P2P Fintech Firms see Regulation in Indonesia
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....
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This new regulation is a first step towards supervising the fintech sector in Indonesia. Fintech is a trend that captivates audiences all over the world. A financial technology evolution is upon us, and it is only a matter of time until drastic changes occur. Indonesia is preparing for what the future may bring, by issuing a new regulation for fintech firms. To be more precise, the government focuses on P2P lending first and foremost. One of the many sectors fintech is “threatening” is the way people think about lending and borrowing money. In most cases, consumers and enterprises have to....
Indonesia is preparing to issue new rules to tighten the regulation of crypto exchanges. Under revised regulatory framework, two-thirds of crypto exchange directors must be Indonesian citizens residing in the country.
Indonesia Plans to Tighten Crypto Regulation
Indonesia is preparing to issue new rules to tighten the regulation of crypto exchanges, officials from the country’s Minister of Trade and the Commodity Futures Trading Regulatory Agency (Bappebti) said Tuesday at a parliamentary hearing in Jakarta.
One of the new rules requires two-thirds of directors....
Indonesia’s Bank Central Asia (BCA), the country’s largest private bank, has steamrolled its way into the Fintech space with an investment of 200 billion rupiah (approx. $15 million) in financial technology startups and companies. The private lender is establishing Central Capital Ventura (CCV), owning all 100% of the new capital venture firm. According to an official BCA statement submitted to the Indonesia Stock Exchange (IDX), investments will directly benefit BCA and its financial services offerings in the country. As reported by the Jakarta Post, an excerpt from the stock exchange....
In the race to adopt Blockchain technology and cut costs, financial firms have to deal with multiple challenges. Japanese financial firms have been hit by the most basic of them of all – a shortage of technical experts. Japan – regulation a positive. The Japanese government has been active in regulating cryptocurrency-based companies. A new law has been passed regulating Bitcoin exchanges, after the Mt Gox debacle. The Japanese Government passed a bill in May 2016, which recognized that virtual currencies have a function similar to money. Japan has also eased regulations, now allowing....
South-east Asia’s biggest ride-hailing platform Grab has unveiled plans toward a $700 million investment in Indonesia. The majority of which will be toward Fintech development, particularly mobile payment and financial services in the country. Singapore-based Grab which sees a major presence in a number of Southeast Asian countries including Singapore, Malaysia, Thailand, the Philippines and Vietnam is gearing up toward a major investment drive in Indonesia, a country that is already Grab’s largest market. As revealed by its announcement, the well-funded Uber competitor is planning to....