Law Number 4 of 2023 on The Development and Strengthening of The Financial Sector has strengthened Bank Indonesia's authority to regulate and supervise consumer protection in the financial sector. With the increasing risks caused by innovation and digitalization of products and/or services in the financial sector, it is necessary to strengthen the regulation of Bank Indonesia's consumer protection. Therefore, Bank Indonesia issued Bank Indonesia Regulation Number 3 of 2023 on Bank Indonesia Consumer Protection, which was established to adjust to the development of consumer protection principles. Find out more our insights about this topic in our Legal Brief publication.
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