AFPI Gives Indonesian Prospective Fintech Lending Organizers

The debriefing consists of Shareholders, Commissioners and Directors

Jakarta, March 6, 2019

The Indonesian Joint Funding Fintech Association (AFPI) held a debriefing seminar for prospective Lending Indonesia Fintech Peers (P2P) organizers consisting of shareholders, commissioners and directors of related companies. The debriefing aims to get all Fintech Lending stakeholders to get recommendations from the association for the process of registering at the Financial Services Authority (OJK) as the organizer of Fintech P2P Lending.

"AFPI is carrying out the mandate of the OJK, that each prospective Fintech Lending organizer must obtain a recommendation from the association in advance to register as an organizer at the OJK," AFPI Deputy Chairperson Sunu Widyamoko said at the AFPI debriefing seminar in Jakarta, Wednesday (6/3/2019 ).

This defense is because AFPI is an official association appointed by OJK in accordance with OJK's appointment letter No. S-5 / D.05 / IKNB / 2019 as a strategic partner in carrying out the regulatory and supervisory functions of the Fintech P2P Lending organizers. After the letter of appointment, in February 2019 OJK renewed the registration requirements for all parties controlling the Fintech P2P Lending platform to participate in and receive seminar certificates from AFPI for the registration process as an organizer at OJK.

"By attending the seminar required for all shareholders, commissioners and directors of the P2P Lending fintech platform organizer, AFPI, which is a strategic partner of OJK, hopes that all stakeholders of the Fintech Lending organizer understand the industrial ecosystem and have the same understanding in running the P2P Lending fintech industry," said Sunu

Briefing Seminar

AFPI Daily Chair Kuseryansyah explained that the debriefing seminar from AFPI was attended by around 50 platforms for prospective organizers of Fintech Lending. The seminar contained a number of materials that would be useful for all Fintech Lending organizers consisting of nine (9) sessions explaining the fintech lending regulatory ecosystem in Indonesia, delivered by various resource persons in accordance with their respective fields of work.

The nine materials, namely the Ministry of Communication and Information will fill Electronic System material, Personal Digital Data Protection, and Electronic Signature; Kemenhunkam - Formation of the Company and Dissolution of the Fintech P2P Lending Company, Changes in Shareholders and Company Supervisors and Managers, as well as Application Brand Rights. RI Police - Dit Cyber ​​crime fills Criminal Acts and Civil Actions in Fintech P2P Lending, and Inafsis fills in the Verification in the context of Electronic Customer Recognition (E-KYC).

Furthermore, the Consumer Protection Agency - Consumer Protection Definition in General, the Consumer Dispute Settlement Agency - Dispute Definition and Consumer Dispute Handling in general. EPK-OJK - Consumer Protection in the Financial Services Sector in General and in Fintech P2PL specifically, ITE and Digital Legal Specialists - Criminal and Civil Aspects in P2int Fintech Transactions, IT Experts - Choice of Items and Dangers of Personal Data Access Online, and DP3F- OJK - Fintech P2PL, Regulations, Licensing and Supervision.

Kuseryansyah said the presence of AFPI as a forum for all Fintech Lending organizers in order to increase shared capacity in order to maximize its function for the people of Indonesia who had not had access to conventional financial services. AFPI is expected to be able to provide protection to consumers such as the protection of customers' personal data, good billing efforts as well as mentoring and education to consumers. All business practices of AFPI members also refer to the market conduct regulated in the code of conduct or the code of conduct as the basis for AFPI in carrying out market discipline.

The majority of people who are given funding are not yet able to access financial services such as banks, finance companies, come from groups of workers, farmers, fishermen, artisans, MSMEs. In addition, women, students and millennial microenterprise entrepreneurs who need funding for educational needs, and other community groups who need health funding and property ownership.

Based on OJK data, until the end of January 2019, the distribution of Fintech P2P Lending loans worth Rp 25.59 trillion from 99 registered service providers engaged in productive, multipurpose - consumptive and sharia sectors. In terms of lenders, there are 267,496 entities that provide loans to more than 5 million people with more than 17 million transactions. All AFPI members are Fintech Online Funding (P2P) Lending companies that have been registered with OJK.

"AFPI is here to support the government's program to increase public financial inclusion. The use of Fintech P2P Lending is expected to be more optimum to fill Credit Gap of around Rp 1,000 Trillion and to serve the unbank, underserved community, "Kuseryansyah said.