Selasa, Agustus 21, 2018

OJK Infinity Established as Catalyst for Fintech Innovations

The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has just established the Innovation Centre for Digital Financial Technology (“OJK Infinity”), which is aiming to integrate the financial technology (“Fintech”) ecosystem into the national financial system and to deliver innovative, effective and efficient Fintech services without sacrificing any notions of consumer protection.
The OJK is claiming that OJK Infinity will be capable of implementing the following functions: 1) Facilitate a regulatory sandbox approach and take on the role of Fintech incubator while striving to balance innovation with consumer protection; 2) Serve as an innovation hub in order to develop the Digital Money industry and its corresponding ecosystem; and 3) Serve as an educational center for Fintech practitioners, consumers and academics.
The OJK has pledged to issue a new regulation in the future which will both address and protect innovations which are created within the digital-money sector. Under this forthcoming framework, the Fintech industry’s foundational principles will be specifically addressed and market-conduct-based supervisory measures will also be introduced. (ANT)

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The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has just established the Innovation Centre for Digital Financial Technology (“OJK Infinity”), which is aiming to integrate the financial technology (“Fintech”) ecosystem into the national financial system and to deliver innovative, effective and efficient Fintech services without sacrificing any notions of consumer protection.
The OJK is claiming that OJK Infinity will be capable of implementing the following functions: 1) Facilitate a regulatory sandbox approach and take on the role of Fintech incubator while striving to balance innovation with consumer protection; 2) Serve as an innovation hub in order to develop the Digital Money industry and its corresponding ecosystem; and 3) Serve as an educational center for Fintech practitioners, consumers and academics.
The OJK has pledged to issue a new regulation in the future which will both address and protect innovations which are created within the digital-money sector. Under this forthcoming framework, the Fintech industry’s foundational principles will be specifically addressed and market-conduct-based supervisory measures will also be introduced. (ANT)

......