Tagged: ojk

Indonesian President Joko Widodo Says Local Fintechs Must Adopt Good Governance Practices to Support Rapid Tech Developments

Indoensian President Joko “Jokowi” Widodo recently requested Fintech firms in the country to adopt good governance practices and become more accountable so that they can reduce the risks associated with rapid tech developments in the financial services sector. President Widodo noted during the recently-held Indonesia… Read More

Fintech Lending in Indonesia Might Not be Able to Fully Support Participation from Retail Investors

LendingClub (NYSE:LC) recently filed an 8-K with the US Securities and Exchange Commission (SEC) indicating its intent to stop offering retail notes by the end of the year. The leading marketplace lender in the US started as a peer to peer lender but over the… Read More

Triyono Gani, Head of Digital Finance Innovation at Indonesia’s Financial Services Authority, Compares Fintech with Traditional Banking

Triyono Gani, the head of digital finance innovation at Indonesia’s Financial Services Authority (OJK), notes that it may have taken a long time for people to understand one of Bill Gates’ quotes, “Banking is necessary, but banks are not.”  Gani points out that Gates actually… Read More

Financial Inclusion Rate in Indonesia Reaches Record Highs, but Over 2,500 Illegal Fintech Businesses have been Shut Down

The role of Fintech platforms and services in supporting public services in Indonesia has become more prominent and relevant due to the global COVID-19 outbreak. Fintech service providers are now offering more digital payments options which allow Indonesians to pay for everyday expenses, instead of… Read More

Indonesian Regulators and Fintech Firms are Focused on Balancing Regulations with Responsible Innovation

Indonesia’s regulatory authorities and local Fintech firms have been focused on creating a balance that will support innovative projects in the country, while maintaining regulatory guidelines that ensure consumer protection. Triyono, the head of Indonesia’s Financial Services Authority (OJK), stated on September 25, 2020, that… Read More

Low Financial Literacy Is a Major Challenge Keeping Rural Area Residents in Indonesia from Accessing Modern Fintech Services

Industry professionals in Indonesia are calling on Fintech firms to expand their operations outside of Java and partner up with the nation’s government in order to cater to the requirements of the unbanked population. Only 23% of Fintech firms in the country have a reach… Read More

Fintech Sector Participants in Indonesia Reveal that Millennials are Only Saving 10% of Income due to Low Financial Literacy

Fintech industry participants in Indonesia have noted that the nation’s residents have been slow when it comes to adopting the latest technologies in the finance sector. This may be due to relatively lower levels of financial literacy in the country, according to researchers and analysts…. Read More

Indonesia’s Vice President Says Digital Technology and Online Payments have become “Absolutely Necessary” due to COVID-19

Bank Indonesia (BI), the nation’s central bank, introduced the seventh Indonesia Sharia Economic Festival (ISEF) this past Friday. The event took place virtually or online, which was notably the first of its kind in the country. Established in 2014, ISEF is an international event that… Read More

P2P Fintech Lending Sector in Indonesia May Struggle Due to Risky Loans, as Lenders Rejected Over 50% of Restructuring Requests

The Fintech sector in Indonesia is reportedly struggling due to potentially risky loans as lenders on local peer to peer (P2P) lending marketplaces rejected over half of loan restructuring requests from debtors. This, according to a recent survey which revealed that Indonesia’s residents and businesses… Read More

Indonesia’s Financial Services Authority to Temporarily Suspend New Registrations from Fintech Firms to Review Existing Ones

Indonesia’s Financial Services Authority (OJK) has reportedly suspended new applications being submitted by local Fintech companies in order to focus on guiding and regulating firms that have already been issued an operational license. The OJK confirmed that it has temporarily halted registrations of all new… Read More

Monetary Authority of Singapore Signs Fintech MOU with Indonesia

The Monetary Authority of Singapore (MAS) and the Financial Services Authority of the Republic of Indonesia, or “Otoritas Jasa Keuangan” (OJK), have signed a memorandum of understanding (MOU) to boost Fintech cooperation and foster innovation in financial services between the two countries. The MOU is… Read More

ASIC and OJK Sign Fintech Agreement Promoting Innovation

In an attempt to promote innovation in their financial service markets, the Australian Securities and Investment Commission (ASIC) and Indonesia’s Otoritas Jasa Keuangan (OJK) have entered into a Fintech Cooperation Agreement. Stated in a release Friday the 21st in Melbourne, the agreement creates a framework for collaboration… Read More

Indonesia: New Fintech, P2P Regulations Released

Indonesia has released a new set of regulations for the fintech sector, in particular, for peer to peer lending platforms. According to a report in Deal Street Asia, the Indonesian Financial Services Authority (OJK) laid out the following rules: Registration – P2P lending (pinjam meminjam) startups must… Read More

Indonesian Bank Sinarmas Partners with P2P Lender Modalku

Bank Sinarmas, a Jakarta based financial institution, has formed a partnership with recently launched peer to peer lender Modalku to more easily provide access to capital to SMEs joining a global trend of traditional finance partnering with innovative Fintech firms. The partnership with Sinarmas Bank… Read More

Launched: Modalku, Indonesia’s New Marketplace For P2P Lending, To Help SMEs With Crowdfunded Loans

Based in Jakarta, Indonesia, a new marketplace for peer-to-peer (P2P) lending officially launched today to give Indonesia’s small and medium enterprises (SMEs) greater access to funding by means of loans pooled from crowdfunding, according to a story in the JakartaGlobe. Modalku offers companies quick access to non-collateral loans with interest rates between… Read More

Coming Up: Indonesia’s Financial Services Authority (OJK) To Announce Crowdfunding Regulation

Indonesia’s Financial Services Authority, or OJK, will announce a countrywide crowdfunding regulation next week, said OJK Chairman Muliaman Hadad, according to DealStreetAsia. The regulation will be simple and allow startups open access to funding, he added. The upcoming regulation would lay out plans for promoting VC businesses and for establishing new… Read More

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