OJK Appreciates the Implementation of Indonesia Fintech Fair 2018

INDUSTRY.co.id - Jakarta - The Financial Services Authority as a regulator in the financial services sector strongly supports and fully appreciates the association and all fintech organizers, not only fintech lending, but also other fintech types in the implementation of Indonesia Fintech Fair 2018 which is considered in line with OJK's main objective in providing and improving protection to consumers in financial services.

"How to provide protection to consumers? One of them is conducting socialization activities in various places, not only in Jabodetabek but also in other areas, so that people can also know what Fintech is and ultimately society also benefit from getting easier access to finance, "said Hendrikus Passagi, Director of Licensing and Supervision Arrangement Fintech Financial Services Authority in Jakarta, Friday (13/07/2018).

He said that OJK continues to encourage increased transparency and disclosure of benefits, risks and costs to PUJK products and / or services, in addition to PUJK's responsibility to conduct conformity assessment of products and or services with risks faced by financial consumers.

"OJK also encourages simpler procedures and convenience of financial consumers to deliver complaints and dispute resolution of PUJK products and / or services," explained Hendrikus.

Another challenge besides the consumer protection principle above is about the financial literacy of Indonesian society. Based on the 2016 National Literacy and Inclusion Financial Survey, the current financial literacy index of 29.7%, up from 21.8% in 2013. Although this figure is small, it is expected to continue to increase in the future.

Head of the Department of Literacy and Financial Inclusion, Sondang Martha Samosir said the issue can only be addressed if all aspects of society are able to work together well. The task of educating the public in finance is not only the responsibility of OJK as regulator but also the industry players, including the fintech actors who have provided ease in various public finances.

"People need to know which products and services are legal and supervised by regulators so they can avoid fraud or financial crimes," Sondang said.

Bank Indonesia as the monetary, macroprudential, and payment system monitors appreciate the presence of fintech products and services that combine financial services with technology, thereby driving the shift from more conventional business models to more moderate.

"Fintech products and services are also growing and varied to provide options to the community, just how the perpetrators strive to continue to innovate in providing the best service while maintaining the principles of prudence and risk mitigation, and consumer protection, thus providing benefits to the wider community" , said Erwin Haryono, Head of Financial Technology Group, Cooperation and Communication of Bank Indonesia Payment System.

Indonesia Fintech Fair 2018 became the first event of the Fintech Indonesia Association involving the wider public and presented by UangTeman as the main sponsor, also sponsored by Google, TunaiKita, Home Credit Indonesia, Sinarmasland, Investree and RupiahPlus.

In addition to targeting thousands of visitors, the event also targets the growth of public awareness, so that people can choose the right fintech services to the needs of the community and
secure.

"We feel the need to be part of this event. The role of the government has been greatly felt in supporting the growth of fintech companies in Indonesia. We should take a role to educate the public about positively beneficial fintech products as needed, "explains Aidil Zulkifli, UangTeman CEO.