Optimizing the Role of Indonesian Fintech and Legal Protection Efforts for Fintech Users by the Indonesian Financial Services Authority (OJK) in Financial Services

The growth of fintech companies in Indonesia is very rapid. Presently, there are 142 fintech companies in Indonesia. The Financial Services Authority (OJK) continues to encourage the development of information technology-based financial service provider companies (fintech) by issuing OJK Regulation Number 10/POJK.05/2022 about information technology-based lending and borrowing services. The purpose of this OJK regulation is for the public to meet cash needs quickly, easily, and efficiently and improve competitiveness. It can be one of the solutions to help micro, small, and medium enterprises (MSMEs) gain funding access while providing legal protection to information technology-based lending and borrowing service users and organizers. However, there are obstacles to the implementation of the OJK regulation. This paper discusses the implementation of OJK Regulation Number 10/POJK.05/2022 with its obstacles, as well as optimizing the role of the fintech and OJK companies in an effort to achieve the objectives of the OJK regulations, including legal protection of fintech users in information technology-based lending and borrowing services. OJK Regulation Number 10/POJK.05/2022 has been implemented quite well because it has only been valid for less than 2 years. There are already 63 fintech companies that have been registered and obtained permission from OJK and have already absorbed 3 trillion rupiah in loans to help people fund needs quickly. Legal protection for fintech users is given in an agreement between fintech Indonesia companies and fintech users and law enforcement of OJK Regulation Number 10/POJK.05/2022.