Bank Mandiri Expects Equal Regulation for Bank, Fintech

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  • TEMPO.CO, Jakarta - State-owned Bank Mandiri said Bank Indonesia (BI) and the Financial Services Authority (OJK) need to continue to work on the regulation and oversee the financial technology or Fintech.

    “So there is an equal regulation between traditional banks and the fintech industry,” said Bank Mandiri's Risk Management director Ahmad Siddik Badruddin said on Thursday, April 5.

    According to Siddik, the innovations made by the fintech industry are very good and beneficial to the consumers.

    Read: BI Grants Registration for 15 Fintechs

    The business of the fintech industry also offers consumer protection in order to avoid fraud, as well as clear transparency and the disclosure of information. Siddik said the fintech business must be supported.

    However, he felt the need for an equal regulation so that in the end, the traditional banks will have no difficulty in competing with fintech. The Bank Mandiri director also hopes that there is no inequality of regulation between one and the other.