The inauguration of financhial technology bank is revolution of banking system offering the ease of transaction and use initiated by central bank of indonesia(BI).
BI officially opens fintech office which is a product of well assessment, risk mitigation and evaluation of business model, said governor of BI agus martowardojo.
Agus stated that there are 4 main objectives of fintech office establishment:
first, to facilitate development of innovation in technology based financial ecosystem, second to optimize development of technologu to support economoy, third to improve the competitiveness of financial industry, fourth to absorb information and provide feedback to support policy formulation of BI in response tothe development of technology base.
To achieve that goal, Fintech Office will operate with four functions, namely the function of a catalyst or facilitator, business intelligence functions, function assessment, as well as coordination and communication functions.
BI Fintech Office is also equipped with regulatory sandbox, which allows a business unit fintech conduct limited activities, of course, after meeting the criteria set by BI.
FIntech provide the ease of access of finance through social media or internet application especially inline with the increase of e-commerce proliferation of the country. Agus underlined that total of transcation of fintech in 2016 reaches rp 188.5 trillion or 14.5 billion usd with the mostly used in category of online transaction.
By means of fintech, customers will easily access financial transactions through internet use or smartphones.
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