March 2, 2021

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Online system to monitor development of fintech in Indonesia

Indonesia’s Financial Services Authority (OJK) has launched the Electronic Gateway for Digital Finance Information Systems (Gesit).

According to a recent report, Gesit is an online registration system for fintech start-ups wanting to grow its business through the OJK Infinity.

OJK Infinity is an innovation hub, business incubator and education centre for fintech established last year.

Electronic Gateway for Digital Finance Information Systems

Gesit is said to be a more efficient way to monitor the development of financial technology (fintech) amid the industry’s rapid growth in the country.

OJK Deputy Chairman Nurhaida shared that the platform is still in the early stages and there are further developments on the way.

The newly launched platform offers several benefits. Through it, fintech industry stakeholders could get access to the latest news on fintech issues.

They can also make consultation appointments with the OJK Infinity team.

The OJK Infinity has received 121 new fintech registrations, of which 48 fintech start-ups have been verified and ready to start their businesses.

OJK Chairman Wimboh Santoso explained that the Authority is preparing several policies to spur the country’s fintech development. These policies, according to him, will be launched before year-end.

The OJK is also assessing possible partnerships with other Southeast Asian countries to realise such a vision.

The Financial Services Authority (OJK)

The Financial Services Authority is an Indonesian government agency that regulates and supervises the financial services sector.

It is responsible for regulating peer-to-peer fintech lending.

As of July, the Authority has issued operational licenses to 127 fintech firms. In the month alone, fintech lending transaction value stood at IDR 49.7 trillion (US$ 3.5 billion).

This shows an increase from IDR 44.8 trillion (US$ 3.2 billion) recorded in the previous month.

The Authority has a vision to become a trustworthy monitoring institution that oversees the financial services industry in order to protect the interests of consumers and public.

It also visualises of bringing about the financial services industry into becoming a pillar of national economy with global competitiveness as well as capability to promote public prosperity.

Collaborating for AI

In other news, the University of Indonesia (UI) and an end-to-end corporate venture capital will collaborate in the fields of Education, Research and Community Service related to Artificial Intelligence (AI) and Applied Science.

The partnership was formalised by the signing of a Memorandum of Understanding (MoU).

Under the MoU, a learning centre and laboratory called, “AI Learning and Innovation Centre” will be produced. It will be used as a research facility.

AI technology has played an important role in the development of future innovations. It is believed to help humans in a various ways.

It can definitely change the way humans live, particularly in the areas of automation and in the processing of massive data.

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