Indonesia has set up Government Regulation Number 42 Year 2019 concerning Procedures for Examination in the Capital Market Sector. The new regulation is determined to carry out the functions, duties, and authority of regulating and supervising financial service activities, especially in the capital market sector. The regulation is expected to lift the performance of the Indonesian financial market, which is currently still shallow, compared to peer countries. While Indonesia is now facing the emergence of financial technology, its citizens are still largely a cash-based society. Most transactions beyond that of international hotels, malls, and restaurants are often in cash. Having access to local banking cards and ATM machines saves exchange fees and the hassles of having to carry large amounts of cash.
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