Indonesia has been embarking on a serious journey to become a leading digital powerhouse in Southeast Asia, specifically in the financial sector. Leveraging its massive penetration of mobile network, the country seeks to cater to the needs of both digital savvy consumers and the unbanked population in the innovative delivery of financial services. Various regulations have been introduced recently to support the emerging sector of financial technology – or “FinTech”, in Indonesia.
Makes & Partners is proud to be part of this journey from the beginning, further securing our reputation as a firm that has achieved a number of “firsts” in Indonesia. To respond to the growing demands, we are delighted to announce the establishment of our FinTech Practice at Makes & Partners, in conjunction with WongPartnership LLP’s sophisticated FinTech division. Makes & Partners and WongPartnership LLP have been in a successful strategic alliance since 2014.
As the term suggests, FinTech encompasses a broad range of practices within the financial sector. From helping the establishment of a digital bank, to navigating the regulatory complexities of the payments system, and to making sure data protection standards are met, our lawyers have the necessary experience in dealing with the rapid pace of financial innovation in the market. We have worked with Venture Capitals (VCs), angel investors, financial holding companies, banks, and startups to be able to understand the commercial dimension of FinTech deals and operations.
Some of our key lawyers also sit on the board of the expert advisory panel for digital financial innovation established by the Financial Service Authority (OJK), and have been asked to draft some key regulations recently introduced by the Indonesian regulators.
We relish the prospect of leveraging our legal and regulatory experience across the financial industry to further shape the future of digital financial innovation in Indonesia.