Applications Registered In Ojk

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Online loans are gaining popularity in Indonesia as people now more easily use the internet to access funds. There are 28 financial technology (fintech) startups that are already registered with the Office of Financial Services (OJK). (Shutterstock/File)

Applications Registered In Ojk

Applications Registered In Ojk

The high rate of adoption of new technologies has made Indonesia one of the most fertile grounds for financial technology (fintech) companies looking to bring faster and more convenient financial services to its large population.

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Fintech companies operating in the country provide a variety of services, from peer-to-peer (P2P) payments and lending to personal finance and wealth management.

Fintech growth in Indonesia has been huge in terms of both customers and business. In August, 64 fintech companies were registered with the Office of Financial Services (OJK), compared to 32 fintech companies in January. Additionally, 34 fintechs have registered with Bank Indonesia (BI) as of August, up from 15 in January.

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Disclaimer: The views expressed in this article are those of the author and do not reflect the official position of The Jakarta Post. In early 2022, Finantier announced that it was listed as one of the developers of Digital Financial Innovation (IKD). Office for Financial Services (OJK). This achievement will solidify the company’s vision to become the infrastructure that empowers FinTech companies and other financial institutions in Southeast Asia through finance-based open innovation.

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In the open finance ecosystem offered by Finantier, there are a number of products that can be used to improve the business capabilities of financial firms, one of which is the credit rating service. In connection with this service, Finantier is registered with OJK IKD on 15

Edwin Kusuma, co-founder and COO of Finantier, with a representative of the OJK office on the occasion of presenting the certificate of registration in the IKD

Finantier’s registration makes it the first and only open finance startup currently included in the regulatory fund. This further strengthens Finantier’s commitment to provide safer, more convenient, more accessible and more reliable financial services.

Applications Registered In Ojk

“This success is an important milestone for us at Finantier and proof of the extraordinary work of the entire team. Our team communicates closely with regulators across the region to transparently collaborate to solve problems and advance the open finance industry. We are honored and excited to work with regulators in Southeast Asia,” said Diego Rojas, Co-Founder and CEO of Finantier.

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Innovation Financial Digital (IKD) is a way for Indonesian regulators to adapt to the rapid development of the financial world, especially when it comes to digital technologies. IKD is one of the innovation plans of the OJK according to regulation no. 13/POJK.02/2018, which aims to update business processes, business models and financial instruments that provide new added value in the financial services sector by incorporating the digital ecosystem. .

It aims to open the widest possible avenues for various financial innovations that can help the government improve financial education and inclusion. Companies wishing to register with the IKD must also meet several criteria required by the OJK, including:

Finantier itself is registered in the “Innovative Credit Scoring” group, which consists exclusively of players who have managed to introduce innovative developments into the credit scoring system. By registering Finantier with the OJK, the OJK will supervise the business model presented in the product. This means that the financier will provide greater security guarantees to business partners and consumers who will subsequently use the financier’s open financial services.

The open financial ecosystem offered by Finantier offers several advantages that the Indonesian financial industry can accommodate, one of which is credit rating. With this service, the company enables the evaluation process to be carried out more comprehensively. Financial Score, our innovative credit score can aggregate digital data from various sources such as airtime consumption for telecom services, electricity payment history, e-commerce transactions, etc. These are all sources where the data is highly relevant to evaluating a potential customer. Purchasing power.” By using Finantier Score, companies in the financial sector will reach a larger number of users, as the data presented will be more diverse and accurate.

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Who do not yet have a credit history in SLIK. It should also be noted that this creates an open financial ecosystem. Finantier, on the other hand, does not try to replace previous systems (e.g. SLIK). Instead, the company seeks to help financial institutions improve the quality and coverage of existing credit systems.

The inclusion of an open finance company in the regulatory process also shows a strong belief in the technology’s potential to accelerate financial inclusion in Indonesia. The founders and Finantier team are convinced that Open Finance solutions will be beneficial

“This is part of our commitment to provide open financial services solutions and actively promote financial inclusion while respecting existing local authorities and regulations,” said Edwin Kusuma, co-founder and COO of Finantier.

Applications Registered In Ojk

Finantier’s open funding services also include account aggregation capabilities, payments, data verification, and more. Financial institutions can access these services through a secure and standardized API connection. the system will evolve and run smoothly

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Applications Registered In Ojk

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10 things to do at night instead of watching Netflix, device-free habits to increase your productivity and happiness. Amid the rapid growth of loan-based financial products, there is a growing need for financial companies to have a comprehensive credit assessment platform to support their business. processes. Innovations are constantly emerging; For example, the OJK credit scoring rules are also expanded through the regulatory sandbox in the digital financial innovation program, specifically in the alternative credit rating cluster.

The presence of open financing has also opened up opportunities to expand access to credit for multiple groups by targeting previously unserved customers. Open Finance also allows a credit scoring system to aggregate multiple sources of transaction data for use as credit scoring variables.

During the credit evaluation, the customer data will be processed using a certain algorithm to generate a score based on the specified credit categories. Different types of technologies can be implemented to support these needs. The following is a description of the use of technology that helps in every step:

The rating system was originally regulated by Bank of Indonesia Regulation No. 15/1/PBI/2013 on credit information management agencies. Subsequently, it was updated in the regulation of the Office for Financial Services no. 42/POJK.03/2019 concerning credit information management agencies. These regulations are issued for institutions that collect and process credit data and others to obtain credit information.

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In addition, there are digital services that provide options for financial companies to help with credit scoring. They seek to process credit history data from various digital platforms to use as a basis for credit rating.

That is why the OJK, as the regulator overseeing this business model, created the idea of ​​a regulatory sandbox for digital financial innovations in the regulation of the Financial Services Office no. 13/POJK.02/2018. There is an alternative/innovative credit scoring cluster.

The OJK defines an alternative credit score as an institution or agency that processes data other than credit data or its derivatives using certain algorithms through information technology to generate scores or letters that serve the financial services sector. It refers to the assessment of a person’s eligibility for services. Here’s an overview of the business model:

Applications Registered In Ojk

Finantier is a developer of open financial platforms with several derivative products, one of which is innovative credit scoring. Currently, the credit rating service owned by Finantier is also registered in OJK IKD. In providing its services, Financier uses various sophisticated technologies such as open API, machine learning, artificial intelligence and intuitive dashboard to provide user-friendly and measurable maximum results to financial entrepreneurs.

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Finantier equipped with this technology can also present credit rating results

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