OJK Encourages Publication Of Fintech Law, Consumer Protection Aspects To Be A Major Concern

Illustration (Photo: Doc. Antara)

JAKARTA - The Head of Digital Financial Innovation of the Financial Services Authority (OJK) Maskum said that he would continue to support the government to immediately issue regulations at the level of the Law (UU) that regulate the existence of financial technology (fintech) companies in Indonesia.

"Currently there is a discussion so that there is a law for fintech, because frankly, until now there is no law that regulates fintech. So, there are no laws, whether licensed or unlicensed," he said in a webinar on Monday, November 8.

According to Maskum, OJK is currently preparing a master plan that will be used by the government in producing the Fintech Law.

"Especially we will highlight how to protect consumers so that the impact received by the community must be better," he said.

Furthermore, Wimboh Santoso's subordinate explained that fintech will continue to grow along with the increasing adoption of information technology with a transaction value of IDR 19.2 trillion throughout 2021.

Then, more than 12 million MSME merchants have become fintech partners, which are dominated by MSMEs. Meanwhile, the number of fintech lending that has been registered and licensed by the OJK is 104 companies with accumulated fund distributions reaching Rp262.93 trillion, an increase of 104.30 percent year-on-year.

“Fintech developments are very helpful in efforts to increase financial inclusion in society. For this reason, collaboration of many parties in improving people's financial literacy is needed while arranging formal instruments to suppress the movement of illegal fintech institutions," concluded Maskum.