OJK directs fintech to benefit the national economy
Reporter: Maizal Walfajri | Editor: Yoyok
KONTAN.CO.ID – SOLO. The Financial Services Authority (OJK) hopes that the development of financial technology (fintech) will begin to grow rapidly and can be utilized for the benefit of the national economy. So that Fintech must run a business by prioritizing aspects of consumer protection.
“The development of fintech is a necessity, for that OJK directs it to be beneficial for the national economy and the interests of the wider community and prioritizes the protection of society,” said Wimboh when opening the seminar “Fintech Goes To Campus – Millennial Collaboration and Fintech Towards the Industrial Revolution 4.0” at Sebelas Maret University. , Solo, Saturday (9/3).
According to Wimboh, the development of fintech should have many benefits in Indonesia given the low level of national financial inclusion, large population and scattered population demographics. In Indonesia, the level of financial inclusion in 2016 was 67.8%.
Meanwhile, according to World Bank research results, a 20% increase in financial inclusion through the adoption of digital financial services will provide an additional 1.7 million jobs, even more in developing countries.
Indonesia also has large capital to support the development of fintech, namely the number of middle class people reaching 45 million people, and a total internet users reaching 150 million.
To encourage the benefits of fintech, OJK has provided a regulatory and supervisory framework that provides flexibility for innovation space but without sacrificing the principles of transparency, accountability, responsibility, independence and fairness (TARIF), through the provision of a legal umbrella for digital financial innovation and per-product regulation such as innovation services. digital financial finance, digital banking services, peer to peer lending and equity crowdfunding.
Especially for services peer to peer lending, OJK has also appointed the Indonesian Joint Funding Fintech Association (AFPI) to set the standard (code of conduct) by using a market discipline approach applicable to its members and providing a Code of Conduct for Providing Responsible Information Technology-Based Lending and Borrowing Services, which provides ethical guidelines and responsible behavior for AFPI members.
The development of P2P Lending fintech until January 2019 recorded a total loan of IDR 25.9 trillion, outstanding loan of IDR 5.7 trillion. There are 99 registered or licensed companies. While the number of lender or lender accounts is 267,496 and the number of accounts borrower or borrowers in the amount of 5,160,120.
In order to build protection for the community using fintech P2P lending, OJK continues to request that people only transact through fintech P2P lending that is registered and licensed by the OJK.
The public is asked to avoid illegal fintech which the Investment Alert Task Force has successfully detected and the number has reached 803 entities. The Investment Alert Task Force has asked the Ministry of Communication and Information to close this illegal fintech.
OJK also asks people who have become victims of illegal fintech to immediately report it to the Police. In addition, OJK together with AFPI have established and enforced standards based supervision market conduct which emphasizes the consumer protection function.
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