Wednesday, 22 May 2019 | 06:23 WIB

OJK Appeals Public to Anticipate Rapid Growth of Fintech

Illustration: OJK.

JAKARTA, NETRALNEWS.COM - The rapid development of digital financial services (fintech) has changed the pattern of transactions, from manual to digital. The Financial Services Authority (OJK) appealed to the public to anticipate the changes in order to obtain maximum service.

"Late adaptation through digital financial innovation will complicate us. Choose the right digital financial innovation with the manageable risks," said Nurhaida, Vice Chairman of the OJK's Commissioners Board in Jakarta, Tuesday (10/31/2017).

According to her, today there have been many innovations made by financial services institutions using digital technology. The banking sector has been known for its Internet Banking, Branchless Banking and Digital Banking services. "In the stock market there are Remote Trading, Online Trading, Funds Supermarket. In the IKNB [Non-Banking Financial Institutions] sector it has applied Online Insurance, Online Claim, Peer to Peer Lending," she explained.

In addition, said Nurhaida, there have also been present many startups in the field of fintech, especially information technology companies that provide financial services with a variety of business models.

"According to our records there have been more than 150 FinTech startups in Indonesia with business models such as equity crowdfunding, insurTech, RoboAdviser and others," she said.

She also added that this change is certainly expected to encourage the development of the financial services business, and can support the socialization of financial inclusion that became the program of the Government and OJK.