Indonesia Introduces New Regulations for State Bond Distribution

Enhanced Distribution Mechanism

The Indonesian Ministry of Finance has introduced new regulations through PMK No. 94/2025 to modernize the distribution of State Bonds (SUN) in the domestic primary market. This regulatory update allows fintech companies and Payment System Service Providers (PPMSE) to participate as distribution partners, broadening the reach of state bond sales.

Key Features of the New Regulation

1. Expanded Distribution Channels: The new rules enable fintech platforms and PPMSE to become official distribution partners for state bond sales.
2. Simplified Regulatory Framework: The regulation aims to simplify the existing framework for SUN sales through order collection.
3. Enhanced Market Participation: By including fintech and PPMSE, the government aims to increase participation in the state bond market.
4. Effective Date: The regulation came into effect on December 24, 2025, upon its promulgation.

Implications for the Financial Market

The inclusion of fintech and PPMSE in state bond distribution represents a significant step towards modernizing Indonesia's financial infrastructure. This move is expected to enhance liquidity and broaden investor participation in the government bond market. The regulation reflects the government's efforts to leverage technology for more efficient capital market operations.