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Fintech Lending Opens up Opportunities for SMEs



 
§   Technology innovation could leveraged by public policy
Fintech innovation in Indonesia can certainly be deleveraged by public policies, namely in Indonesia's economic policies which aim to position Indonesia as a country with a digital economy, innovation, and invention of new economic activities among the younger generation and provide certainty and ease of doing business in the use of e-commerce. The presence of Fintech for public policy can be said to be a rational model policy perspective, namely Policy is Seen as Efficient Achievement of Goals.

 §  How to reduce negative impacts of technological innovation through public policy
The existence of this Fintech is a challenge for Indonesia in accelerating economic growth. On the other hand, in practice, Fintech also grows like a fertile mushroom that is ready to provide benefits to all levels of Indonesian society. Fintech is a start-up ecosystem that has a variety of core businesses to help small and medium businesses in Indonesia. However, in its dynamics, the development of Fintech also poses many risks to financial practices. One of them, not a few Fintechs who act not according to the objectives or legal rules in Indonesia so that it has a negative impact on society. This is evidenced by the existence of illegal Fintech practices and fraud transactions whose number of cases is increasing. This is supported by related data sourced from the Ministry of Communication and Informatics from January to 18 June 2021 that has handled or blocked 447 illegal fintech (financial technology). Account complaint reports have also increased dramatically. As an effort to overcome this problem, the government in this case Bank Indonesia and the Financial Services Authority (OJK) has implemented the following policies:
 
1.      Bank Indonesia as the Central Bank, technically regulates the implementation of payment systems (or online transactions) carried out by Fintech and the public. Or it can be said that BI providing consumer protection and risk mitigation is indeed one of Bank Indonesia's roles in the Fintech sector, related to the payment system. In other words, there is a legal route that can be taken if consumers experience financial losses from the services they use.

2.      OJK (Financial Services Authority) regulates and supervises Fintech practices in Indonesia. The p2p fintech regulation refers to the Financial Services Authority Regulation (POJK) No.77/2016 concerning Information Technology-Based Lending and Borrowing Services. Then, there is also the OJK Circular Letter (SE) No.18/2017 concerning Governance and Risk Management of Information Technology in Information Technology-Based Lending and Borrowing Services.

 

References:

§  https://www.hukumonline.com/berita/a/mengenal-ragam-regulasi-jenis-jenis-fintech-lt5f0deed94413c

§  https://www.kominfo.go.id/content/detail/9715/fintech-instrumen-kolaboratif-untuk-capai-pembangunan-inklusif-berkelanjutan-dan-berkeadilan/0/artikel_gpr

 

 

§  How technological innovation could boost sustainable development

The existence of fintech is a new innovation in the current era and the implications are very large for the Indonesian economy. It is undeniable, that in the era of digitalization as it is today, Fintech is growing very rapidly and is able to support innovation in the workings of small and medium enterprises, MSMEs in Indonesia. The existence of Fintech in Indonesia has also been declared by Bank Indonesia as a big challenge for BI in facing new civilizations and sustainable economic development including: First, resilience. What and how to accelerate economic recovery and encourage the economy to become stronger and more resilient. Second, digitization. Acceleration of the national digital economy and finance that became a game-changer during Ector C, as well as digitalization in various other fields. Third, inclusion, namely the need to accelerate economic and financial inclusion, in particular on MSMEs and agricultural sectors through clustering, entrepreneurship, access to finance, and digitization. Fourth, the green economy (green economy). Based on this and in order to align with the goals of Fintech, Fintech contributes to sustainable development, namely by:

1.  For MSME business actors in Indonesia, the existence of Fintech can provide a solution in the form of technological innovation in terms of providing convenience and efficiency in terms of technology-based financial management including digitizing financial reports, payment technology and online-based loans, as well as loans or credit for small businesses and medium-sized enterprises (MSMEs). As an example of Fintech innovation is the presence of start-up Amartha https://amartha.com/id_ID/, Amartha is an online-based Fintech to help provide credit or business capital loans for MSME business actors in Indonesia.

2. For sustainable development, the existence of Fintech is a digitalization revolution in helping economic growth, namely through business loans for MSME actors, so that by doing so, there will be more acceleration of economic growth from the growth of small and medium-sized businesses that can increase state income and can even open up job opportunities. for society. Inclusively, the role of Fintech as one of the strategic elements to realize financial inclusion, and at the same time can create equitable development for the poor and vulnerable communities unable to access formal financial services.

 

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