Indonesian Fintech companies that facilitate peer-to-peer (P2P) lending in the country have seen new regulation imposed by the Financial Services Authority. Known as the Otoritas Jasa Keuangan (OJK) locally, the government agency regulates and supervises the financial services sector in the country.
The new regulation, POJK No. 77/2016, announced toward the end of December, is seen as an introductory move by the OJK to oversee the Fintech industry, so as to ensure a smooth regulatory oversight over the nascent but burgeoning sector.
Speaking at the OJK’s annual press briefing recently, the authority’s chair Muliaman D. Hadad stated:
What’s important is that they get onto our radar because we don’t want to regulate the prudential aspects (of the Fintech sector) hastily. We want to provide transparency guidelines first.
And so it proved, with the final regulation contrasting to initial proposed drafts. Industry companies and startups will gain from easier and relaxed requirements, as the OJK attempts a delicate approach with its regulation.
In figures reported by the Jakarta Post, the draft regulation proposed that a
Read more ... source: CryptoCoinsNews
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