Regulation urgency of financial technology to encourage financial literation in Indonesia

Fidhayanti, Dwi, Satria, Muhammad Hatta, Suwandi, Suwandi, Zuhriah, Erfaniah and Syuhadak, Faridatus (2020) Regulation urgency of financial technology to encourage financial literation in Indonesia. Presented at The 1st International Conference on Recent Innovations (ICRI 2018), 26-28 September 2018, Jakarta.

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The latest technology innovation, namely innovation in the financial field called financial technology or abbreviated as Fintech. People can access financial services easily using only the internet and electronic devices. However, the development of financial technology services has not been matched by sufficient regulation. The use of technology is vulnerable to crime by breaking into security systems that exist in systems in financial technology or even prone to intrusions related to money laundering and terrorism financing. For this reason, regulators need to be encouraged to formulate strategic policies that ensure the financial risks of technology can be mitigated and provide protection. Bank Indonesia and the Financial Services Authority as regulators prepare regulations that can protect customers and service providers. The regulations prepared are not only from two institutions that have the authority to supervise and regulate the financial technology sector, but are regulated by the Ministry of Communication and the Ministry of Trade. Financial technology start-up companies before starting a business must meet the requirements and permits as regulated by Bank Indonesia and the Financial Services Authority.

Item Type: Conference (Paper)
Keywords: financial literacy; financial technology; regulation
Subjects: 18 LAW AND LEGAL STUDIES > 1801 Law > 180105 Commercial and Contract Law
Divisions: Faculty of Sharia and Law > Department of Sharia Business Law
Depositing User: Dwi Fidhayanti
Date Deposited: 22 Jun 2021 05:29


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