OJK to Issue New Policy in Response to Fintech Growth

TEMPO.CO, Jakarta - Chief Commissioner of the Financial Service Authority (OJK) Wimboh Santoso said that technology development must be controlled due to the growth of financial technology (fintech) platform in Indonesia.

“Technology cannot be hindered, but managed. Distortion and its negative impact must be lessened, thus its disruption could be estimated,” said Wimboh during his speech as a keynote speaker in the event of “Anticipation of Financial Technology Disruption 4.0: Controlling Fintech as Current Economic Parameter” at JW Marriott Hotel, South Jakarta, Wednesday, January 23.

Multiple financial technologies had been developed in the recent two years in the country. OJK recorded that up to the end of 2018, there were a total of 88 registered peer-to-peer lending companies.

Read: OJK: No Reports on Fintech Violations

Currently, loan distribution fund via fintech platforms reached some Rp22 trillion, and per early January 2019, as many as 244 fintech companies were on the registration list.

Wimboh continued to say that this technology management coincided with the fintech development that had various financial service products. Besides, the plan was an attempt to educate the public on the benefit and risks of fintech.

He further pinned hope that new regulation would control various kinds of fintech platforms considering many non-finance companies had recently had financial service products, such as Go-Jek and Tokopedia.

“The main goal of a new policy is to protect the rights of the public [as a consumer] and keep the existing financial service products,” Wimboh concluded.

DIAS PRASONGKO