ASEAN.","PeriodicalId":292753,"journal":{"name":"Journal of Central Banking Law and Institutions","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115739378","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Jamal Wiwoho, Dona Budi Kharisma, D. T. K. Wardhono
Digital payments are proliferating along with a massive and rapid digital transformation. However, the characteristics of transactions using digital payments, which are real-time, not face-to-face, and borderless create potential risks for financial crimes, including, Money Laundering and Funding Terrorism. The potential for abuse occurs in the registered and licensed digital payments sector and illegal digital payments that are not registered with the Bank Indonesia. Undoubtedly, this condition can threaten economic stability and financial system integrity. This article seeks to identify the potential for digital payment use for financial crime and construct a legal framework to prevent the misuse of FinTech for financial crime in Indonesia. This type of research is legal research. The research method used was a statutory comparative approach. The legal materials used were primary and secondary legal materials. The findings have been analyzed using qualitative data analysis techniques. The results of the study show that several cases of terrorism financing have been proven to have used FinTech digital payments as a means of online funding. In this regard, to maintain the integrity of the financial system and strengthen the government’s control functions, a comprehensive legal framework is needed through the establishment of Law on FinTech.
{"title":"Financial Crime In Digital Payments","authors":"Jamal Wiwoho, Dona Budi Kharisma, D. T. K. Wardhono","doi":"10.21098/jcli.v1i1.7","DOIUrl":"https://doi.org/10.21098/jcli.v1i1.7","url":null,"abstract":"Digital payments are proliferating along with a massive and rapid digital transformation. However, the characteristics of transactions using digital payments, which are real-time, not face-to-face, and borderless create potential risks for financial crimes, including, Money Laundering and Funding Terrorism. The potential for abuse occurs in the registered and licensed digital payments sector and illegal digital payments that are not registered with the Bank Indonesia. Undoubtedly, this condition can threaten economic stability and financial system integrity. This article seeks to identify the potential for digital payment use for financial crime and construct a legal framework to prevent the misuse of FinTech for financial crime in Indonesia. This type of research is legal research. The research method used was a statutory comparative approach. The legal materials used were primary and secondary legal materials. The findings have been analyzed using qualitative data analysis techniques. The results of the study show that several cases of terrorism financing have been proven to have used FinTech digital payments as a means of online funding. In this regard, to maintain the integrity of the financial system and strengthen the government’s control functions, a comprehensive legal framework is needed through the establishment of Law on FinTech.","PeriodicalId":292753,"journal":{"name":"Journal of Central Banking Law and Institutions","volume":"125 32","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114046874","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Bacelius Ruru, I. N. Tjager, Amalia Mayasari, Agradinda Adhistita, M. R. Hasta A., August Santro
The utilization of Cryptocurrency increased across the globe. This phenomenon has led to varied responses from countries concerning whether this new phenomenon will affect the national monetary policy. As one of the countries where Cryptocurrency usage has flourished, Indonesia has reacted to its utilization. To this day, Indonesia has clearly stated that CryptoAsset (referring to Cryptocurrency) is considered as a tradable commodity, but not as a payment instrument. However, this policy does have not decreased the utilization of Cryptocurrency in Indonesia, proven by its market capitalization which has kept increasing over the years.This article thoroughly discusses Cryptocurrency utilization as a payment instrument, and how it will affect the legal tender (The Rupiah) in Indonesia. This article also analyzes the extent to which Cryptocurrency will affect the payment systems in Indonesia and how Bank of Indonesia will counter the Cryptocurrency’s utilization as a payment instrument within Indonesia’s jurisdiction.
