Consumer Protection in Lending Fintech Transaction in Indonesia: Opportunities and Challenges (original) (raw)
Related papers
The Problems of Consumer Protection in Fintech Peer To Peer Lending Business Activities in Indonesia
Sociological Jurisprudence Journal
Industrial Revolution 4.0 has influenced the development of technology and information. The presence of financial technology (fintech) especially fintech peer to peer lending in Indonesia is proof that the Industrial Revolution 4.0 has had an influence on economic aspects as a fundamental aspect of the country. The implementation of fintech peer to peer lending in providing alternative financing to consumers is currently faced with several problems, especially issues related to consumer protection. This study uses a normative legal research method with a statutory approach. This research shows that the state has tried to provide preventive protection to consumers through several regulations, namely Bank Indonesia Regulation Number 19/12/PBI/2017 concerning the Implementation of Financial Technology that regulates the procedures for implementing fintech in Indonesia and also the OJK Regulation Number 77/POJK.01/2016 on Information Technology-Based Lending and Borrowing Services that ...
Jurisdictie: Jurnal Hukum dan Syariah, 2024
Illegal fintech is one of the main issues not fully addressed in the digital finance sector in Indonesia despite various legal regulations. This condition shows that the fintech legal framework in Indonesia still needs to be entirely relevant to the concept of Regulatory Technology (regtech). This study aims to analyze the position of the fintech legal framework in Indonesia in overcoming illegal fintech with a regtech approach chosen as an analytical instrument-a basic concept that combines law and digital financial technology to create an orderly platform and comply with all applicable laws. This article uses normativelegal research methods and a conceptual approach, indicating that the legal framework governing fintech in Indonesia fragments, with rules spreading across the civil, administrative, and criminal sectors. This legal framework still needs to be reinforced as a legal tool to overcome the problem. Based on the regtech approach, increased transparency and accountability in fintech implementation are essential as legal support for dynamic supervision and law enforcement and to allow for wider access to cooperation between stakeholders
Qubahan Academic Journal
POJK 10/2022 was issued by the Financial Services Authority to replace POJK 77/2016 with a new nomenclature. The difference in name certainly has implications for the substance or content of the regulation. The purpose of this study is to explain the regulation of fintech lending in POJK 10/2022, which replaces POJK 77/2016. This is normative juridical research, which uses a statutory approach to conceptualize law as a norm or rule that applies and becomes a reference for people's behavior. The data sources come from secondary data. According to the findings of the research, the regulation of fintech lending in POJK 10/2022 is more comprehensive than that in POJK 77/2016. Several articles contain new provisions, such as those concerning sharia funding for fintech, provisions for recipients of invoice defaults, and supervision of fintech lending, though several provisions in these articles remain unchanged from the previous regulations. POJK 10/2022 vastly improves on POJK 77/201...
PADJADJARAN Jurnal Ilmu Hukum (Journal of Law), 2019
The speed of disbursement of funds also makes fintech lending seems easy. Consequently, many people are interested to make credit. There are more than 900 alleged violations of law and human rights by online funding applications, including alleged violations of the privacy rights of the debtor’s personal data where billing is submitted not only to the debtor but also to all telephone contacts stored on the debtor’s cellphone without consent. This study is a prescriptive normative study through library research to look for secondary data by using primary, secondary, and tertiary legal materials and field researches. The study reveals several results. Firstly, although the Regulation of the Financial Services Authority Number 77 of 2016 has been published, fintech providers registered in the Financial Services Authority have not upheld a legal culture to protect debtors on the use of debtors’ personal data. Secondly, fintech lending makes it easier for Indonesian people to have a posi...
This article describes the duties, functions and authorities of the Financial Services Authority (OJK) in providing supervision and regulation of the development of types of businesses in the financial services sector in Indonesia, one of which is regulating Financial Technology (Fintech). The fintech concept adapts technological developments in the Industrial Age 4.0 combined with the financial sector, which later is expected to facilitate more practical and secure financial transaction processes. The role of the Financial Services Authority (OJK) in protecting the public against illegal fintech online lending platforms (Peer to Peer Lending). Online loans are increasingly spreading during the Covid-19 pandemic, so OJK has a very important role in preventing and protecting the public against illegal online loans. OJK provides education and socialization so that people can be more selective and wise when they want to make loans online.
