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200 fintech customers likely to face lengthy settlement: OJK
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An illustration of peer-to-peer fintech lending (Shutterstock/File)
T
he Financial Services Authority (OJK) has said that it cannot immediately settle the disputes involving about 200 customers that have submitted complaints against financial technology (fintech) companies.
OJK education and consumer protection commissioner Tirta Segara said in Jakarta on Tuesday that in its efforts to settle the disputes, it would first facilitate meetings between the customers and the fintech platform providers to resolve the problems together.
If the meetings failed to produce a resolution, the OJK would try to help the parties reach a win-win solution. However, Tirta said, if the disputes still could not be settled, the OJK would suggest that the customers pursue dispute settlement through the courts or other legal means.
He added that the OJK was pushing for the integration of a fintech dispute settlement mechanism into the existing Alternative Dispute Resolution Institutions (LAPS). The fintech mechanism was an out-of-court settlement that used mediation, adjudication and arbitration.
“We will integrate the fintech dispute settlement mechanism with the dispute settlement mechanism of other financial sectors,” he said, as reported by kontan.co.id.
Since settling disputes took a long time, Tirta also advised that potential customers learn more about the risks of borrowing funds from a fintech service company. He said that many people did not understand how the online lending platforms worked.
“People should read carefully about the fintech company's services and if they do not understand, they should directly ask the providers or the OJK,” Tirta said.
Earlier, the OJK said that hundreds of fintech platform providers were operating in the country, but only 45 were registered, even though registration was one of the requirements for operating in the country.(bbn)
