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INDONESIA
Journal of Central Banking Law and Institutions
Published by Bank Indonesia Institute
ISSN : 28277775     EISSN : 28099885     DOI : https://doi.org/10.21098/jcli.v2i1
Core Subject : Economy, Humanities, Science, Social,
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences
Journal of Central Banking Law and Institutions (JCLI) is an international peer-reviewed journal. ​​JCLI publishes triannually. JCLI focuses on a range of topics examining the intersection of central banking law and institutions on the monetary, financial system, and payment systems that include regulations, governance (including transparency & accountability), credibility, institutional politics, institutional arrangements, and institutional communication. The JCLI’s scope is global, and the journal endeavours to publish high-quality research that contributes to the literature and/or impacts macro-economic policy aimed at enhancing social & economic welfare. Research papers are welcome from central and non-central bank practitioners, academics, and policymakers, regardless of their institutional affiliation and geographic location.
Arjuna Subject : Ilmu Sosial - Hukum
Articles 84 Documents
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INTERNATIONAL ISLAMIC BANKS’ POPULARITY AMIDST THE ASEAN ECONOMIC COMMUNITY: INSIGHTS FROM INDONESIA AND MALAYSIA Bawana, Tate Agape; Mansor, Fadillah; Noordin, Kamaruzaman
Journal of Central Banking Law and Institutions Vol. 3 No. 3 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v3i3.269

Abstract

The establishment of the ASEAN Economic Community (AEC) aimed to achieve regional integration among all ASEAN member states, with particular emphasis on financial integration. Islamic banking is in line with the broader goals of the AEC, as an alternative financial system, helping to build a more resilient and inclusive financial system in the region. Because of this resiliency and inclusiveness, Islamic banks have been encouraged to develop into international banks in the ASEAN region through increasing their assets and earnings. This paper aims to examine the position of International Islamic banks (IIb) in the AEC under its conventional banking services: OCBC Bank from Singapore, Maybank and CIMB Bank from Malaysia. Through the analysis of banking trends, this qualitative study compares the level of popularity of those banks in Indonesia and Malaysia, the two Muslim-majority countries in ASEAN, after the initial establishment of the AEC period in 2016 to 2024. The findings indicated that the most popular Islamic financial services in Malaysia are provided by Maybank, while the most well-known Islamic financial services under IIb in Indonesia are provided by CIMB Bank. This paper provides an overview of the globalisation of IIb in ASEAN and fills a research gap on the development of IIb, particularly within the AEC.
MANAGING INDONESIAN DATA BREACH NOTIFICATION IN THE FINANCIAL SERVICES SECTOR: A CASE FOR ONE-STOP NOTIFICATION MODEL Algamar, Muhammad Deckri; Munir, Abu Bakar; Hendro
Journal of Central Banking Law and Institutions Vol. 3 No. 3 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v3i3.271

Abstract

As a business of trust, the banking and financial services industry must protect its reputation to ensure consumer’s confidence. However, recent adoption of emerging internet communication technologies (ICT) have introduced new risks and challenges, such as safeguarding systems from cyberattacks and protecting consumer’s personal data. Cyberattacks, especially ransomware have shed new light on the importance of privacy and security throughout the banking and financial industry’s digitization efforts. Any organisation affected by cybersecurity attacks must face a twofold legal question. First, whether or not there has been a violation of the legal security requirements? Second, is to determine whether the attack triggers Data Breach Notification to the Data Protection Authority and/or Data Owners. This paper examines the complexity of maintaining security obligations under Indonesian Law (UU ITE, UU PDP, RPP PDP, and other relevant regulations) while also highlighting the common challenges in steering Data Breach Notification, with an enhanced perspective of the European General Data Protection Regulation (EU GDPR) practices. To address the challenges of patchwork data breach notification requirements in Indonesia, this paper proposes a proactive approach by Indonesia’s future Personal Data Protection Authority in creating a one-stop notification model to enable effective data breach incident management and notification.
THE SOCIAL DIMENSION OF THE ASSET QUALITY REVIEW IN THE EUROPEAN UNION Lukovic, Vesna
Journal of Central Banking Law and Institutions Vol. 3 No. 3 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v3i3.281

