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Ada Pertanyaan? Hubungi Kami Marcell Sihombing, Nanda Narendra Putra
Photo by: SGP.
On 14 November 2016, Agus D.W. Martowardojo, the Governor of Bank Indonesia (BI) officially launched the new BI Financial Technology (FinTech) Office in Jakarta. This new office will attempt to both assess and mitigate risks, as well as evaluate any business models which relate to financial-technology products and services. The new FinTech Office will also initiate research into technology-based financial services.
“As the authority [responsible for] the country’s payment system, [it is necessary for BI to] support the development of healthy technology-based financial transactions,” stated Director of BI’s Communications Department, Arbonan Hutabarat, in an official BI press release which was released last Monday.
In general, BI is intending to maintain a balance between innovation and risk management through the formulation of various regulatory frameworks which will focus upon consumer protection, as well as upon strengthening coordination among the relevant stakeholders.
With these ultimate objectives in mind, there are four main underlying aims behind the establishment of BI FinTech Office, specifically: 1) to facilitate the innovative development of a technology-based financial ecosystem within Indonesia; 2) to optimize technological improvements for the overall economic development of Indonesia; 3) to boost the competitiveness of Indonesia’s technology-based financial industry; and 4) to assimilate information and provide feedback in support of the formulation of BI policies which reflect technology-based developments.
In order to achieve the above objectives, BI FinTech Office will be engaging in four main functions, specifically: 1) a catalyst or facilitator function; 2) a business-intelligence function; 3) an assessment function; and 4) a coordination and communication function. Moreover, BI FinTech Office is also equipped with the so-called “regulatory sandbox”, which enables any business units which are engaging in the financial-technology sector to commence their business operations but with certain restrictions in place, provided that any such units have already satisfied the various requirements set out by BI.
Mr. Hutabarat asserted that the regulatory sandbox policy was also being implemented in a bid to enable small-scale start up businesses to have the chance to finalize their underlying business concepts, to grow healthily and to ultimately be able to provide secure financial services to the general public. Through the introduction of the regulatory sandbox, BI FinTech Office has now become the main medium through which BI can come to understand financial technology as a whole, before finally drawing upon various regulatory frameworks which will hopefully optimize the development of this particular sector of the economy.
“BI FinTech Office will serve as a place in which innovative ideas can be exchanged between FinTech businesses, as well as a forum through which FinTech businesses and lawmakers can collaborate,” Mr. Hutabarat explained.
In order to support the implementation of new financial technologies across Indonesia, with specific regard being paid to consumer protection, BI has already issued Regulation No. 184/40/PBI/2016 on the Processing of Payment Transactions. This regulation sets out BI’s commitment to supporting the establishment of more secure and efficient e-commerce transaction payment mechanisms. Under this particular regulation, BI has the authority to manage, authorize and monitor the implementation of any payment-system services which are being offered by principals, issuers, acquirers, clearance organizers and final-settlement organizers, as well as any wire-transfer organizers which are engaged in financial-technology related businesses.
“It is hoped that [we] can improve the development of technology-based financial innovations across Indonesia, while taking both consumer protection and risk mitigation into proper consideration,” Mr. Hutabarat concluded.
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Marcell Sihombing, Nanda Narendra Putra
Photo by: SGP.
On 14 November 2016, Agus D.W. Martowardojo, the Governor of Bank Indonesia (BI) officially launched the new BI Financial Technology (FinTech) Office in Jakarta. This new office will attempt to both assess and mitigate risks, as well as evaluate any business models which relate to financial-technology products and services. The new FinTech Office will also initiate research into technology-based financial services.
“As the authority [responsible for] the country’s payment system, [it is necessary for BI to] support the development of healthy technology-based financial transactions,” stated Director of BI’s Communications Department, Arbonan Hutabarat, in an official BI press release which was released last Monday.
In general, BI is intending to maintain a balance between innovation and risk management through the formulation of various regulatory frameworks which will focus upon consumer protection, as well as upon strengthening coordination among the relevant stakeholders.
With these ultimate objectives in mind, there are four main underlying aims behind the establishment of BI FinTech Office, specifically: 1) to facilitate the innovative development of a technology-based financial ecosystem within Indonesia; 2) to optimize technological improvements for the overall economic development of Indonesia; 3) to boost the competitiveness of Indonesia’s technology-based financial industry; and 4) to assimilate information and provide feedback in support of the formulation of BI policies which reflect technology-based developments.
In order to achieve the above objectives, BI FinTech Office will be engaging in four main functions, specifically: 1) a catalyst or facilitator function; 2) a business-intelligence function; 3) an assessment function; and 4) a coordination and communication function. Moreover, BI FinTech Office is also equipped with the so-called “regulatory sandbox”, which enables any business units which are engaging in the financial-technology sector to commence their business operations but with certain restrictions in place, provided that any such units have already satisfied the various requirements set out by BI.
Mr. Hutabarat asserted that the regulatory sandbox policy was also being implemented in a bid to enable small-scale start up businesses to have the chance to finalize their underlying business concepts, to grow healthily and to ultimately be able to provide secure financial services to the general public. Through the introduction of the regulatory sandbox, BI FinTech Office has now become the main medium through which BI can come to understand financial technology as a whole, before finally drawing upon various regulatory frameworks which will hopefully optimize the development of this particular sector of the economy.
“BI FinTech Office will serve as a place in which innovative ideas can be exchanged between FinTech businesses, as well as a forum through which FinTech businesses and lawmakers can collaborate,” Mr. Hutabarat explained.
In order to support the implementation of new financial technologies across Indonesia, with specific regard being paid to consumer protection, BI has already issued Regulation No. 184/40/PBI/2016 on the Processing of Payment Transactions. This regulation sets out BI’s commitment to supporting the establishment of more secure and efficient e-commerce transaction payment mechanisms. Under this particular regulation, BI has the authority to manage, authorize and monitor the implementation of any payment-system services which are being offered by principals, issuers, acquirers, clearance organizers and final-settlement organizers, as well as any wire-transfer organizers which are engaged in financial-technology related businesses.
“It is hoped that [we] can improve the development of technology-based financial innovations across Indonesia, while taking both consumer protection and risk mitigation into proper consideration,” Mr. Hutabarat concluded.
(cd/sp)