What is inside the OJK regulation of fintech in Indonesia?
The technology development in Indonesia is quite rapid. Internet users in this country grow only more significant from year to year. According to a report from the Indonesian Internet Service Providers Association (APJII/Asosiasi Penyelenggara Jasa Internet Indonesia), around 143 million people have been connected to the internet in 2017.
The rapid growth of internet users has driven many technology businesses. One of them is a financial technology business or commonly known as fintech. Fintech business covers many things, from online payment systems, online credit systems, to online shopping systems.
In 2016, OJK (Indonesia Financial Services Authority) has made POJK Regulation No. 77 / POJK 1/2016. The regulation has been based on fintech problems, but it is incomplete and only focuses on peer-to-peer lending problems. The technology is growing rapidly, and there have been many kinds of fintech companies in this nation. For this reason, OJK also made new regulations, namely POJK No. 13 / POJK.02 / 2018.
In the regulation, many things are discussed in addition to peer-to-peer lending. These include fintech registration, regulatory sandbox, fintech education for all parties, financial data management, consumer data assurance and also fintech businesspeople, as well as anti-terrorism and money laundering. This regulatory update in 2018 aims to provide legal standards on many matters related to fintech and ensure that the wider community gets a good fintech education.
The Head of Commissioner of the OJK, Wimboh Santoso said that with the new regulation, the OJK provided guarantees to safeguard the Indonesian fintech industry from violations such as fraud and abusing prices. All fintech products must be transparent and follow the provisions of OJK.
In the new regulation in 2018, it is indeed not discussed in detail about Islamic fintech and systems such as crowdfunding. However, there is an article that affirms other financial services, including crowdfunding and sharia fintech systems.
The full support from OJK to Fintech Industry
OJK Deputy Commissioner, Sukarela Batunanggar stated that in the regulation, OJK did not set national standards of interest from fintech credit or loan businesses. The interest set varies in number, it depends on the agreement between fintech businesspeople and should not be as high as loan sharks. In the matter of interest, OJK only functions as an input provider and supervises that fintech businesspeople are not excessive and harm the public.
In addition to updating the regulations, OJK also supports the development of fintech by opening Infinity. Infinity is a place of education and development of the fintech ecosystem. Inside Infinity, located at Wisma Mulia 2, Jakarta, fintech people in business, academics, government institutions, and the general public can meet and discuss fintech. Through this hub, they can also make cooperation for better fintech products.
Anyone can come to Infinity and look for information related to fintech there and how the rules applied by the government regarding fintech. This infinity development helps to raise awareness about the development of fintech for consumers and educates fintech businesses on how vital it is to make a good fintech business and not break the rules.
OJK also collaborates with Telkom University to make formal fintech education for the community. Formal education is essential to increase the potential of fintech in Indonesia.
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