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Indonesian President Joko Widodo Says Local Fintechs Should Adopt Good Governance Practices To Support Rapid Technology Developments

 


Indoensian president Joko Jokowi Widodo recently called on FinTech companies nationwide to adopt good governance practices and become more responsible in order to reduce the risks associated with rapid technological developments in the financial services industry.

President Widodo noted at the recent Indonesia Fintech 2020 summit that financial technology service providers must remain wary of potentially serious security risks – which include threats related to cybercrime, disinformation, transaction errors, and use abuse of customer data. Widodo warned that these activities could negatively impact Indonesia’s fast growing Fintech economy.

President Widodo noted:

Fintech players should implement good governance and accountability to mitigate these risks.

He added that good governance is needed as Indonesia’s non-banking sector is not as tightly regulated as the country’s banking sector.

He continued:

This way, [with good governance, Fintech firms] can provide secure services to customers and make a great contribution to micro, small and medium enterprises [MSMEs] as well as the national economy.

Indonesia’s National Cyber ​​and Encryption Agency (BSSN) reported that the country has witnessed numerous cyber attacks in the first four months of 2020. In March of this year, when awareness of the COVID-19 pandemic increased globally, the BSSN reported the highest daily average in cyberattacks.

As reported According to the Jakarta Post, digital or online marketplaces and fintech service providers in Indonesia suffered from several different data breaches in 2020. Cermati.com, a local fintech aggregation service, experienced a security breach that has led to the leak of nearly 3 million user records (end of October 2020) that were reportedly sold online for around $ 2,200.

Cermati.com is notably the second Indonesian fintech service provider to suffer a data breach in 2020. The data of about 900,000 Kreditplus customers was also compromised in August this year.

The Financial Services Authority (OJK), the country’s financial regulator, has called on the House of Representatives to finalize its plans for the personal data protection bill. According to President Wimboh Santoso, the legislation could introduce rules that could help prevent these damaging security breaches.

Although Indonesia’s fintech industry faces many challenges, country governments still want fintechs to work on financial inclusion projects. The goal is to get around 90% of the country’s residents to use modern financial services by 2024.

The nation’s financial inclusion rate last year was 76%, which is significantly lower than the average rate of other Southeast Asian countries such as Singapore (98%), Malaysia (85%) and Thailand (82%).

As recently reported, ridesharing service Grab, which has diversified its business and includes Grab Financial Services, led a $ 100 million Series B investment round in Indonesia-based e-money institution LinkAja.

Indonesian social security program provider KMSB had partnered with Logiq to provide microcredit services to local residents.

Southeast Asia, which includes leading economies like Indonesia, has emerged as a FinTech hotspot with a 55% CAGR in equity, according to a new report.



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