Abstract

During the financial crisis that started in 2008, banks in the European Union (EU) needed state aid to stay afloat. After years of bailing out failing banks with public money, which led to high public debt levels across the EU, the European Commission introduced the bail-in approach. This approach required stress tests and asset quality reviews (AQR) to identify capital shortfalls in the various banking systems. The idea was to review the quality of banks’ assets, including the collateral valuations and the adequacy of assets and other collateral provisions. This study focuses on the case of Slovenia, the first EU member state that applied a bail-in approach even before it became a legally binding law at the EU level. The Slovenian bail-in led to the cancellation of all subordinated obligations (shares or bonds) held by thousands of investors, mainly private individuals. The information asymmetry and data confidentiality argument together with the applied assumptions in AQR and stress tests have raised questions about the reliability and credibility of the national and EU authorities in this respect. This paper focuses on the social/human dimension of this case by presenting the current situation through the lens of the temporal dimension of former investors’ plight in their legal attempts to challenge those extraordinary measures. The paper revolves around data confidentiality and other issues that have contributed to the fact that this situation remains unresolved, more than ten years after the nationalisation measures. The finding of this analysis is that former investors have had no legal means to effectively challenge nationalisation measures because the authorities in Slovenia have failed to provide an appropriate tool that would be effective and available in practice.
INDONESIA’S ELECTRONIC MONEY LANDSCAPE: BETWEEN EFFECTIVITY AND INCLUSIVITY Mahardika, Zahrashafa
Journal of Central Banking Law and Institutions Vol. 4 No. 1 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i1.253

Abstract

Technology has transformed payment systems. Regulated digital money transactions are replacing traditional cash transactions. However, policy frameworks on payment systems often neglect to consider the diverse needs of society despite the critical role that payment systems play in society. This can be seen by the increasingly mandatory use of electronic money, which may exclude groups who have relied on traditional cash transactions but have unequal technological access. This paper explores the importance of electronic money accessibility from the perspective of Indonesian court decisions. This study reveals that current implementations, policies, and court decisions regarding electronic money have mainly focused on effectiveness rather than inclusivity. Electronic money was created to help unbaked people access financial services. However, ensuring people have technological access to these services must include everyone. This study recommends that policymakers ensure that electronic money services are accessible to the unbanked and those with limited technology access when promoting their use. On top of that, the government must also reinforce that using rupiah, in any form, remains a legal means of payment and must be respected in all transactions.
REGULATORY AND SUPERVISORY TECHNOLOGY RESEARCH: A BIBLIOMETRIC ANALYSIS Fachsandy, Faturrahman
Journal of Central Banking Law and Institutions Vol. 4 No. 1 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i1.257

Abstract

This bibliometric study examines articles on Supervisory Technology (SupTech) and Regulatory Technology (RegTech). The investigation’s main focus was on author trends and keywords. The data was carefully examined from the sources indexed on Dimension.ai, where ‘SupTech’ and ‘RegTech’ were the search terms. A bibliometric map was derived using VOSviewer for bibliometric analysis and a descriptive statistical method. VOSviewer software was used to analyse the development trends of publications related to RegTech and Supertech. In recent years, there has been a sharp increase in the number of papers published on RegTech and SupTech. Various journals have tackled the subject, two of the best being “Fintech and RegTech: Impact on Regulators and Banks” by Ioannis Anagnostopoulos and “The Role of Big Data, Machine Learning, and AI in Assessing Risks: A Regulatory Perspective” by Scott W. Bauguess. The most frequently used terms include regulation, supervision, compliance, finance, and technology. Furthermore, over the past ten years, Douglas W. Arner and Simone Di Castri have authored the most articles of any authors. Challenge and Study are two of this theme’s most commonly cited keywords. Digitalisation is critical today and presents a challenge for practitioners and researchers. Academics working in RegTech and SupTech can find relevant information in this study, which gives an overview of keyword trends and the most popular scholars on the subject.
CBDC ADOPTION: ALIGNING MODEL TECHNOSTRESS INHIBITORS AND PERCEIVED VALUE AMONG INDONESIAN GENERATION Z Febriyanto, Ahmad; Adenia, Niniek; Annabila, Isfiya; Yusfiarto, Rizaldi
Journal of Central Banking Law and Institutions Vol. 4 No. 1 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i1.258

