Financial technology company Finastra is set to introduce IFRS 9 Regtech solution in Indonesia through a local government accredited data centre.

The new IFRS 9 compliance capabilities is expected to assist the regional and medium-sized banks to comply with the new financial reporting standards, scheduled to become effective in January 2020.

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During the implementation of the local IFRS 9 equivalent, the Indonesian banks can utilise Finastra’s software-as-a-service (SaaS) Regtech solution Instrumen-Keuangan-PSAK-71 (PSAK 71) to develop compliance reports.

They can also send appropriate information to the Praweda Ciptakarsa Informatika-hosted data centre.

Praweda, by utilising Finastra’s Fusion Risk, will be responsible to classify data, carry out necessary calculations as well as provide relevant accounting metrics, balance sheets and reports.

Finastra Asia-Pacific managing director Imad Abou Haidar said: “Indonesia’s financial services sector sits amidst a fast-evolving regulatory landscape. With regulations to enhance governance and risk management activities continuing to evolve, the introduction of PSAK 71 is just the beginning of Indonesia’s compliance journey.

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“Often, smaller and medium-sized banks leave preparation late, underestimating how many tentacles IFRS 9 has and how far they reach. Our successful track record of using Fusion Risk to help clients around the world to build an IFRS 9 risk-compliant framework stands us in good stead as we support customers in Indonesia with PSAK 71.”

The company also collaborated with PT Abhimata Persada and Neoflex Consulting to help the banks to achieve financial reporting standards before the deadline.