The Arrival of the Long Awaited KBLI Numbers in Fintech
On 24 September 2020, Statistics Indonesia (Badan Pusat Statistik ─ “BPS”) issued BPS Regulation No. 2 of 2020 on Indonesian Standard Business Classifications (Klasifikasi Baku Lapangan Usaha Indonesia ─ “KBLI”), which is known as the 2020 KBLI. The 2020 KBLI came into force on its issuance date and revoked BPS Regulation No. 95 of 2015 on the KBLIs, as amended by BPS Regulation No. 19 of 2017, which is known as the 2017 KBLI. The 2020 KBLI introduces more than 200 new 5-digit KBLI numbers to keep up with the rapid development of new types and divisions of businesses in Indonesia. Included among the new KBLI numbers, the 2020 KBLI introduces the long-awaited KBLI numbers specifically to accommodate fintech related business activities.
The New KBLI Numbers in Fintech
Before the issuance of the 2020 KBLI, there was only one KBLI number that specifically referred fintech in its description ie. KBLI No. 63122, a web portal for commercial purposes according to which included in this KBLI are web sites/portals and digital platforms for commercial purposes (profit), which are applications used to facilitate or mediate electronic transaction services, such as marketplaces, digital advertising, fintech and online on-demand services.
In practice, this (old) KBLI number had been used for a number of different fintech activities. It was not uncommon for fintech players to also use other KBLI numbers which they believe are the appropriate KBLI number for their business activities in Indonesia. Not only that, the absence of specific KBLI numbers for different fintech activities have also resulted in the reference to varying KBLI numbers in the fintech companies’ articles of association or Business Identification Number (Nomor Induk Berusaha ─ “NIB”). Due to these reasons and the rapid development of fintech activities in Indonesia, one KBLI number to cover all kinds of fintech activities was no longer appropriate. Download pdf for an overview of the new KBLI numbers covering fintech activities.