Indonesia with a brand new way to monitor fintech companies

Huobi Group announces Indonesia expansion

While the UK FSA has had some ideas about how to approach the ever growing cryptocurrency, blockchain and overall the entire fintech industry, another financial regulatory body is taking serious steps to do the same thing.

The Indonesian FSA, also known as OJK, has created an online registration platform so as to more efficiently oversee the fintech development in the region. The name of the system is Gesit, or Electronic Gateway for Digital Finance Information Systems.

In addition to launching the new system, OJK has also partnered with key players in the financial regulatory system such as the Japan Financial Service Authority, the Monetary Authority of Singapore and the Security Exchange Commission Malaysia so as to promote a more inclusive and safer playing field for fintech companies.

This is what the Deputy Chairman of OJK said regarding the launch:

This platform is in the early stages. Further developments are on their way.

Many regulatory bodies are really not fighting with fintech startups, but rather trying to figure out ways to promote the right environment in which these companies can thrive and therefore compete on an international level. In that sense, Gesit is created in order to help businesses grow through a special education online center called OJK Infinity. The latter acts as an educational hub and was founded in 2018.

All fintech companies and their founders will have the opportunity to book consultation meetings with the Infinity team. Also, all key stakeholders in the fintech field will also have the chance the participate in the hub. Up until now, the platform has around 120 new registrations from fintech companies and of these, 48 are verified and ready for business start-ups.

The Indonesian FSA hopes to spark the growth of fintech companies in the region and is looking to create more tools to help this growth.

More about Indonesia can be found here:

Read Also: