Indonesia launches online fintech monitoring platform

Illustration of financial technology (fintech). The Financial Services Authority (OJK) launched the Electronic Gateway for Digital Finance Information Systems (Gesit) to monitor fintech development (Shutterstock/File) via The Jakarta Post

JAKARTA — The Financial Services Authority (OJK) of Indonesia has launched the Electronic Gateway for Digital Finance Information Systems (Gesit), which is said to be a more efficient way to monitor the development of financial technology (fintech) amid the industry’s rapid growth in the country.

“This platform is in the early stages. Further developments are on their way,” OJK deputy chairman Nurhaida said in Jakarta on Tuesday.

Gesit is an online registration system for fintech startups wanting to grow its business through the OJK Infinity, an innovation hub, business incubator and education center for fintech established last year.

Through the newly launched platform, fintech industry stakeholders could also get access to the latest news on fintech issues and make consultation appointments with the OJK Infinity team.

The OJK Infinity has received 121 new fintech registrations, of which 48 fintech startups have been verified and ready to start their businesses.

The authority is preparing several policies to spur Indonesia’s fintech development, OJK chairman Wimboh Santoso said.

“We will launch them before year-end,” he added, without elaborating on the proposed policies further.

The OJK is also assessing possible partnerships with other Southeast Asian countries to realize such a vision, Wimboh said.

The OJK, which is responsible for regulating peer-to-peer fintech lending, has issued operational licenses to 127 fintech firms as of July. In the month alone, fintech lending transaction value stood at Rp 49.7 trillion (US$3.5 billion), an increase from Rp 44.8 trillion recorded in the previous month, its data shows.