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Jakarta Post

Fintech companies need strict law to protect consumers, ensure fair business

  • News Desk

    The Jakarta Post

Jakarta   /   Wed, October 23, 2019   /  05:34 pm
The Jakarta Post Image
An employee checks the identity card of a customer at peer-to-peer lending start-up PinjamDuit in Gading Serpong, Tangerang, Banten. (The Jakarta Post/R. Berto Wedhatama)

Indonesia’s growing financial technology (fintech) companies have called on the government and legislators to issue a new law to ensure fair business for and better protection of both the industry and consumers. The Indonesian Fintech Lenders Association (AFPI) said that fintech companies, especially those involved in peer-to-peer (P2P) lending or online lending, needed a stricter regulation to ensure that all the stakeholders, such as borrowers and investors, would receive better protection. “Fintech law should, among other things, cover personal data protection and set limits and boundaries during an appraisal of someone’s credit worthiness. A meticulous assessment should minimize default loans,” AFPI’s spokesperson, Tumbur Pardede, said during an AFPI event in Kebayoran Baru, South Jakarta on Oct. 15. According to him, now is the right moment for...