OJK Setups "Fintech Center" to Support Digital Business

OJK, Indonesia's Financial Services Authority, is soon to launch "Fintech Center" to support the innovation and development of fintech ecosystem in Indonesia. The grand opening will be held next month.

Triyono, OJK's Head of Micro Financial Development and Digital Financial Innovation Group, said that Indonesia's fintech development is growing fast, therefore, the Fintech Center should be the place for all digital business developments.

"It's a part of fintech introduction in Indonesia. In addition, we'll also build a fintech study program in university," he said, quoted from Kompas.com.

OJK, he added, pays enough attention in fintech sector for the service has been entering the micro level. One of the well-developed sectors is p2p lending.

Until May 2018, the total distributed fund has reached Rp6.16 trillion from 64 p2p companies operating in Indonesia. The number has increased 140.26% since early this year.

Moreover, the p2p lending business has reached 1.8 million total customers, with 199,439 entity lenders.

P2p lending registration status

In the different occasion, until the mid-year of 2018, there are 63 fintech companies registered and acquired the license from OJK.

According to OJK, the total registered company is increasing. Until the first quarter of this year, there are 27 fintech companies waiting for approval from the regulator. On the other hand, OJK has returned 44 applications from companies which haven't met the standard, of stock ownership, required data profile of commissioners and directors.

"We're very careful in returning applications. We need to know precisely who's the stock owner/s, the commissioners, and the directors. It is because they are running a business involving public's personal data," Hendrikus Passagi, OJK's Fintech Supervising and Licensing Control Director, quoted from Kontan.

– Original article is in Indonesian, translated by Kristin Siagian