OJK Warns Fintech Not To Abuse Their Logo

The Financial Services Authority (OJK) has warned to all financial technology (fintech) companies about the usage of the OJK logo. The warning is an anticipation so that the consumers would not misjudge against the credibility of fintech. Even in the POJK (Regulation of the Financial Services Authority), it has been clearly mentioned about the prohibition to the usage of the OJK logo (either on the website, company profile, and others).

However, the fintech association argued that financial technology companies are allowed to use the OJK logo on their profile or site. The usage is necessary for people to feel save investing in fintech.

But, the opinion of the Fintech association is weak because according to article 35 of OJK Regulation No. 77/2016 stated that fintech company is only required to use the name or logo of the organizer, amd also, the statement that the company has been registered and controlled by OJK. The detail of article 35 said, "The Operator shall include and/or mention in any offer or promotion of services that consist of the name or logo of the company and statement that the company is registered and controlled by OJK."

So It is clear if in the POJK there are no rule that specialize or require the usage of OJK logo as an identity of any fintech. Every fintech company needs to implement the rule for the puspose of the community’s benefit as a potential user of their services.

OJK Regulation Not Covers Fintech Industry
Chairman of the Board of Commissioners of OJK, Wimboh Santoso, also confirmed that OJK only controls and regulates financial services. Where relate to fintech companies, OJK only has authority in terms of regulating The protection of the consumers. So in this case OJK will not be responsible if there will be a bankrupt of fintech. If there is a bankruptcy  or the cooperation among several parties in the fintech business does not work well which causing loss among them, then OJK would not be responsible.

"Fintech is not a financial services agency. It is just an ordinary provider of platforms that connects between investors and borrowers, and we can not let Fintech using the OJK logo anymore," said Wimboh. Furthermore, Wimboh stated that OJK only controls and regulates financial services. While some fintech companies are regulated only through OJK authority related to consumer protection.

OJK needs to take anticipatory steps because recently many irresponsible ones who use the loan or investing companies to take advantage and deceive, as well as false companies. Not to mention the various fraud by payment service companies that include travel agents. Of course, the lossest victims are the consumers.

Source: Antara

Disclaimer: This article is a summary of news articles obtained from a number of mass media. We are not responsible for the accuracy of data or sources of information presented by the mass media that became the reference.

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