AFTECH, AFPI and AFSI to launch Joint Code of Conduct on Responsible Fintech Innovation during the Indonesia Fintech Summit & Expo 2019
JAKARTA, Indonesia, Sept. 19, 2019 /PRNewswire/ -- Bringing the theme of "Innovation for Inclusion", the Indonesia Fintech Association (AFTECH), along with Financial Services Authority of Indonesia (OJK), Bank Indonesia, and supported by Indonesia Joint Funding Fintech Association (AFPI), and Indonesia Sharia Fintech Association (AFSI), will organize the biggest fintech event in Indonesia, the Indonesia Fintech Summit & Expo (IFSE) 2019 that will be held on 23 - 24 September 2019 at the Jakarta Convention Center (JCC). During the event, as part of the IFSE event, OJK and BI will also host "Policy Dialogue" on 25 September 2019 with regulators from other countries.
The fintech associations above, namely the AFTECH, AFPI, and AFSI will take the momentum of IFSE 2019 to launch the "Joint Code of Conduct on Responsible Fintech Innovation" as a joint commitment, which is agreed by all fintech industry players, to standardize and provide general guidelines on the basic principles of responsible business practices. The Joint of Code of Conduct will regulate the minimum arrangements regarding the obligations of the fintech operators in ensuring consumer protection, the protection and privacy of personal data, cyber risk mitigation, the mechanism to handle consumer complaints, and other important topics.
"The Indonesia Fintech Summit & Expo 2019 will be the momentum for fintech companies and the financial industry to show their real contribution in supporting the government's target of 75 percent financial inclusion in Indonesia," said Niki Luhur, Chairman of AFTECH.
IFSE 2019 will consist of several main agendas such as the summit, the expo and other supporting programs. Targeting 800 delegations (regulators, the government, donor agencies, fintech and financial sector players, and others), the conference will present more than 100 world-class speakers to discuss various important issues related to fintech industry development and its impact to the public, particularly for the unbanked and underserved segments. For the expo area, more than 120 companies from fintech, financial, and technology sectors will display their financial technology products and services, which benefit is already evident to the public.
The delegations of the conference will have the chance to witness the launch of studies on the development of the fintech industry that is published by AFTECH partners such as the World Bank, Bill & Melinda Gates Foundation, Cambridge Center for Alternative Finance, McKinsey & Company, Accenture, and Deloitte.
AFTECH, as the organization appointed by OJK to be the Association of Digital Financial Innovation Organizers (IKD), has witnessed the rapid growth and development of the fintech industry in Indonesia within the last years. To date, AFTECH has 280 member companies, of which 250 are fintech companies operating in various sectors such as digital payment system, online lending, digital financial innovation, insuretech, equity crowdfunding, and others.
Niki Luhur further said the rapid growth of the fintech industry created many challenges that require special attention from the stakeholders, such as the regulators and the industry players. "We realize that there are many issues to be discussed and addressed to ensure the fintech industry in Indonesia can enjoy sustainable growth by following the existing regulations. This way, the consumer can enjoy financial technology products and services that fulfill their needs. The Indonesia Fintech Summit & Expo 2019 will serve as one of the mediums for the stakeholders to discuss various important topics and find the solutions," explained Niki Luhur.
Meanwhile, Widyo Gunadi, Advisor of Digital Financial Innovation Group, OJK, said that OJK and other regulators have provided support for the growth of the fintech and digital financial innovation industries through supervision and coaching. One of the supports is through regulations related to fintech which emphasize on consumer protection without hampering the innovation. This is in line with the direction from President Joko Widodo who highlighted the importance of light touch and safe harbor approaches at the Bali Fintech Agenda during the organizing of the IMF -- World Bank Annual Meeting 2018.
"OJK has always supported the digital financial innovation following the needs of the people that are driven by rapid technology advances. On the other hand, we also ensure that the financial technology products and services offerings do not violate regulations and emphasize consumer protection," said Widyo Gunadi. He added that OJK's commitment to digital financial innovation is shown by the fact that 48 fintech companies have qualified into 15 digital finance innovation cluster.
On the same occasion, AFPI Chairman, Adrian Gunadi, expressed his support for the organizing of the Indonesia Fintech Summit & Expo 2019, highlighting the importance of the goal to educate the public on the products and services of P2P lending fintech. "In recent years, the P2P lending fintech sector has experienced a very high growth due to the high public demand for easy and fast online lending, and especially to accelerate financial inclusion in Indonesia and bridging the need for financial access throughout the country. Related associations and other stakeholders need to provide consistent education and socialization program to increase public awareness about fintech," said Gunadi. He added that to date there are 127 P2P lending fintech companies registered in OJK (as of August 7, 2019).
Through this event, AFPI invites its member companies to show the positive impact and contribution of the P2P lending fintech sector to the public and the national economy, including to the SME sector through productive loan services. "At the Indonesia Fintech Summit & Expo 2019, various P2P lending fintech companies will provide education programs to the public on how to choose P2P lending fintech companies that have been registered with the OJK and how to use the online lending services responsibly," added Adrian Gunadi.
Meanwhile, AFSI will use the momentum of the Indonesia Fintech Summit & Expo 2019 as the medium to introduce various sharia-based fintech solutions. "Through this event, we want to show the diversity and the potential of sharia fintech in Indonesia that do not exist in other countries. This is important because we realize the huge potential of fintech in accelerating sharia financial inclusion and literacy in Indonesia," said Ronald Yusuf Wijaya, Chairman of AFSI.
The Indonesia Fintech Summit & Expo 2019 is fully supported by the National Council for Financial Inclusion (DNKI), the Ministry of Communication and Informatics, and the Creative Economy Agency.
PR Newswire is the Media Partner of Indonesia Fintech Summit & Expo 2019.
About the Indonesia Fintech Association (AFTECH)
Indonesia Fintech Association (AFTECH) is the organization appointed by the OJK as Association of Digital Financial Innovation Organizers (IKD) as the umbrella for all fintech companies in Indonesia. Established in 2016, to date AFTECH has more than 280 members that consist of 250 fintech companies, 24 financial institutions, 7 knowledge partners, and 3 technology partners. AFTECH main mission is to help accelerate financial inclusion through technology financial services and becomes the trusted catalyst for the development of fintech ecosystem. AFTECH is the organizer of the Indonesia Fintech Summit & Expo 2019.
Copyright ⓒ Acrofan All Right Reserved