Abstract

In recent years, central banks have been left scrambling to respond to the increase in Cryptocurrency transactions by establishing legitimate digital currencies called Central Bank Digital Currency (CBDC). The success of CBDC programmes will be closely tied to the public interest in adopting CBDC. Given the emerging influence of those born into what is commonly known as Generation Z, this research involved 329 Indonesians identifying as Generation Z to determine factors affecting the adoption of Indonesian CBDC. All data were analysed using Structural Equation Modelling Partial Least Square (SEM-PLS). The results show that the main determinants driving Generation Z’s interest in adopting CBDC are perceived value (epistemic, monetary, and convenience value) and general trust. Technostress inhibitors (facilitation of literacy and engagement facilitation) tended to influence Generation Z’s trust. General trust in this study also shows a partial moderating effect in the relationship between perceived value and intention to use CBDC and a full moderation effect on the relationship between technostress inhibitors and intention to use CBDC. The findings of this study provide advice to Bank Indonesia on how to increase the usefulness of CBDC related to monetary value and the value derived from the ease of use of CBDC to maintain public trust and increase public interest.
THE IMPACT OF DIGITAL INNOVATION ON E-COMMERCE YOUNG CUSTOMER SATISFACTION IN VIETNAM Le, Minh-Hoa; Duong, Que-Nhu; Nguyen, Hieu-Nghia; Au, Quynh-Nhu; Pham, Nhat-Nam
Journal of Central Banking Law and Institutions Vol. 4 No. 1 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i1.264

Abstract

This study looks at the influence of digital innovation, notably AI-driven chatbots, on e-commerce consumer satisfaction among young customers in Vietnam. It investigates key factors influencing user satisfaction employing frameworks such as the Uses and Gratifications Theory (U&G), Technology Acceptance Model (TAM), and the Unified Theory of Acceptance and Use of Technology (UTAUT), including utilitarian, hedonic, technological, and social gratifications, privacy risk, and social influence. This research applies a quantitative method, with data collected through an online survey utilising snowball sampling, yielding responses from 1,007 individuals aged 18 to 30. SPSS and PLS-SEM tools are used in the statistical analysis. This study finds that utilitarian, hedonic, technological, and social gratifications positively and substantially impact user satisfaction. Aside from this finding, when engaging with chatbots, consumers are often affected by suggestions and endorsements from peers and their larger social context. This highlights the significance of peer validation and social dynamics in determining user satisfaction. Additionally, Privacy Risks do not substantially impact satisfaction, indicating that customers prioritise practical and emotional advantages over data security concerns when engaging with chatbots. Practical implications include strategically using digital innovation, making reasonable assumptions about privacy risks, and adding social elements to improve consumer satisfaction in Vietnam’s thriving e-commerce industry. This study provides valuable insights for companies navigating digital innovation in Vietnam’s e-commerce ecosystem and digital banking.
BLOCKCHAIN TECHNOLOGY INNOVATION AS AN OPTIMIZATION OF TRANSACTION SECURITY IN ISLAMIC FINANCIAL INSTITUTIONS Nur Aisah; Siara Zazkia Juliana Putri; Muhammad Riza Hafizi
Journal of Central Banking Law and Institutions Vol. 4 No. 1 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i1.265

