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Jakarta Post

OJK to relax muscles in next fintech regulation

  • Rachmadea Aisyah and Riza Roidila Mufti

    The Jakarta Post

Jakarta   /   Mon, April 16 2018   /  12:40 am

The Financial Services Authority (OJK) has adopted a more relaxed view toward the financial technology (fintech) industry, believing that rigid policies may only make them obsolete in the face of fast-growing businesses in the digital sector.The financial regulator already has a policy, called OJK Regulation (POJK) No. 77/2016, which governs peer-to-peer (P2P) lending fintech companies. As the country’s fintech industry has grown rapidly in the last few years, the OJK feels the urgency to build a so-called umbrella policy called the Digital Financial Industry (IKD), which will have wider coverage of the sector without the need to go into teeny-tiny details of each type of business.Sukarela Batunanggar, deputy commissioner for the financial regulator’s research arm, the OJK Institute, said the authority had been more rigid toward conventional banks as it conducted daily supe...