"Under the regulation we demand transparency that customers would know what is being done and they receive including fine or anything else," head of Financial Innovation Department of OJK Triyono, said here on Wednesday.
Triyono`s statement was in response to call by the Foundation of Indonesian Consumers` Institution (YLKI) on PJK to block Fintech companies found committing offense against consumers` rights.
YLKI was especially critical of the imposition of fine and commission of 62 percent of the principal debt.
Triyono said that clients or borrowers should have known about the penalty in fine on being late in repaying debts when they signed the credit contract.
OJK will carry out socialization of the regulation especially for business players that they could educate their clients, he said.
Reporting by Calvin Basuki
Editing by Albert Saragih, Andi Abdussalam
Reporter: Antara
Editor: Suharto
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