Jakarta (ANTARA) - Chairman of the Business Competition Supervisory Commission (KPPU) M. Fanshurullah Asa stated that his commission will cooperate with all relevant parties in supervising business competition in the digital economy sector.

“We will cooperate, synergize with all relevant stakeholders, (through) penta helix (collaboration). Academicians, businesses, government, civil society, and including the media,” he stated here on Thursday.

Asa conveyed the statement to the press after he and eight members of the KPPU were inaugurated by President Joko Widodo (Jokowi) at the State Palace, Jakarta, on Thursday.

Asa explained that institutionally, the KPPU will cooperate with ministries and institutions, comprising the Communication and Informatics Ministry, Cooperatives and Small and Medium Enterprises (SMEs) Ministry, Trade Ministry, the Financial Services Authority (OJK), and others, in supervising the digital economy.

The KPPU chairman also stated that his commission is supporting the creation of the Law on Digital Markets. He emphasized that every regulation must be designed for the long term by anticipating all possibilities that could occur up to the next 25 years.

"By creating the Law on Digital Markets, we can anticipate what will happen in 5, 10, 25 years," he stated.

Furthermore, the KPPU chairman underscored that in realizing healthy business competition, all business players must realize efficiency and participate in realizing healthy competition, including in the digital markets.

He affirmed that so far, the KPPU has conducted supervision in the digital economy sector, for instance, supervision against online loans with unreasonable interest rates, as well as trading activities in e-commerce.

"In essence, we will protect the national interests, supervise business competition well. The price aspect must be supervised, (including) mergers and acquisitions must be supervised to ensure they are reported to the KPPU because the fines are huge (if not reported)," he stated.

He called on business players to compete healthily and to not do monopoly in their respective sectors.

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Translator: Rangga P, Yashinta D, Raka A
Editor: Azis Kurmala
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