TEMPO.CO, Jakarta - The deputy head of commissioner board of the Financial Services Authority (OJK), Nurhaida, said her office would sanction financial technology (fintech) startups or digital financial innovations that did not register its business as mandated in the OJK Regulation (POJK) No. 13/POJK.02/2018.

“If a startup does not apply for registration, it will be sanctioned or there will be enforcement,” said Nurhaida in a discussion held in Jakarta, Friday, Nov 2.

Nurhaida said the sanction would be imposed based on the rule noted in the POJK, including restriction to access banking service such as opening a bank account.

As of date, only 21 financial technology startups listed in OJK since the POJK took effect on September 16, 2018.

Read: OJK to Issue Regulation for Financial Technology Companies

Nurhaida expected the registration number would increase considering many businesses on digital-based sector listed in the association amounted to more than 160 startups.

Therefore, OJK attempted to further disseminate the policy related to the registration of fintech startups or digital financial innovations, especially to regions outside the Java Island.

“Other cities show high interest on the dissemination program. That is proof that they are not hampered by this regulation.

Earlier, OJK issued POJK No. 13/POJK.02/2018 concerning financial digital innovation in the financial sector in a bid to map the business, introduce digital financial inclusion, and protect consumers and data.

Therefore, she called on all fintech startups or digital financial innovations to register its business before December 15, 2018, the end of the first clustering period.

ANTARA