OJK to Issue Regulation for Financial Technology Companies

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  • Indonesian Fintech Association and Korean Fintech Association during a press conference in Jakarta, Thursday, December 1, 2016. Tempo/ Tongam sinambela

    Indonesian Fintech Association and Korean Fintech Association during a press conference in Jakarta, Thursday, December 1, 2016. Tempo/ Tongam sinambela

    TEMPO.CO, Jakarta Financial Services Authority (OJK) is set to issue a circular for companies providing financial technology (fintech) services.

    The circular regulates procedures on how to register for permission, lending activities, and supervision to fintech companies.

    "It will be issued as soon as possible," OJK Financial Technology Permit and Supervision Affairs director Hendrikus Passagi said in Jakarta on Friday, Sept. 15.

    Read: OJK Works with Australia to Develop Fintech

     

    Prior to issuing the circular letter, OJK will hold a discussion with a number of fintech businessmen.

    "How quickly will the regulation be issuedThen the answer lies in how quickly fintech businessmen can effectively respond to our questions or to our demand for a discussion," he said.

    Hendrikus revealed that 22 fintech companies have been registered in OJK. Out of 22 companies, 8 companies have reported their transaction costs.

    The accumulation of the 8 companies reaches 1 trillion with around 200,000 borrowers concentrated in Java.

    ROSSENO AJI NUGROHO