OJK Launches Ethical Guidelines to Artificial Intelligence Use in Fintech Industry

TEMPO.CO, Jakarta - The Financial Services Authority or OJK along with financial technology (fintech) associations released ethical guidelines on artificial intelligence (AI) use in the context of the fintech industry.

"The launch of this [ethics code] guideline proves OJK's commitment to continue cooperating and collaborating with industry actors and associations to ensure [AI] implementation is responsible and can be trusted," said the Chief Executive of Technology Innovation, Digital Assets, and Crypto Assets Supervision of OJK Hasan Fawzi in Jakarta today.

The AI ethical guidelines were launched by OJK with four fintech associations in Indonesia, namely the Indonesian Fintech Association (AFTECH), Indonesian Sharia Fintech Association (AFSI), Indonesian Fintech Lending Association (AFPI), and the Indonesian Crowdfunding Services Association (ALUDI).

According to Hasan, the purpose of this guideline is to mitigate the risk of AI use within the fintech industry. "Thus, AI could provide benefits for the development of fintech sector and mitigate future risks," he said.

Meanwhile, the Chairman of the Boards of Commissioners of OJK Mahendra Siregar said that technology has a central role in national development and is the main rotor for economic, social, and environmental growth. 

"Every technological advancement comes with responsibilities, one of which is data and consumer protection," he concluded.

ANTARA

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