Triyono, the OJK’s head of digital finance innovation and micro-finance development, said in Semarang on Sunday that establishing the fintech center was part of the authority's efforts to introduce the digital business to the wider public.

As reported by kompas.com, Triyono added that the OJK would also encourage the establishment of fintech programs at universities.

Triyono said finfech had developed rapidly in Indonesia and needed further support from the government.

The OJK was paying serious attention to fintech, as it had reached micro, small and medium businesses that involved a large number of people.

One of the most developed fintech was peer-to-peer lending, said Triyono. He said that Rp 6.16 trilliom (US$427.55 million) had been disbursed through applications this month, a 140.26 percent increase from the figure in January.

Triyono said the funds were disbursed by 64 peer-to-peer lending companies to 1.8 million customers and involved 199,539 lenders. (bbn)

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