OJK Wil Launch POJK for Fintech at the End of March 2018

By : Hariyanto And Aldo Bella Putra | Sunday, February 04 2018 - 18:00 IWST

OJK
OJK

INDUSTRY.co.id - Jakarta - The Financial Services Authority (OJK) will issue rules on digital financial innovation aimed at technology-based financial companies (fintech) in the form of OJK Rules (POJK) by the end of March 2018.

Deputy Commissioner of the OJK Institute, Volunteers Batunanggar said the regulation would require all fintech associated with financial services and products to register with OJK and set up technology-based finance companies operating in Indonesia to be able to run their business more regularly and disciplined by carrying out the basic principles will be determined later.

"Later it regulates the overall principles of oversight and regulation of fintech Starting aspects of how to register, sandboxing, how these fintech are included in one area of ​​observation, we test, there will be a licensing aspect, covering reporting aspect, consumer protection, how OJK build a good ecosystem," he said in a working meeting of the Ministry of Commerce in Jakarta, Friday (2/2/2018).

He explains, later this rule will be different from the old financial services institutions such as banking and insurance. Later, the startup will be observed and tested whether the business model is sustainable, the technology is adequate or not, starting from the level of idea, design, prototyping. Once considered feasible, about a new year is released and licensed.

"It means that this startup will need to be confirmed viability and visibility of the project, not only from the business side but also the risk management and consumer protection, it is necessary to observe if the bank is established or the rules are standard, but for fintech, while he innovates, give space also for observation," he added.

This rule alone will only be the basis for these fintech companies. To be more specific, OJK will be reorganized by circular or in the form of guidelines.

News Comment

Today's Industry

Grab (Ist)

Kamis, 11 Oktober 2018 - 12:36 WIB

Women Activists Criticize GRAB Indonesia on Victims Harassment Mediation

A number of women activists express their anger and regret at the GRAB Indonesia. The Malaysian applicator response to bring together between a driver partner who is allegedly harassed his passengers…

Panen Padi (Foto Dok Industry.co.id)

Senin, 08 Oktober 2018 - 03:30 WIB

Banten Lebak Farmers Harvest 55,622 Tons of Dry Grain

Lebak-Petani in Lebak Regency, Banten, during September 2018 harvests rice in an area of ​​9,347 hectares of paddy fields with a production of 55,622 tons of dried pungut (GKP) grain.

Bawang Merah (Ist)

Senin, 08 Oktober 2018 - 03:00 WIB

Kelompok Tani Sengingi Riau Panen Bawang Merah

Kuantan Singing - Beken Jaya Benai Farmer Group in Kuantan Singingi Regency, Riau Province harvesting shallots up to tens of tons managed on a quarter hectare of land, the results can improve…

Senin, 08 Oktober 2018 - 02:30 WIB

PT Pertamina Lubricants Wins Two TOP CSR 2018 Awards

Jakarta - PT Pertamina Lubricants managed to bring home two awards at the TOP CSR 2018 TOP CSR category on Lubricants Business, namely for the Corporate Social Responsibility (CSR) Enduro Student…

Listrik Ilustrasi

Senin, 08 Oktober 2018 - 02:00 WIB

Electrical System in Central Sulawesi is 75% Normal

Jakarta - Electricity, telecommunications, roads, airports and fuel supply (BBM) infrastructure have begun to recover in areas affected by the earthquake in Central Sulawesi. Assistance from…