OJK Infinity to Create Friendly Fintech Ecosystem in Indonesia
OJK launched Infinity to support the fintech in Indonesia
The Financial Service Authority (OJK) has finally launched the Innovation Centre for Digital Financial Technology, or well-known as OJK Infinity on August 2018. The formation of this fintech center is to introduce the existence of fintech system as a digital business in Indonesia.
The fintech center, located at Wisma Mulia 2, Jakarta, is a hub for any business owner, enterprises, as well as government and academics to collaborate in the fintech sector.
OJK Head of Commissioner, Wimboh Santoso stated that the formation of this innovation center is to make a more friendly fintech ecosystem in Indonesia and to encourage any business maker to build the digital financial system that will facilitate the society.
However, besides being a hub to connect each other that has interest to fintech system, the OJK Infinity also has many functions. Here is all the role as mentioned in OJK official site:
1. Education center
The OJK Infinity is the place for many people, from the academics, business player, government, or even the consumers to learn about fintech. By understanding more about fintech, any parties can develop the digital financial industries well and will know better about what people
2. The IKD ecosystem development
OJK infinity holds the necessary part in developing a friendly IKD (Industri Keuangan Digital/Digital Financial Industry so as it can grow well and can encourage many parties to establish the better technology.
3. To be a fintech incubator
As a fintech incubator, the OJK Infinity functioned as a regulatory sandbox that trains many fintech business makers/organizer on how to develop the best financial technology, understanding the business risks, to ease people’s lives and to increase the nation’s economic growth.
The companies/parties that can join the regulatory sandbox are those who have registered themselves to OJK and have gotten the recommendation from OJK.
4. As the source of information
OJK infinity is opened for the public so everybody can come there and asking for the information related to IKD. And for the business maker, they can get to know about the regulation they shall obey to build the fintech system.
In succeeding the Infinity Hub mission, OJK also cooperates with many parties, such as the universities, Minister, financial service industry, and constitution that focused on financial and technology development. One of the examples is the cooperation between OJK and Telkom University in making a magister program in financial technology.
The fintech education is essential, not only for the business maker but also for the people, because people need to know how to distinguish between the reliable fintech industries and those fintech makers that cannot be trusted. The business maker also must understand how to prevent themselves from making mistakes and how to make a supportive fintech industry for the people.
Not only by creating a hub that can connect any parties and enhance the people awareness of fintech, but OJK also renews the regulation regarding fintech industry with POJK №13/POJK.02/2018. This regulation arranges about all the steps that every company must follow to register their business as fintech business, and all the rules they shall obey as well as trusted peer-to-peer lending.