OJK Will Invite Kominfo Regarding Electronic Certificates Before Issuing "Proof of Registration" for P2P Lending

Two days after The Indonesian Fintech Association (AFTECH Indonesia) held a press conference regarding the slow movement of the OJK after issuing the rules p2p loans, OJK finally gave a response. Apparently the root of the problem that has caught the attention of regulators is the issuance of certificates for electronic systems (information technology/IT) which should be issued by the Ministry of Communication and Information (Kominfo), they are considered to have the expertise to assess them.

In Article 8 paragraph e of POJK Number 77/2016 it is stated that the operator needs to include evidence of operational readiness for business activities in the form of documents related to the electronic system used and data on operational activities. However, the article does not mention who has the capability to measure electronic systems.

"We want to be careful before there is a problem in front of us, for the party that issued the electronic system certificate, we consider that Kominfo has the capability to measure it. For that we will immediately invite Kominfo," said the Deputy Commissioner for Supervision of the Non-Bank Financial Industry (IKNB) I Financial Services Authority (OJK) Edy Setiadi, Friday (24/3).

Edi assessed that the OJK's very careful attitude shows the regulator's desire to reduce all potential crimes that will occur in the future. The reason is that Kominfo is considered to have more understanding than OJK regarding the limits of the IT system needed for the platform p2p loans, the technology used, how to secure it and others.

After the coordination with Kominfo was completed, Edi ensured that the provision of proof of registration would be in accordance with the predetermined deadline of six months after the POJK was enforced.

"Because now we know the problem, the provision of evidence will not exceed the predetermined limit. We want to ensure that coordination with Kominfo makes inter-institutional relations take precedence, not to be overstepped because this can make a business unsustainable as happened between Govt. -Jek with Blue Bird."

OJK also asked AFTECH Indonesia to cooperate in screening companies p2p loans interested in registering. It is hoped that the association can identify each company's intentions before applying for registration, whether they really want to help financial inclusion or something else.

Edi explained, currently there are 23 companies p2p loans currently in the registration process. Everyone is in business p2p lending off balance sheet. Apart from that, there is one company that has been officially registered. It's just that the company has not yet obtained an IT certificate from Kominfo. Edi was reluctant to reveal the identity of the company.

Registration through system one pintu

On the other hand, AFTECH Indonesia Deputy Chair Adrian A Gunadi asked regulators to provide a one-stop system pintu so that business actors are not confused when registering. According to him, with a system of one pintu, will make it easier for business actors, OJK, and Kominfo.

"With one pintu it will make it easier for us as business actors, the process will be more efficient if the IT certificate is later given from Kominfo through OJK. The perpetrators only coordinate with OJK, without having to contact the Kominfo themselves," he said.