OJK to Release the New Digital Innovation Financial

OJK to Release the New Digital Innovation Financial

OJK has issued POJK No. 13/POJK.02/2018 as a renewal of Digital Innovation Financial Regulation

Indonesia is facing the rapid growth of technological sectors in serious manners, especially in the economic aspect. It is proven by the action of Indonesian Financial Service Authority (OJK/Otoritas Jasa Keuangan) to issued OJK Regulation No. 13/ POJK.02/2018 in Digital Financial Innovation of Financial Services Sector on August 16th 3018.

As cited from the official website of OJK, The Chairman of the board of commissioners of OJK, Wimboh Santoso stated that the release of this regulation meant to supervise the development of technology in the digital financial sector.


The financial technology industry, or best-known as fintech in Indonesia, holds the vital role in the society. All our activities have been surrounded by the digital system, including our financial activities such as shopping, business, and banking. Thus, the consumer’s interests and even the financial stability of the nation must be protected by the new regulation.

The new regulation is claimed to be more comprehensive than the previous one, which was issued in December 2016. The fintech regulation of 2016 only covered the money lending services (LPMUBTI) whereas the new regulation of 2018 will also consist of the rules that the digital financial innovation organizer must follow. Moreover, here are those main rules as written in the official site of OJK:


1.    Fintech registration

All the digital financial innovation (IKD – Inovasi Keuangan Digital) business, both startups or financial services institutions must follow three stages: registration to OJK, regulatory sandbox (supervision), and final registration for the license.

2. Fintech supervision

All the digital finance innovation organizer must follow the Regulatory Sandbox. The result of the Regulatory Sandbox includes three status: recommended, must be improved, or not recommended.

3. Form the fintech ecosystem

OJK prohibits all the organizer that has been officially registered in the OJK to cooperate with other businesses that have not been recorded in OJK or other authority to support the financial technology ecosystem.

4. Support the innovation culture

To support the communication and the collaboration between the IKD owner and the related authority, OJK initiates the IKD ecosystem and the Fintech Center. The Fintech Center might support the synergy between the industries,

5. Literacy and Inclusion

All the IKD organizer should hold any events to improve the financial literacy and inclusion among the people

6. Consumer protection

All the organizers must provide the digital service center to protect and educate the consumers. The organizers must also apply the basic principle of consumer protection such as transparency and data protection guarantee.

7. No connection to money laundry and terrorism

All the IKD organizers also must apply the program to support the money laundry and terrorism prevention. It is based on the OJK regulation in AML-CFT (Anti Money Laundering and Counter-Financing of Terrorism)

By issuing the new regulation on 2018, OJK committed to give a supportive environment for the consumers and to protect all the consumers’ privacy. The education of fintech in Indonesia for the consumers are also important in this regulation, so as all the IKD business are entirely mentioned inside the regulation.


Relefance: Digital financial innovation for companies

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