TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Financial sector bill introduces new fintech rules
Finance Minister Sri Mulyani noted that the bill covered the definition and scope of fintech firms, their legal status, as well as regulation, supervision, licensing and consumer protection.
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
Finance Minister Sri Mulyani Indrawati delivers a speech during the 2021 Indonesia Fintech Summit in Bali on Saturday. (Courtesy of Kemenkeu/Firman)
N
ew regulations governing fintech firms will be included in a financial sector bill currently under deliberation in the House of Representatives, Finance Minister Sri Mulyani Indrawati said on Saturday.
The minister noted that the bill covered the definition and scope of fintech firms, their legal status, as well as regulation, supervision, licensing and consumer protection, among other issues.
“The benefits of digital financial services are tremendous, but we must also minimize the risk,” she said during the virtual 2021 Indonesia Fintech Summit. “We are in a situation where we can continue to develop regulations to further fintech’s potential but also protect user data and safety.”
Read also: Aftech launches data protection ethics code highlighting user consent
Digital payment and peer-to-peer (P2P) lending were the two most popular types of fintech services in Indonesia, Sri Mulyani said.
According to the e-Conomy SEA 2021 report, the region’s digital payment gross transaction value (GTV) is expected to reach US$707 billion this year, up 9 percent from last year.
Meanwhile, digital lending is expected to reach an outstanding balance of $39 billion in 2021, a 48 percent increase from the $26 billion of last year.
