OJK to Monitor Fintech
In this article (4)
The Financial Service Authority (OJK) has formed two new directorates as a response to financial technology (fintech) development. OJK deputy chief commissioner Rahmat Waluyanto said that the two new directorates are Digital Financial Innovation Unit and Fintech Permit and Monitoring Unit.
“The directors have been appointed, but it can’t yet be announced because it’s not official yet. The Digital Financial Innovation Unit will handle regulatory sand box and research,” he said, as quoted by Antara last week.
In a bid to respond to fintech development, OJK has also formed Fintech Expert Forum and fintech innovation hub. The forum will facilitate fintech industry development comprising individuals from 21 entities, such as ministries, agencies, associations, universities and other relevant business players.
The committee will give recommendations and inputs as well as facilitate coordination between agencies and fintech start-up companies. Meanwhile, OJK’s fintech innovation center is projected to become a hub of various fintech incubators to discuss developments.
OJK chief commissioner said that Fintech Expert Forum will facilitate and ensure coordination of various start-up players. The forum will discuss developing fintech issues. “And discuss future developments in fintech industry,” he said.
Indonesia has seen a rapid growth of fintech players. As of January 2016, Indonesia Fintech Association reports that the country has 165 domestic start-ups. The figure has quadrupled compared to that of in the first quarter of 2014 with 40 companies.
Questions & Answers
Q.What new units has OJK created to handle fintech?
What new units has OJK created to handle fintech?
OJK has established a Digital Financial Innovation Unit and a Fintech Permit and Monitoring Unit. The Digital Financial Innovation Unit will manage regulatory sandboxes and research, while the other unit will focus on permits and monitoring for fintech companies.
Q.What is the purpose of the Fintech Expert Forum?
What is the purpose of the Fintech Expert Forum?
The Fintech Expert Forum aims to facilitate fintech industry development by bringing together individuals from 21 entities. It will provide recommendations and inputs, and ensure coordination among agencies and fintech start-up companies, also discussing developing and future fintech issues.
Q.How many fintech start-ups were reported in Indonesia at the start of 2016?
How many fintech start-ups were reported in Indonesia at the start of 2016?
As of January 2016, the Indonesia Fintech Association reported there were 165 domestic fintech start-ups in the country. This number represents a quadrupling compared to the 40 companies recorded in the first quarter of 2014.
Reader pulse
OJK's new fintech initiatives:
17,022 votes so far