Deputy Chairman of the OJK Board of Commissioners Nurhaida stated that positive collaboration between financial services and fintech industries is expected to empower Small and Medium Enterprises through more flexible and easier access to capital that can speed up economic growth, create new jobs, and realize poverty alleviation.
"We have seen banks and finance companies collaborate with fintech companies to channel financing to productive sectors. This is a positive form of collaboration, yet this needs to be done carefully by prioritizing aspects of risk management and protection for consumers," Nurhaida noted here, Tuesday.
Nurhaida added that the authority supports the development of digital technology applied in banking, capital markets, and non-bank financial industries, as it could facilitate people in accessing financial services.
"Digital banking, online trading, and insurance technology will become increasingly prevalent along with technological developments and the people`s demands for a seamless experience in accessing financial services," she noted.
According to Nurhaida, the OJK has a role in building a regulatory and supervising framework based on market behavior and market discipline.
The authority is also responsible for conducting independent governance in providing flexibility for innovation space without neglecting the principles of transparency, accountability, responsibility, independence, and justice.
She stressed that regulators should increase their ability to manage and monitor the application of digital platforms and protect users.
"Knowledge and skills on cybersecurity, risk and information technology governance, and basic IT services are absolutely necessary," Nurhaida stated.
Reporting by Citro Atmoko
Editing by Libertina W Ambari
Reporter: Antara
Editor: Yosep Hariyadi
Copyright © ANTARA 2018