Abstract

This study examines the role of blockchain technology in enhancing security within Islamic financial institutions, which adhere to Sharia principles emphasising transparency, fairness, and ethical conduct. The primary purpose is to explore blockchain’s potential to address financial risks and inefficiencies while ensuring compliance with Islamic values. Islamic financial institutions face challenges maintaining transaction security and transparency under Sharia constraints, especially as risks like fraud, manipulation, and operational inefficiencies persist. Blockchain’s decentralised ledger system offers solutions by ensuring immutable transaction records, real-time transparency, and secure cryptographic frameworks. Smart contracts further automate Sharia-compliant processes, reducing risks of non-compliance and fraud, while operational efficiencies are achieved through reduced costs and faster transaction processing. However, implementing blockchain in Sharia financial institutions faces limitations, including a lack of technical expertise, regulatory clarity, and inadequate infrastructure in many regions. These barriers highlight the need for capacity-building initiatives and robust regulations to support blockchain adoption in Islamic finance. The study emphasises blockchain’s transformative potential to revolutionise Islamic finance, fostering trust and operational excellence while overcoming current barriers through collaborative efforts. Further research is necessary to optimise blockchain’s integration into this sector.
ADVANCING FUTURISTIC DIGITAL BANKING: STRATEGIC ENHANCEMENT AND A ROADMAP FOR EXCELLENCE Pratama, Kristianus Jimy
Journal of Central Banking Law and Institutions Vol. 4 No. 1 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i1.267

Abstract

This research aims to rectify misconceptions surrounding banking digitalisation and conduct an in-depth analysis of Bank Indonesia and the Financial Services Authority’s (OJK) policies concerning developing and enhancing the banking sector’s digitalisation. Additionally, this study is designed to formulate a strategic roadmap for developing banking sector digitalisation, accompanied by risk mitigation processes. The fundamental misconception identified herein pertains to the limited understanding of banking digitalisation as merely transitioning from conventional to digital services. This narrow perspective, still embraced by regulatory authorities, adversely impacts national banking industry stakeholders. Employing a normative legal research methodology through an extensive literature review, our findings reveal a prevailing tendency towards structural collaboration in policy formulation rather than embracing synergistic approaches. This research underscores the urgency of formulating visionary and flexible policies in banking digitalisation. Based on the findings, this study seeks to build the framework for policy formulation by regulation authorities in conducting further studies regarding the direction of policies for developing and strengthening banking sector digitalisation.
COMPARATIVE ANALYSIS OF CBDC AND TAX LAW ENFORCEMENT IN SELECTED COUNTRIES Ramadhani, Ressita; Farisy, Zakka; Puteri, Dina Silvia
Journal of Central Banking Law and Institutions Vol. 4 No. 1 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v4i1.275

Abstract

This study explores the prospective Central Bank Digital Currency (CBDC) transactions whilst implementing the Automatic Exchange of Information (AEOI) procedures as part of tax law enforcement in Indonesia. The study seeks to address the challenges and opportunities associated with AEOI within a CBDC framework, considering their potential impact on financial transparency, data privacy, and regulatory compliance. Through normative research, comprehensively reviewing relevant literature and policy analysis, the study identifies best practices from other countries, including ASEAN, East Asia, Oceania, The Bahamas, and Sweden, and it aims to develop recommendations for designing an efficient and secure AEOI framework for CBDC transactions in Indonesia. The findings of this study are derived from lessons learnt from selected countries regarding AEOI practices: Australia, Brunei Darussalam, China, Japan, South Korea, Malaysia, New Zealand, and Singapore. Additionally, Sweden and the Bahamas provide aspirational benchmarks for CBDC implementation while simultaneously implementing AEOI. Recommendations are also generated to improve Indonesia’s CBDC and AEOI implementation progress.

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