OJK Disseminates Regulations on Fintech and Pawnshop

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  • Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Muliaman Hadad. TEMPO/Diko Oktara

    Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Muliaman Hadad. TEMPO/Diko Oktara

    TEMPO.CO, Jakarta - The Financial Services Authority (OJK) disseminated two regulations on financial technology lending services and on pawnshops on Tuesday, February 14, 2017.

    OJK deputy commissioner for non-banking supervision Dumoly F. Pardede, said that the OJK supports the development of financial technology (Fintech) lending services in Indonesia.

    "Fintech is inevitable, because its services can help public to get loans," Dumoly said in Jakarta on Tuesday, February 14, 2017.

    In addition to Fintech, Dumoly pointed out that pawnshop business has gained popularity among public, since it provides fast and easy cash, and "it has simple and fast system."

    OJK hoped that Fintech peer-to-peer (P2P) lending providers would harmonize and accelerate distribution of funds to micro, small and medium enterprises (UMKM) across the country. The P2P lending is a Fintech product that connects micro business owners with investors.

    The initiative is in line with efforts made by the Regional Financial Access Acceleration Team (TPKAD), President Joko "Jokowi" Widodo's nine priority programs (Nawacita), the 1,000 start-ups program, and the 14th economic policy package released by the government.

    GHOIDA RAHMAH