Al Qalam: Jurnal Ilmiah Keagamaan dan Kemasyarakatan
Looking at the development of technology that is so fast and also used in all fields to provide convenience. This also includes electronic transactions in online loan applications (pinjol), given the current economic conditions that are not in a good condition due to Covid-19, many people choose loan applications to meet their needs without seeing the overall consequences of their actions. The case of a pinjol application that attacks the personal data of its users is of course a prohibited act, because it is related to someone's personal data. This study aims to find out how the legal protection for illegal lending service users in Indonesia is and what are the obstacles to law enforcement in dealing with loan lending cases in Indonesia. This research uses the method. normative legal research. And it is known that in Indonesia with regard to criminal law policies that can be used to punish borrowing actors for their actions, they can use UUPK because of the position of borrowin...
The Conception of Sharia Fintech Lending and Its Regulatory Preparedness in Indonesia
Indonesian Journal of Islamic Economics and Finance
This study aims to describe the concept of Sharia Fintech Lending and its regulatory readiness in Indonesia. Along with the development of technology and online lending issues that are troubling the public, sharia fintech lending grows and develops. However, the challenges of online lending make this industry little known to the public, so its development tends to be slow. In quantitative terms, this industry is not as much as conventional fintech. Therefore the government (OJK) initiated regulations for this industry supported by the DSN MUI Fatwa. However, after it was implemented, it turned out that there were many obstacles that hindered the growth of sharia fintech lending. Based on the research findings, OJK needs to review this regulation to make it more flexible and support the development of Islamic banking fintech more rapidly
Indonesian Fintech: Business Ecosystem and Regulation
Diponegoro Law Review
This article will examine the development of the business ecosystem and regulation of Financial Technology (Fintech) in Indonesia, especially lending through electronic transactions, or peer to peer lending (P2P Lending). Although the Financial Services Authority (OJK) has closed the company's activities, but in a short time other illegal companies have emerged, even in larger numbers. This research uses the doctrinal method with the statutory approach. Secondary data is used to explain of legal and social phenomena related to the research topic.The Fintech industry requires specific provisions governing criminal offenses related to Illegal companies.
The Legal Protection for Customers Using Online Loan Services
Jurnal Daulat Hukum
Currently, financial technology (fintech) is developing rapidly in Indonesia. The number of available fintech operating companies is increasing. The role of the Financial Services Authority is very important in supervising fintech-based companies in Indonesia in accordance with their authority in the field of financial services in general. The functions and authorities of the Financial Services Authority (in Bahasa “OJK”) are contained in Articles 4 and 5 of the Financial Services Authority Law with the aim of protecting consumers from all activities in the financial sector. This is also stated in Act No. 8 of 1999 concerning Consumer Protection (Consumer Protection Law) specifically in the field of Financial Services Products. Other rules regarding fintech supervision are contained in the Financial Services Authority Regulation Number 77/POJK. 01/2016 concerning Information Technology-Based Lending and Borrowing Services. The problem discussed is how is legal protection for custome...
Hang Tuah Law Journal, 2019
The aim of this study is to explore and analyze the development of fintech peer to peer lending (fintech) regulation in Indonesia and Indonesia's readiness in facing the fintech industry, especially fintech loans. This study is important since the Indonesian government has begun to ratify fintech as one of the legal financial services in Indonesia. This is a normative legal research, by collecting secondary data including primary, secondary, and tertiary legal materials. The results show that after the Indonesian government approved Fintech as a legitimate financial service in Indonesia, many Fintech Start up companies begin registering their companies, the Indonesian government separate the granting of fintech licenses to the financial services authorities and Indonesian banks according to the types of the fintech, specifically for fintech peer to peer licensing is granted by the financial services authority. Although Fintech P2P Lending can be a prospective business area, ther...