7 Startups Pass OJK Regulatory Sandbox, from Gold Tokenisation to Stablecoins

Jakarta, CNBC Indonesia – OJK has recorded positive progress in its regulatory sandbox programme for Financial Sector Technology Innovation (ITSK), with seven participants declared to have passed the testing phase as of August 2026.

Adi Budiarso, Executive Head of Financial Sector Technology Innovation Supervision and Digital Financial Assets at OJK, revealed that since the issuance of POJK 3 of 2024 on the implementation of ITSK, up until 31 August 2026 OJK had received 351 consultation requests from prospective sandbox participants.

The seven participants that have passed the testing phase operate diverse business models, namely gold tokenisation, securities tokenisation under a fund management contract scheme, tokenisation of property ownership benefits, rupiah stablecoin issuance, non-trading Digital Financial Assets (AKD) custody, and crypto fund management.

Adi explained that ITSK operators with the same business models as the seven graduates now have the right to register directly with OJK without needing to go through the sandbox testing process. OJK is currently evaluating four new applications to become sandbox participants, comprising one digital and crypto financial asset business model and three market-supporting business models.

In terms of licensing, as of August 2026, eight Alternative Credit Rating Providers (PKA) and 16 Financial Service Aggregation Providers (PAJK) had been registered with OJK. PAJK performance also showed significant momentum, with ITSK operators of the PAJK category successfully completing partner-approved transactions worth Rp2.41 trillion in July 2026, with users totalling 19.26 million spread across Indonesia. Meanwhile, PKA-category operators received credit score data requests of up to 28.32 million hits throughout July 2026.

On the law enforcement front, on 31 July 2026 OJK imposed an administrative sanction in the form of deregistration on PT Unicorn Teknologi Indonesia (Finvey), an ITSK operator with a PAJK business model. The entity is required to settle all consumer rights and obligations in accordance with applicable regulations. In addition, throughout August 2026 OJK also issued three written warning sanctions to two AKD-AK operators for violations of applicable POJK regulations in the IAKD sector.

“These compliance enforcement efforts and sanctions are aimed at encouraging IAKD industry players to continuously improve good governance, prudential principles, and compliance with applicable regulations,” Adi said at the Monthly RDK press conference on Monday (7/9/2026).