The evaluation of the Indonesian fintech law from the perspective of regulatory technology paradigms to mitigate illegal fintech

Saifullah, Saifullah, Supriyadi, Aditya Prastian, Bahagiati, Kurniasih and Al Munawar, Faishal Agil ORCID: https://orcid.org/0000-0002-8200-5096 (2023) The evaluation of the Indonesian fintech law from the perspective of regulatory technology paradigms to mitigate illegal fintech. Jurisdictie: Jurnal Hukum dan Syariah, 14 (2). pp. 233-264. ISSN 20867549

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Abstract

Illegal fintech is one of the main issues not fully addressed in the digital finance sector in Indonesia despite various legal regulations. This condition shows that the fintech legal framework in Indonesia still needs to be entirely relevant to the concept of Regulatory Technology (regtech). This study aims to analyze the position of the fintech legal framework in Indonesia in overcoming illegal fintech with a regtech approach chosen as an analytical instrument—a basic concept that combines law and digital financial technology to create an orderly platform and comply with all applicable laws. This article uses normative-legal research methods and a conceptual approach, indicating that the legal framework governing fintech in Indonesia fragments, with rules spreading across the civil, administrative, and criminal sectors. This legal framework still needs to be reinforced as a legal tool to overcome the problem. Based on the regtech approach, increased transparency and accountability in fintech implementation are essential as legal support for dynamic supervision and law enforcement and to allow for wider access to cooperation between stakeholders in handling illegal fintech. Such measures will help create a more effective legal environment and align with the regtech paradigm in addressing illegal fintech practices in Indonesia.

Item Type:	Journal Article
Keywords:	Indonesian fintech law; illegal fintech; regulatory technology
Subjects:	18 LAW AND LEGAL STUDIES > 1801 Law > 180105 Commercial and Contract Law 18 LAW AND LEGAL STUDIES > 1801 Law 18 LAW AND LEGAL STUDIES > 1899 Other Law and Legal Studies
Divisions:	Faculty of Sharia and Law > Department of Sharia Business Law
Depositing User:	Faishal Agil Al Munawar
Date Deposited:	04 Jun 2024 14:50

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