Financial Services Authority (FSA) will issue new rules on technology companies engaged in finance or known as financial technology (fintech) by December 2016. The rules will regulate the problems in capital expenditure, business model, consumer protection, and risk management for fintech companies.
Fithri Hadi, Director of Operations and Information Services in FSA, said the rules adopted from similar rules in other countries will serve as guidelines for the operations of fintech companies in Indonesia. “The regulation will not impede innovation. Don’t let fintech be a thing of the past just because of a mere regulation,” said Fithri.
Fintech in Indonesia have grown rapidly in recent years. According to FSA, there are 120 fintech companies that provide credit services, crowdfunding, payment services, comparison aggregator of financial products, and mutual fund supermarket. “There are dozens of companies that come to FSA to deliver their business,” said Fithri.
FSA encourages synergies between fintech companies and financial services companies, as is done by Go-Jek for Go-Pay services in cooperation with banks, and mutual fund supermarket that work together with the investment manager. (*)
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