OJK Strengthens Supervision And Regulation Of Fintech Industry

Photo: Doc. Antara

JAKARTA - Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Mahendra Siregar said the OJK continues to strengthen supervision and regulation of the fintech industry in responding to global dynamics.

"In terms of such a dynamic perspective both in geopolitical and in the real sector and its extraordinary dynamics the use of innovation and technology as well as political developments in the United States, I would like to convey that the existence of supervision, policies, arrangements made by the OJK is the best possible by our country," Mahendra said, in Jakarta, quoted from Antara, Tuesday, November 12.

On the sidelines of The 6th Indonesia Fintech Summit and Expo (IFSE) 2024, Mahendra said the law emphasized that support for innovation-based development, digital finance, technology is the future of Indonesia's financial sector development.

"But on the other hand, we are in one device, in one organization, regulators, regulators, regulators of regulated policies and carry out surveillance that is always based on prioritizing risk management, and of course good governance and compliance, because it is the basis of regulation, preparation of policies and supervision that are indeed responsible," he said again.

Mahedra said there are three developments or dynamics globally that affect the development of fintech and digital technology in Indonesia, including geopolitical competition between the two superpowers.

Geopolitical competition between the two superpowers (superpower), namely the United States and China, continues to move and has now become a competition in the digital world and technology, including mastery of artificial intelligence technology.

"It is a phenomenon that occurs with unharmonic world conditions in a geopolitical perspective that affects the economy, trade, investment and in turn also reaches the development and utilization of digital technology," he said again.

On the other hand, all economic ecosystems based on the real sector are increasingly using digital technology innovation and in turn also take advantage of the existence and development of fintech, so that it becomes a large ecosystem and multi platform that regulates the entire supply chain that exists in the industrial sector in the world.

Dan pengembangan yang ke depan adalah semakin menuju ke kepada konvergensi di antara berbagai ekosistem tadi menjadi satu multi platform yang semakin besar dan membuat. Ini yang saya rasa kita pun tentu mengantisipasi dan meresponsnya dengan berbagai langkah," ujarnya.

According to him, these developments need to be anticipated and responded appropriately, so that Indonesia does not lag behind and remains in the development of digital financial technology innovations so quickly.

Furthermore, developments that also affect the dynamics in the fintech sector are the election of Donald Trump as President of the United States, someone who supports crypto assets.

"Capital investors and ventures currently have different appetites and capacities compared to five years ago," he said.

Mahendra said the development in the superpower could have an impact on policies in the international arena.

"This is because it is a development in a superpower country, of course, it will be a game changer as well as good in its stakeholders, to its industry and of course a little more for regulators and policies that will occur in the international arena," he also said.