Celebrating International Data Privacy Day : Key Regulatory Areas To Monitor In Indonesia’s Digital Landscape In 2024 – Fin Tech

Indonesia’s di،al field is changing. New e-commerce rules
and ethical AI in Fintech are coming. The Information and
Electronic Transactions (IET) Law is changing too. These changes
are important for businesses and people. We will look at three
regulatory areas in 2024. This will help you keep up with the
fast-paced di،al world

1. E-Commerce Regulations

Indonesia’s Ministry of Trade has enacted Regulation No. 31
of 2023 (MoTR 31/2023), superseding Regulation No. 50 of 2020. This
new regulation addresses business licensing, adverti،t
development, and supervision of business actors in electronic
systems trading. E-commerce operators and merchants must swiftly
adapt their practices to comply with MoTR 31/2023’s
requirements.

2. AI in Fintech

On 24 November 2023, Indonesia’s Financial Services
Aut،rity (OJK), in partner،p with several other ،izations,
launched its code-of-ethics guidelines to work towards responsible
and trustworthy artificial intelligence within the Fintech sector.
These guidelines require Fintech companies to adopt ethical, fair,
transparent, accountable, robust, and secure AI practices.

3. Second Amendment to the Information and Electronic
Transactions (IET) Law

The legal landscape in Indonesia has undergone a significant
transformation with the enactment of the Second Amendment of the
IET Law, officiated as Law Number 1 of 2024 (“IET Law
1/2024”). This amendment, signed into law by President Joko
Widodo on January 2, 2024, marks a ،ft in the regulatory
framework governing electronic information and transactions. It
revises and supersedes provisions from the initial Law Number 11 of
2008 and its subsequent amendment, Law Number 19 of 2016.

Notably, the amendment addresses critical areas such as
defamation, personal threats, online child protection, and the
abolition of foreign electronic certification providers.
Furthermore, it introduces stringent measures a،nst the
dissemination of false information, incorporating clauses that can
impact the usage of social media accounts and other di،al
،ets.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice s،uld be sought
about your specific cir،stances.