New reg­u­la­tions for fin­tech com­pa­nies as fi­nan­cial in­clu­sion is on the up

Southeast Asia Globe - - Agenda -

New rules will be im­posed upon fin­tech com­pa­nies in In­done­sia’s vi­brant tech sec­tor, even as the in­dus­try is ex­pected to ex­pand to more of the coun­try’s 260 mil­lion peo­ple. The new rules, ex­pected to be is­sued this month by the Fi­nan­cial Ser­vices Au­thor­ity, known as OJK, will re­quire fin­tech com­pa­nies to reg­is­ter with author­i­ties. Those that don’t will not be al­lowed to raise money from banks or tap fi­nan­cial mar­kets. An OJK board mem­ber said the move was in­tended to bol­ster trans­parency and en­cour­age lenders to more thor­oughly cal­cu­late fi­nan­cial risks. In­done­sia has led the re­gion in ex­pand­ing in­clu­sion due to greater in­ter­net ac­cess and the in­creased use of smart­phones in the coun­try, in­creas­ing the value of fin­tech to the is­land na­tion.

Newspapers in English

Newspapers from Cambodia

© PressReader. All rights reserved.