OJK Prepares Rules for Financial Aggregation Platforms

Financial Fervices Authority (FSA) officially socialized the Draft Regulation of the Financial Services Authority (RPOJK) concerning Financial Services Aggregation Organizers (PAJK). This regulation is designed to strengthen supervision of financial services aggregation services that are increasingly developing along with the increasing use of technology in the financial sector.

The draft rules will regulate the activities of aggregation providers in ensuring safe, responsible services and protecting consumers.

This RPOJK aims to provide a clear regulatory framework for industry players who play a role in providing comparison platforms and distribution of financial products, as well as strengthening supervision of consumer data protection. According to OJK, with the presence of this regulation, aggregation services can run optimally, increase transaction efficiency, and expand financial inclusion in Indonesia.

Previously, financial aggregation services were regulated in regulatory sandbox OJK or Digital Financial Innovation. As of March 2024, there are 36 digital players that have entered the sandbox These include CekAja, Cermati, Paper.id, Oy!, Alumak, BRIIX, and several others.

Consumer safety and protection

One of the main highlights of this draft regulation is the strengthening of consumer protection, especially in terms of personal data security and financial transactions. PAJK is required to comply with cybersecurity and data protection provisions according to international standards such as ISO 27001. OJK emphasizes the importance of the security of electronic systems used by PAJK, especially in maintaining the confidentiality and security of consumer data.

According to OJK, PAJK has a big responsibility in ensuring that financial product information presented to the public is accurate and transparent. In addition, they must also maintain the reliability of the information system and consumer data protection.

In addition, the financial services aggregation service regulated in the RPOJK is expected to support the government's efforts to expand financial inclusion. PAJK plays an important role in helping people compare and choose financial products that suit their needs and profiles. By utilizing digital platforms, consumers will find it easier to access information about financial products such as credit, savings, and insurance, without having to visit financial institutions directly.

Strict licensing rules and sanctions

This RPOJK also regulates licensing for PAJK organizers, where every party wishing to run an aggregation service is required to obtain a business license from the OJK. In addition, organizers are required to be a limited liability company with a minimum paid-up capital of IDR 2,5 billion.

In terms of enforcing the rules, OJK sets strict sanctions for PAJK that violate the provisions. Sanctions that can be given include written warnings, fines of up to IDR 1 billion, termination of activities, and revocation of business licenses.

PAJK is required to cooperate with financial services institutions (LJK) that have been registered and have permits from OJK. This cooperation is stated in a written agreement that covers the responsibilities of each party, including complaint handling mechanisms and secure consumer data exchange.

In addition, in carrying out aggregation activities, PAJK is required to transparently convey to consumers that the financial products offered do not belong to PAJK, but rather from partner financial institutions. This aims to prevent misinformation that can harm consumers.

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Disclosure: This article was produced with AI technology and supervision of the content writer