Heaptalk, Jakarta — Indonesia’s Financial Service Authority (OJK) and four fintech associations, including Indonesia’s Fintech Association (AFTECH), Indonesian Sharia Fintech Association (AFSI), Indonesian Joint Funding Fintech Association (AFPI), and Indonesian Crowdfunding Services Association (ALUDI) has released Artificial Intelligence (AI) Code of Ethics Guide devoted to the payments, investments, insurance and online loans industry.
Launched at the peak of the fifth Indonesia Fintech Summit and Expo (IFSE), the Chief Executive of the Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets Supervisory OJK, Hasan Fawzi, conveyed that this guide becomes a reference for associations to develop a code of conduct in optimizing functions AI technology in the fintech industry, specifically in mitigating risks.
“The launch of this guidance is OJK’s effort to continue collaborating with associations in Indonesia and other industry players in ensuring the responsible application of AI technology. We will continue to embrace positive innovation for the association and provides clear direction for stakeholders in the fintech industry,” affirmed Hasan.
Simultaneously, the Chairman of the Board of Commissioners at OJK, Mahendra Siregar, realized that Technology plays a crucial role in shaping the future of national development and has become the primary driven factor for economic, social, and environmental development. According to him, Good Corporate Governance (GCG) and Governance Risk Compliance (GRC) are critical to ensuring financial institutions and digital financial service providers carry out their operations with transparency, ethics, and compliance with applicable regulations.
“We could not survive if we do not implement the concept of sustainability. Every technological advancement must be accompanied by responsibilities, one of which is related to protecting consumer data in using digital financial services.” Mahendra stated.
Besides releasing the AI Code of Ethics Guide, OJK also launched the Insurtech White Paper, an insurance technology (insurtech) white paper that contains an overview of the implementation of the insurtech business model in the archipelago, including numerous challenges, opportunities, and suggestions related to policy formulation.
As additional information, the 5th IFSE Summit and Expo is the peak event commemorating National Fintech Month (BFN). Held for two days, from November 23rd – 24th, 2023, this summit provides various agendas, such as panel discussions, exhibitions, and edutainment mini stages. IFSE also presented 25 plenary sessions, with more than 70 national and international speakers from fintech industry players, regulators’ representatives, associations, and related ministries.
