- As a relatively new sector of the economy, the Financial Technology (“Fintech”) industry has been growing rapidly due to a high uptake by the general public. However, behind the many perks which are currently being offered by Fintech players, there are also significant risks that customers should be aware of. These risks include systemic failure, misinformation, transaction errors, lack of data security, high interest rates and exoneration clauses.
- The Chair of the Financial Services Authority’s (“OJK”) Board of Commissioners, Wimboh Santoso, recently issued a statement that specifically addressed the abovementioned risks and which reminded Fintech companies to prioritize consumer protection, particularly in relation to the protection of customers’ personal data and associated risks. Mr. Santoso went on to urge the government to issue a legal instrument at the level of law as soon as possible in order to regulate this matter.
- While this new regulatory framework is being formulated, Mr. Santoso is encouraging associations of Fintech companies to draw up codes of conduct that can be viewed by their members and which specifically address the management and protection of personal data. Moreover, Mr. Santoso is also urging the public to demonstrate greater awareness and care when utilizing any Fintech services, including disclosures of any personal data.
- For more on this story, see: “2 Kebijakan yang Dibutuhkan Industri Fintech”
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