{"title":"The Impact of Crypto-Asset Utilization as Payment Instrument toward Rupiah as Legal Tender in Indonesia","authors":"Bacelius Ruru, I. N. Tjager, Amalia Mayasari, Agradinda Adhistita, M. R. Hasta A., August Santro","doi":"10.21098/jcli.v1i1.6","DOIUrl":"https://doi.org/10.21098/jcli.v1i1.6","url":null,"abstract":"The utilization of Cryptocurrency increased across the globe. This phenomenon has led to varied responses from countries concerning whether this new phenomenon will affect the national monetary policy. As one of the countries where Cryptocurrency usage has flourished, Indonesia has reacted to its utilization. To this day, Indonesia has clearly stated that CryptoAsset (referring to Cryptocurrency) is considered as a tradable commodity, but not as a payment instrument. However, this policy does have not decreased the utilization of Cryptocurrency in Indonesia, proven by its market capitalization which has kept increasing over the years.This article thoroughly discusses Cryptocurrency utilization as a payment instrument, and how it will affect the legal tender (The Rupiah) in Indonesia. This article also analyzes the extent to which Cryptocurrency will affect the payment systems in Indonesia and how Bank of Indonesia will counter the Cryptocurrency’s utilization as a payment instrument within Indonesia’s jurisdiction.","PeriodicalId":292753,"journal":{"name":"Journal of Central Banking Law and Institutions","volume":"81 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114303793","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Banks are generally prohibited in any possible way from providing customers’ data or information to third parties unless there is a written consent from the customer, or it is required by laws or regulations. Open banking allows banks to obtain customer financial data and information and forward them to third parties to accelerate a digital transformation in banking. The existence of the customer’s consent resulted in the bank’s legal action providing customer data and information to a third party is not considered as a violation to the principle of confidentiality. However, the provision of customer data by banks to third parties must be based on the fiduciary principle, prudential principle, and principle of amanah, since the misuse of customers’ data can lead to administrative sanctions, criminal sanctions, and civil liability.
{"title":"The Principle of Amanah in the Utilization of Consumer’s Personal Data and Information in Open Banking","authors":"Trisadini Prasastinah Usanti","doi":"10.21098/jcli.v1i1.2","DOIUrl":"https://doi.org/10.21098/jcli.v1i1.2","url":null,"abstract":"Banks are generally prohibited in any possible way from providing customers’ data or information to third parties unless there is a written consent from the customer, or it is required by laws or regulations. Open banking allows banks to obtain customer financial data and information and forward them to third parties to accelerate a digital transformation in banking. The existence of the customer’s consent resulted in the bank’s legal action providing customer data and information to a third party is not considered as a violation to the principle of confidentiality. However, the provision of customer data by banks to third parties must be based on the fiduciary principle, prudential principle, and principle of amanah, since the misuse of customers’ data can lead to administrative sanctions, criminal sanctions, and civil liability.","PeriodicalId":292753,"journal":{"name":"Journal of Central Banking Law and Institutions","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125026194","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In 1998, Heller and Eisenberg, discovered the ‘tragedy of the anticommons’ which occurs when there are numerous patent holders who must give their consent before a technology can be used. Consequently, where excessive property rights are claimed, some technology is underused, and innovation is stunted. To solve this issue, the patent owners can aggregate their patents into a single ‘patent pool.’ However, there are significant anticompetitive harms which may arise from such a practice. Hence, this paper aims to answer the question of whether the creation of patent pools as an antidote to the ‘tragedy of anticommons’ would be at the cost of competition law. This research found that it is possible to use patent pools as a solution to the tragedy of the anticommons, while preventing harm to competition. The Indonesian Competition Authority can take inspiration from EU regulations to create a ‘safeharbor’ for companies who engage in technology transfer agreements if they meet the market share thresholds. They can also improve the framework for analyzing patent pools by laying out the different categories of patents to ascertain the different levels of harm they bring to competition.
{"title":"Balancing IP Rights and Competition Law through Patent Pools in Indonesia: A Comparative Analysis","authors":"Paripurna Sugarda, Muhammad Rifky Wicaksono","doi":"10.21098/jcli.v1i1.3","DOIUrl":"https://doi.org/10.21098/jcli.v1i1.3","url":null,"abstract":"In 1998, Heller and Eisenberg, discovered the ‘tragedy of the anticommons’ which occurs when there are numerous patent holders who must give their consent before a technology can be used. Consequently, where excessive property rights are claimed, some technology is underused, and innovation is stunted. To solve this issue, the patent owners can aggregate their patents into a single ‘patent pool.’ However, there are significant anticompetitive harms which may arise from such a practice. Hence, this paper aims to answer the question of whether the creation of patent pools as an antidote to the ‘tragedy of anticommons’ would be at the cost of competition law. This research found that it is possible to use patent pools as a solution to the tragedy of the anticommons, while preventing harm to competition. The Indonesian Competition Authority can take inspiration from EU regulations to create a ‘safeharbor’ for companies who engage in technology transfer agreements if they meet the market share thresholds. They can also improve the framework for analyzing patent pools by laying out the different categories of patents to ascertain the different levels of harm they bring to competition.","PeriodicalId":292753,"journal":{"name":"Journal of Central Banking Law and Institutions","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123893106","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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