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Jakarta Post

Fintech companies need strict laws to ensure fair business

  • The Jakarta Post

Jakarta   /   Thu, October 24 2019   /  01:46 am

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 stricter regulations 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 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 the government to step in and monito...