he Indonesian Chamber of Commerce and Industry (Kadin) has called on the government to facilitate financial technology (fintech) services by providing fiscal incentives and regulations in a bid to improve financial inclusion and efficiency.
Kadin chairman Rosan P. Roeslani said new financial services had emerged via the creation of alternative models of financing besides conventional bank loans in the aftermath of the global economic crisis. It has been providing financial access to those in remote areas and others without access to banking services.
"To speed up the development of fintech, we expect fiscal incentives to attract investors to support their development and alleviate the burdening taxes that [fintech] startup companies face," he said at the 2016 Fintech Festival and Conference in Jakarta on Monday.
He further said, Kadin saw the necessity of a specific regulation to further govern various aspects of fintech as well as the licensing mechanism to strengthen the operational base of fintech businesses. At the same time, consumer protection in Indonesia must also be guaranteed, Rosan said.
Furthermore, he said the role of fintech in global financial service industries was instrumental in growing financial inclusion, particularly for small and medium enterprises (SMEs) including creative industry start-ups, by using information technology in the financial service industries.
While a wide range of services has been offered by fintech startups to provide various financial products to the community, Rosan believes that ample room is still open for innovation to further improve their services. (ags)
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