On Friday (17/7), PrivyID’s CEO, Marshall Pribadi, was invited to be one of the panelists for a virtual Focus Group Discussion hosted by Indonesia Fintech Association (AFTECH) in collaboration with the Financial Services Authority (OJK) to talk about Virtual Focus Group Discussion (FGD): Regulatory Technology & Supervisory Technology to Improve the Quality of Digital Payment Ecosystem in Indonesia. This insightful FGD was streamed by 380 participants through Zoom.
The FGD started with an opening remark from Mr. Triyono Gani, Head of Digital Financial Innovation Group of OJK. He expressed that OJK hopes the ecosystem of RegTech and SupTech will continue to grow especially amid this pandemic. It was then followed with another remark delivered by Niki Luhur as the Chairman of AFTECH.
In the discussion moderated by Mr. Andre Rahadian, Partner Dentons of HPRP, Marshall Pribadi explained the impact of regulatory technology innovation in the financial services sector. Marshall said said, “Many financial activities that were conventional in nature can now be done digitally, and the existence of technology not only to make things easier but it can also increase compliance in the financial services sector.”
Moreover, Fithriadi Muslim Legal Director of PPATK, Sally Hutapea Deputy Director of the Bank Indonesia Payment System Policy Department, Meidy Fitranto Co-Founder & CEO Nodeflux, and Bagus Kurniawan of OJK also agreed that the presence of RegTech was unavoidable and is very beneficial.
Other panelists, Prof. Edmon Makarim, Dean of the Faculty of Law University of Indonesia, and Arkka Dhiratara, CEO Hukumonline.com also stated that the existence of RegTech becomes a necessity because all data acquisition must be authenticated. Prof Edmon revealed that, “The nature of the technology is optional, but with financial technology all of which are digital-based, the existence of RegTech should be mandatory. ” In addition, with the development of IKD (Inovasi Keuangan Digital), the regulator must always be ready, to hold responsible of consumers’ protection.