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Jakarta Post

OJK finalizes fintech customer protection regulation

  • Riza Roidila Mufti

    The Jakarta Post

Jakarta   /   Fri, August 10 2018   /  02:26 am

The Financial Services Authority (OJK) has said it is finalizing a set of regulations on financial technology (fintech) designed primarily for customer protection.The regulations will serve as a legal umbrella that encompasses information transparency and safety for customers of various fintech, including peer-to-peer (P2P) lending and equity crowdfunding platforms, according to OJK deputy board commissioner Nurhaidah.“The regulation will comprise an innovation review, regulatory sandbox and public trial,” she said recently, adding that the law was expected to be issued in late August along with the opening of the OJK-run fintech center. Nurhaidah said the legal umbrella would complement a regulation already in place on fintech stipulating a peer-to-peer lending mechanism — as it would emphasize customer protection, not only in P2P lending but also crowdfunding, through a series of...