The Financial Services Authority (OJK) aims to issue a regulation on financial technology (fintech) businesses by March next year amid robust development of the industry, OJK deputy commissioner Nurhaida said Tuesday.
“We expect to have the draft [of the regulation] by the end of this year,” she said. “However, if there are some issues that need to be addressed in depth, the [issuance] target might be moved to the end of March 2018.”
The OJK has so far passed a regulation on peer-to-peer (P2P) lending, a service provided by fintech players affecting 24 fintech firms under its auspice.Read also: Financial authority issues regulation on fintech lending
Nurhaida underlined that the authority would seek a balance between regulating the industry for the sake of consumer protection and security and encouraging fintech businesses to further grow while monitoring dynamism in the fintech industry.
“If the fintech [industry] was getting bigger in terms of values, there might be stricter regulations compared to when it was still small,” Nurhaida said, noting that the development of the industry was extraordinary. (lnd)