Jakarta (ANTARA) - Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Mahendra Siregar called on financial technology (fintech) industry players to pay attention to consumer protection and public trust.

"New issues that must be of concern are consumer protection and public trust," Siregar remarked while opening the Indonesia Fintech Summit & Expo (IFSE) 2023 in Jakarta on Thursday.

According to the board's chairman, fintech today is not like during its heydays in the previous years, and it is facing multifarious issues.

He said that the fintech industry is facing problems, such as public doubts over the management or integrity of the industry itself.

Due to declining public trust, he pressed for the need for fintech industries to adapt to the current conditions.

In the previous years, Siregar said, the general target of fintech businesses was to increase sales and implement the most advanced technology at all costs.

"However, this year, the key is sustainability. Last year, no one spoke about sustainability, only growth," he remarked.

He affirmed that with such conditions, fintech companies should implement good corporate governance in addition to the services they offer.

Siregar reminded that fintech services must follow the applicable ethics in carrying out good corporate governance.

"Previously, technology (advancements), including fintech, were considered (to be) a destructive force. It turns out that this year, the fintech is being shifted to being sustainable," he remarked.

Siregar called for the need for the fintech industry to continue to innovate to survive because the reality is that for the long term, creativity and innovation are the determinants for survival.

"Creativity and innovation have determined the last 20 years and will determine the next 20 years," he emphasized.

The Indonesia Fintech Summit & Expo is an annual flagship event of OJK, the Indonesian Fintech Association (Aftech), and the Indonesia Sharia Fintech Association (AFSI), which is part of the National Fintech Month.

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Translator: Khaerul I, Kenzu
Editor: Azis Kurmala
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