- The Indonesian Financial Technology Association (“Aftech”) has just issued a new Code of Conduct for Responsible Lending (“Code of Conduct”), which is to be used as a reference by financial technology (“Fintech”) companies during the provision of any services.
- The new Code of Conduct is based on three primary principles, specifically: 1) Transparency of product and offering methods, which require Fintech organizers (“Organizers”) to publish all costs relating to a given loan, including prepaid costs, interest, etc.; 2) Prevention of excess loans, which prohibits Organizers from extending loans to lenders without the relevant creditor’s agreement, and which also prohibits organizers from manipulating consumer data, etc.; and 3) Acting in good faith regarding the offering, granting and collection of debt, which prohibits Organizers from engaging in acts of physical and non-physical violence directed towards consumers, including intimidating words, threats, etc.
- Any acts of non-compliance relating to the Code of Conduct may result in the following sanctions being applied: 1) Reprimand; 2) Publication of the violating party and violated provision to the Financial Services Authority and among the general public; and 3) Temporary or permanent expulsion from Aftech membership.
- For more on this story, see Hukumonline: “Pedoman Perilaku Fintech Terbit, Begini Isinya”.
- For more details on the new Code of Conduct, click here.
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