The Financial Services Authority (OJK) has issued new principle-based rules for the fintech p2p lending industry. This rule is expected to be more flexible in accommodating industry developments, while strengthening supervision through market conduct.
This
regulation is attached to the Financial Services Authority Regulation (POJK)
Number 10/POJK.05/2022 concerning Information Technology-Based Joint Funding
Services (POJK LPBBTI/Fintech P2P Lending). This POJK is effective since its
promulgation on July 4, 2022 and simultaneously revokes POJK 77/2016.
"The POJK
LPBBTI was issued to develop a financial industry that can encourage the growth
of alternative financing, facilitate and increase access to funding for the
community and business actors through an information technology-based funding
service," said Deputy Commissioner for Public Relations and Logistics Anto
Prabowo, Friday (15/7).
He
said that this regulation enhances the old regulation issued in 2016. The
latest POJK Fintech P2P Lending was issued in order to accommodate the rapid
and more contributive development of the industry and provide optimal
regulation on consumer protection.
The
general explanation of the regulation explains that the development of the LPMUBTI
industry has recorded very high growth, far above the growth of other IJK. The
number of users continues to grow significantly.
Business
models and cooperation with other parties in the ecosystem continue to grow and
become more complex. This positive industry development needs to be directed to
optimally contribute to the Indonesian nation by funding communities, regions,
and business sectors that have not been optimally funded by existing financial
institutions.
The
fintech lending industry is supported by information technology with
characteristics that are different from existing Financial Services
Institutions, such as face-to-face transaction mechanisms, high transaction
frequency, fast processing, simple requirements, including artificial intelligence
(AI) support. These characteristics result in a business nature that requires
supervision that is different from conventional supervisory methods.
Supervision
must be carried out by utilizing information technology optimally to increase
effectiveness and efficiency. Information technology support in supervision is
also to be able to accommodate increasingly complex industrial developments.
The
rapid development and characteristics of the industry require a principle-based
regulatory model that is more flexible in accommodating industry developments.
The supervisory approach also needs to be directed at market discipline (market
conduct) by involving industry associations. In addition, transparency to the
public also needs to be promoted so that the public can participate in
assessing the quality of the industry and organizers, and can increase public
confidence.
Likewise,
the development of sharia fintech lending has made the term lending and
borrowing less appropriate. Therefore, it is necessary to make adjustments by
using a more universal term, namely information technology-based joint funding
services (LPBBTI).
Through
this new regulation, it is hoped that OJK's needs related to the effectiveness
and efficiency of supervision can be optimized. This includes accommodating the
needs of the industry so that it can develop optimally, healthily, and
contribute, as well as the need for consumer protection.
Regulatory Substance
In the latest POJK
Fintech P2P Lending, there are a number of regulatory substance improvements.
Among them, each organizer must be a limited liability company (PT). The
paid-up capital at the time of establishment is at least Rp 25 billion and first obtains an OJK license, as well as when
converting to sharia.
