Pushing for a more conducive industry, three fintech associations sign a code of ethics together

Three fintech associations, namely the Indonesian Fintech Association (Aftech), the Indonesian Joint Funding Fintech Association (AFPI), and the Indonesian Sharia Fintech Association (AFSI), signed a joint code of ethics or joint code of conduct to strengthen aspects of consumer protection and industrial climate p2p loans which is much healthier.

AFPI General Chair Adrian Gunadi explained that each association actually has a code of ethics, but with this unification, it is hoped that they can strengthen each other. Because the final spirit to aim for is better public service, for the protection of their data and the protection of consumers themselves.

"There is something that we add that we add so that this code of ethics complements each other and can be implemented by the three associations" fintech," he said, Tuesday (24/9).

Chairman of AFSI Ronald Yusuf Wijaya added, "The association agrees that we must cover this very fast-moving innovation with norms and ethics in doing business. fintech."

Through this shared code of ethics, there are a number of improvements, for example related to data privacy and consumer protection. All points summarized in this code of ethics contain all the principles, processes, and guidelines that bind all members fintech and supporting organizers.

If it is proven that there is a violation, there is a punishment ready to be given. Worst case is being expelled from association membership.

Temporary umbrella before the official regulations are issued

The presence of this code of ethics is actually really needed by the industry to suppress illegal practices, considering the personal data protection law that has not been ratified by the government. This is beyond the control of the OJK and the association.

So, the preventive action that needs to be done is to create a code of ethics. From the OJK side, it only requires players registered users may access cameras, locations, and microphones from consumer devices. Beyond those three, there will be strict action by the regulator.

In essence, this code of ethics has four basic principles which include: consumer protection including product and price transparency, responsible product offerings or methods, dissemination of risk-related information, complaint handling and management system standards, and others; risk mitigation and management; good corporate governance; anti-money laundering and terrorism financing.

Director of Licensing and Supervision of Fintech OJK Hendrikus Passagi explained that the existence of a personal data protection law is not only needed by fintech only, but also all technology companies.

The reason is, in the era of technology 4.0, all transactions have been carried out without face to face. As a result, personal data will be recorded and it is feared that there could be leakage. Because there is no clear legal umbrella, it can result in no punishment for the perpetrators.

"The current PDP law has not been finalized. So don't be surprised if the airline [Lion Group] leak occurs because it is difficult to handle. We are worried that in the future [such things] could happen again in the future, it will be contradictory and there will be no accountability from the perpetrators," he concluded.