JAKARTA. The Financial Services Authority (OJK) asks fintech businesses that provide credit facilities to be more transparent about their business activities.
Wimboh Santoso, Chairman of OJK said that transparency from fintech businesses would help regulators to protect consumer rights. For example, when there are reports from consumers, regulators can also impose sanctions or take other actions to the relevant fintech. "Anyone who has the initiative for fintech must be transparent," Santoso said when met by idnfinancials.com on Tuesday (16/7) today.
In addition, Santoso said that transparency would also help regulators oversee the fintech business. "They must not abuse or do anything wrong. The pricing should not be like moneylenders. The billing ethics must also be right, "Santoso said.
Until the end of May, OJK had issued licenses for 7 fintech platforms, or 6.19% of all the 113 fintech registered at OJK. (KR/AR)