Regarding Fintech, LPS Boss Calls Strong Supervision Very Needed

Chairman of the Board of Commissioners of the Deposit Insurance Corporation (LPS) Purbaya Yudhi Sadewa

assesses the importance of strengthening regulations and supervision of financial technology or fintech to protect national consumers. He said the accelerated growth of the fintech industry resulted in a disruption to the pattern of public credit or loans. If previously people chose to borrow from banks, then with the existence of fintech, everyone can get loans more easily from online platforms. "To protect the interests of consumers, a strong regulatory and supervisory approach is needed, such as using Regulatory Technology (RegTech)," he said. "Rather than a guarantee program that requires several prerequisites to reduce potential risks," he added. He explained, Regtech is one way to anticipate fintech violations by utilizing data-based technology or data bases, artificial intelligence or artificial intelligence to blockchain. Thus, supervision of governance, transactions, compliance to reporting obligations can be faster and easier. Several banks in Indonesia are said to have upgraded their digital platforms to improve user experience and customer loyalty, while increasing their efficiency.

|•SOURCE•| Image :INEWS |

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