Purpose

This paper aims to elaborate the reasons why Indonesia needs Law on Fintech. This paper also identifies the flaws in the existing regulations and policies on Fintech, and it also proposes an ideal framework for a fintech law as a strategy to strengthen consumer protection and to accelerate the growth of the digital economy in Indonesia.

Design/methodology/approach

This is normative research with a legal approach. Data were collected through a literature study and analyzed using legal norm method.

Findings

The promising potential and growth of the fintech industry in Indonesia need to be supported by a sound legal framework in the form of Indonesian Law. In regards to fintech, Indonesia does not yet have a specific law on fintech. Existing regulations in the Bank of Indonesia Regulations (PBI) and Indonesia Financial Services Authority Regulations (POJK) only regulate the technical aspects of the industry, thus providing a less sound legal power. Bank of Indonesia (BI) and Indonesia Financial Services Authority (OJK) have limited authority in the making of regulations and the regulations produced by these institutions cannot stipulate criminal provisions. This results in inadequate consumer protection measures. The Investment Alert Task Force reported 2,018 illegal P2P lending, 472 illegal investment companies and 69 illegal pawnbrokers. The accumulation of online lending transactions in December 2019 reached a total of IDR81.50tn, seeing a 259.56% increase from the previous year. Meanwhile, the amount of bad debt reached IDR13.6tn, seeing a 169.48% increase. These reasons illustrate how urgently Indonesia needs Fintech Law.

Research limitations/implications

This research only examines the existing Fintech regulations in Indonesia. The approach method used is normative legal research.

Practical implications

This research is expected to be useful for The House of Representatives of the Republic of Indonesia (DPR), the Ministry of Law and Human Rights, the Indonesia Financial Services Authority (OJK) and Bank of Indonesia (BI) in drafting the Fintech Law.

Social implications

This research is expected to increase protection for consumers, investors and providers of fintech services and accelerate the growth of the digital economy in Indonesia.

Originality/value

Regulating fintech in the Indonesian Law is meant to give legal certainty and better legal protection for consumers, investors and providers of fintech services. Seeing that the value of the Indonesian digital economy in 2019 has reached USD40bn (approximately IDR586tn), Indonesia is philosophically, juridically and sociologically in urgent need of Fintech Law.

中文翻译：

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印度尼西亚金融技术（Fintech）法律的紧迫性

目的

本文旨在阐述印度尼西亚为何需要金融科技法的原因。本文还指出了金融科技现行法规和政策中的缺陷，并提出了金融科技法的理想框架，以此作为加强消费者保护和加速印尼数字经济增长的战略。

设计/方法/方法

这是具有法律手段的规范性研究。通过文献研究收集数据，并使用法律规范方法进行分析。

发现

印度尼西亚金融科技行业的潜力和增长潜力需要以印度尼西亚法律形式的健全法律框架予以支持。关于金融科技，印度尼西亚尚未制定关于金融科技的专门法律。印度尼西亚银行法规（PBI）和印度尼西亚金融服务管理局法规（POJK）中的现有法规仅对行业的技术方面进行了规定，因此法律效力较弱。印度尼西亚银行（BI）和印度尼西亚金融服务管理局（OJK）在制定法规方面的权限有限，这些机构制定的法规无法规定刑事条款。这导致了不足的消费者保护措施。投资预警工作队报告了2,018笔非法P2P借贷，472笔非法投资公司和69笔非法典当商。2019年12月在线借贷交易累计达到IDR81.50tn，比上年增长259.56％。同时，坏账总额达到IDR13.6tn，增长169.48％。这些原因说明了印尼迫切需要金融科技法。

研究局限/意义

这项研究仅考察了印尼现有的金融科技法规。所采用的方法是规范性法律研究。

实际影响

这项研究有望对印度尼西亚共和国众议院，法律与人权部，印度尼西亚金融服务管理局（OJK）和印度尼西亚银行（BI）起草《金融技术法》有所帮助。

社会影响

预计这项研究将为金融技术服务的消费者，投资者和提供者提供更多保护，并加速印度尼西亚数字经济的增长。

创意/价值

在印度尼西亚法律中规范金融科技旨在为消费者，投资者和金融科技服务提供者提供法律确定性和更好的法律保护。鉴于2019年印尼数字经济的价值已达到400亿美元（约合586印尼盾），印尼在哲学，法律和社会学上都迫切需要金融科技法。