TEMPO.CO, Jakarta - President Joko "Jokowi" Widodo said that technological advances in the financial sector pose several potential risks. He reminded financial technology or fintech players about the matters.

“The risk of cybercrime, misinformation, error transactions, and personal data misuse,” the President elaborated during a virtual event of Indonesia Fintech Summit on Wednesday, November 11, 2020.

Those risks have occurred in the country’s fintech industry. The recent case was the data leak belonging to a fintech aggregator platform Cermati.com in November 2020. Personal data of its 2.9 million users, which were collected from 17 companies, were leaked and sold online on the Raidforums site.

The issue was one of the objects to be resolved through the personal data protection bill. However, the House of Representatives (DPR) has not completed the deliberation of the bill since last year to date.

The President further said that the emergence of the risk was due to the lack of non-financial banking regulations that are not as stringent as banking regulations. Thus, he asked fintech players to strengthen better governance, be accountable, and mitigate various possible risks.

Through those efforts, Jokowi hoped that the fintech industry could provide safe services for the community. “As well as creating a major contribution to the development of MSMEs and the national economy,” he said.

Read: Jokowi: Indonesia's Financial Inclusion Lags behind Neighboring Countries

FAJAR PEBRIANTO