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Jakarta Post

Sri Mulyani calls for 'level playing field' through fintech policy approach

  • Adrian Wail Akhlas

    The Jakarta Post

PREMIUM
Jakarta   /   Thu, November 19, 2020   /  03:50 pm
The Jakarta Post Image
(Illustration of fintech) Finance Minister Sri Mulyani Indrawati has called for a policy approach that ensures fair competition in the financial technology (fintech) industry to protect consumers and support economic growth.(JP/Hengky Wijaya)

Finance Minister Sri Mulyani Indrawati has called for fair competition in the financial technology (fintech) industry to support economic growth while raising concerns over potential domination by bigger companies. The minister pointed to the absence of a “level playing field” in the fintech industry and said that as fintech startups grew, they were usually acquired by even bigger companies. “There will never be a level playing field because the bigger the company, the bigger their capital and liquidity to dominate the market. […] It is going to be difficult for new entrants to establish their presence,” she told a forum held by Bloomberg on Wednesday. “Fair competition is going to be really critical in this [sector].” The government has been monitoring developments over whether or not it should apply the same regulations f...