Jakarta (Antara Bali) - Bank Indonesia's governor Agus Martowardojo
has launched the Financial Technology (Fintech) Office that will serve
as a think-tank in developing the financial services industry.
"Technology innovation in financial sector is now a must. Therefore,
innovation must be a continuous process," Agus said in his speech while
opening the Fintech Office here on Monday.
He explained
that the Fintech Office will have four roles to play. First, it will
serve as a facilitator in ideas exchange among Fintech regulators and
industry players.
Second, Fintech Technology will
contribute with business intelligence that will facilitate the system
and generate tools to transform raw data into new information for
analysis material.
The third role that the Fintech will
play will be to provide assessments besides testing various ideas and
regulations. It will also help as a coordination and collaboration
platform for Fintech stakeholders.
"We will make it a one
stop service accessible to the financial players where we will explain
the policies that we issue," Agus noted.
The Fintech Office, he added, would also act as a regulatory sandbox or a policy formulating laboratory.
"Such a sandbox will be a restricted platform for innovation
development as well as policy testing and evaluation," Bank Indonesia's
Deputy Governor Ronald Waas noted.
However, he added, not
all Fintech business segments will be included in Fintech Office as it
has been specified that the facility will be for the new Fintech
businesses which are not regulated by Bank Indonesia as a payment system
authority.
"The businesses included in Fintech Office will be the breakthrough ones or the new ones" Ronald noted.
Data obtained from Financial Service Authority shows that currently,
120 Fintech companies have a total asset value of Rp100 billion (about
US$7.4 million), a 50 percent increase over the early 2015 figure. (WDY)
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