Kedutaan Besar Republik Indonesia
Embassy of the Republic of Indonesia
Ambassade de la RÉpublique d'Indonésie

OJK to Issue Fintech Regulation Next Year

TEMPO.CO,A�Jakarta – The Financial Service Authority (OJK) President Commissioner Wimboh Santoso said that his office will issue aA�fintech (financial technology) regulation in the first quarter of 2018.

Pressed about the details of the regulation, Wimboh declined to answer. a�?We have to establish communication with other agencies,a�? he said. a�?One thinga��s for sure, we will issue basic rules.a�?

In response to rapid fintech development, Wimboh said that OJK is also preparing a fintech roadmap for the next five years which will become a reference point for developing, regulating and monitoring financial technology in Indonesia.

Read:A�Bank Indonesia Launches Fintech Regulation

Wimboh added that the OJK is working closely with relevant agencies to form fintech centers. The service will coordinate fintech activities to allow its development while meeting the aspects of security and customer protection.

a�?We dona��t want to see fintect being misused by the people, such as for money laundering, terrorist financing, etc.,a�? he said.

Read:A�OJK Aims to Finalize Fintech Rule Next March

Wimboh said that there are now 27 peer to peer lenders that have been registered with and held operational permits from the OJK. a�?Not to mention 32 more that are being registered,a�? he said, before adding that theA�fintech financing has reached Rp2.26 trillion with a total of 290,335 lenders.

a�?Ita��s a sizeable amount,a�? he said.