Financial technology has become an essential part of modern life

Oct 13, 2025 by wbrum.org 105 views

Implementation of POJK No. 77/POJK.01/2016 concerning Information Technology-Based Money Borrowing and Borrowing Services for Fintech Companies used by the Faculty of Law, University of North Sumatra

Introduction

The rapid development of financial technology services (fintech) in Indonesia has led to various new companies that offer a variety of financial solutions, especially in the field of loan borrowing information based on information technology. Financial technology has become an essential part of modern life, and its impact on the economy is undeniable. However, not all fintech companies have clear legality in accordance with the Financial Services Authority Regulation (POJK) Number 77/POJK.01/2016, which functions as a legal umbrella for the implementation of Peer-to-Peer (P2P) lending services. This study aims to explore fintech arrangements in Indonesia, understand the legality of fintech companies, and examine the role of POJK Number 77 of 2016 of Fintech companies used by students of the Faculty of Law, University of North Sumatra.

Background of the Study

The Financial Services Authority (OJK) has taken steps to regulate fintech practices in Indonesia. In addition to POJK Number 77/POJK.01/2016, other arrangements also include POJK Number 13/POJK.02/2018 concerning Digital Financial Innovation, as well as Bank Indonesia regulations related to the administration of financial technology. The rapid growth of fintech in Indonesia has led to various new companies that offer a variety of financial solutions, especially in the field of loan borrowing information based on information technology. However, not all fintech companies have clear legality in accordance with the Financial Services Authority Regulation (POJK) Number 77/POJK.01/2016.

Methodology

In this study, researchers used empirical methods. Data obtained from literature research that includes legislation, literature, and other relevant sources. In addition, field research was carried out by distributing questionnaires to students of the Faculty of Law, University of North Sumatra. The questionnaire results show that many students use fintech services in everyday life. The questionnaire was designed to gather information about the use of fintech services among students, including the types of services used, the frequency of use, and the problems encountered.

Results

The results of the questionnaire show that many students use fintech services in everyday life. The most commonly used fintech services among students are GO-PAY, OVO, funds, Shopee-Pay, Kredivo, Akseleran, and Modangku and Rupiah Funds. This shows that USU Faculty of Law students are quite active in utilizing fintech services. However, behind the convenience offered, some students experience obstacles in using fintech services. Some problems that are often reported include applications that often experience errors and transaction processes that do not run smoothly. Nevertheless, most respondents claimed that the problem could be overcome by contacting the call center available at each fintech application.

Discussion

Analysis of POJK Implementation No. 77/POJK.01/2016 also shows that this regulation serves to protect consumers and guarantee security and transparency in transactions. In this context, students of the Faculty of Law, University of North Sumatra are expected to better understand the legal aspects of the use of fintech, which also contributes to their financial literacy. With the increasing knowledge of regulations governing this industry, students can be wiser in choosing the right and safe services. The regulation also serves to promote a healthy and responsible fintech industry, which is essential for the development of the economy.

Conclusion

In conclusion, the existence of POJK No. 77/POJK.01/2016 is very important in encouraging the development of a healthy and responsible fintech industry. On the other hand, fintech companies must also continue to improve their services to provide the best experience to users, especially among students who are the digital generation. With a good understanding of regulations and clarity in the use of services, students are expected to be able to participate actively and safely in the world of fintech.

Recommendation

Based on the findings of this study, the following recommendations are made:

Fintech companies must continue to improve their services to provide the best experience to users.
Students must have a good understanding of regulations and clarity in the use of services.
The Financial Services Authority (OJK) must continue to regulate fintech practices in Indonesia to ensure the development of a healthy and responsible fintech industry.

Limitation of the Study

This study has several limitations, including:

The study only focuses on the use of fintech services among students of the Faculty of Law, University of North Sumatra.
The study only uses a questionnaire as a data collection method.
The study does not provide a comprehensive analysis of the impact of POJK No. 77/POJK.01/2016 on the development of the fintech industry in Indonesia.

Future Research

Future research can build on the findings of this study by:

Conducting a comprehensive analysis of the impact of POJK No. 77/POJK.01/2016 on the development of the fintech industry in Indonesia.
Examining the use of fintech services among other groups, such as employees and entrepreneurs.
Investigating the impact of fintech on the economy and society.
Q&A: POJK Implementation No. 77/POJK.01/2016 concerning Information Technology-Based Money Borrowing and Borrowing Services for Fintech Companies

Frequently Asked Questions

Q: What is POJK No. 77/POJK.01/2016?

A: POJK No. 77/POJK.01/2016 is a regulation issued by the Financial Services Authority (OJK) concerning information technology-based money borrowing and borrowing services for fintech companies.

Q: What is the purpose of POJK No. 77/POJK.01/2016?

A: The purpose of POJK No. 77/POJK.01/2016 is to regulate the implementation of Peer-to-Peer (P2P) lending services in Indonesia, which is a type of financial technology service that allows individuals to lend and borrow money directly with each other.

Q: What are the benefits of POJK No. 77/POJK.01/2016?

A: The benefits of POJK No. 77/POJK.01/2016 include:

Protection of consumers and guarantee of security and transparency in transactions
Promotion of a healthy and responsible fintech industry
Encouragement of innovation and competition in the fintech industry
Improvement of financial literacy among consumers

Q: What are the requirements for fintech companies to operate in Indonesia?

A: Fintech companies must comply with the regulations set forth in POJK No. 77/POJK.01/2016, including:

Obtaining a license from the Financial Services Authority (OJK)
Registering with the Financial Services Authority (OJK)
Complying with anti-money laundering and combating the financing of terrorism (AML/CFT) regulations
Maintaining a minimum capital requirement

Q: What are the consequences of non-compliance with POJK No. 77/POJK.01/2016?

A: The consequences of non-compliance with POJK No. 77/POJK.01/2016 include:

Revocation of license
Fines and penalties
Suspension or termination of operations
Damage to reputation and loss of customer trust

Q: How can fintech companies ensure compliance with POJK No. 77/POJK.01/2016?

A: Fintech companies can ensure compliance with POJK No. 77/POJK.01/2016 by:

Conducting thorough risk assessments and implementing effective risk management strategies
Maintaining accurate and up-to-date records and documentation
Providing clear and transparent information to customers
Complying with all applicable laws and regulations

Q: What is the role of the Financial Services Authority (OJK) in regulating fintech companies?

A: The Financial Services Authority (OJK) is responsible for regulating and supervising fintech companies in Indonesia, including:

Issuing licenses and permits
Conducting regular inspections and audits
Enforcing compliance with regulations and laws
Providing guidance and support to fintech companies

Q: How can consumers protect themselves from potential risks associated with fintech services?

A: Consumers can protect themselves from potential risks associated with fintech services by:

Conducting thorough research and due diligence on fintech companies
Reading and understanding the terms and conditions of fintech services
Asking questions and seeking clarification on any concerns
Reporting any suspicious activity or concerns to the Financial Services Authority (OJK)