Sari Murti Widiyastuti(1*), Johanes Widijantoro(2)

(1) Faculty of Law, University of Atma Jaya Yogyakarta
(2) Faculty of Law, University of Atma Jaya Yogyakarta
(*) Corresponding Author



The growth of the financial technology (fintech) industry is a necessity as an effort to make financial services more practical and efficient. On the other hand, consumers of financial services are still low in financial literacy levels, especially in considering various risks that can occur in dealing with the fintech industry. Indonesian Financial Services Authority (OJK) is the body responsible for carrying out the protection of consumers of financial services. This article describes how legal matters in the fintech business, which are actually useful and can encourage financial inclusion, but on the other hand have the potential to harm consumers if they are not properly regulated. Existing related OJK Regulations would be examined and what things should be regulated by the OJK so that consumers of financial services are protected amid the development of fintech, will also be elaborated in this article. This article respectively describes the rationality of consumer protection in the financial services, the dynamics of fintech growth and its problems, and an analysis of the role of OJK in the era of fintech industry.



Pertumbuhan industri teknologi keuangan (fintech) adalah sebuah keniscayaan sebagai konsekuensi kemajuan teknologi sekaligus upaya untuk menjadikan jasa keuangan lebih praktis dan efisien. Sementara tingkat “melek keuangan” konsumen masih rendah, khususnya dalam mempertimbangkan berbagai risiko yang dapat terjadi sehubungan dengan layanan fintech. Artikel ini menggambarkan bagaimana persoalan hukum dalam industri fintech di satu sisi, yang sesungguhnya bermanfaat dan dapat mendorong peningkatan derajad inklusi keuangan masyarakat, namun di sisi lain berpotensi merugikan konsumen apabila tidak diatur dengan baik. Apa yang seharusnya diatur oleh Otoritas Jasa Keuangan (OJK) sehingga konsumen terlindungi hak-haknya di tengah pertumbuhan industri fintech, juga akan dianalisis dalam artikel ini.


fintech; consumer protection; financial services; OJK.

Full Text:



Akinbami, Folarin, (2011). "Financial services and consumer protection after the crisis", International Journal of Bank Marketing, Vol. 29 Issue: 2, pp.134-147, ADB, (2018). “How Fintech can Accelerate Financial Inclusion in Indonesia”, accessed at Oktober 5, 2018 Capuano, Angelo and Ian Ramsay, (2011).“What Causes Suboptimal Financial Behaviour? An Exploration of Financial Literacy, Social Influences and Behavioural Economics, Legal Studies Research Paper No. 540: Melbourne Law School. Cerny, Philip G., (1994). “The Dynamics of Financial Globalization: Technology, Market Structure, and Policy Response”, Policy Sciences 27, Netherlands: Kluwer Academic Publishers. Claessens, Stijn, (2006). “Access to Financial Services: A Review of the Issues and Public Policy Objectives”, the World Bank Research Observer, vol. 21, no. 2 (Fall). Consumers International, (2011). “Safe, fair and competitive markets in financial services: recommendations for the G20 on the enhancement of consumerprotection in financial services” CI: March. Dandapani, Krishnan, (2008). "Growth of e‐Financial Services: Introduction to the Special Issue", Managerial Finance, Vol. 34 Issue: 6, pp.361-364, Devlin, James F., (2003). "Monitoring the Success of Policy Initiatives to Increase Consumer Understanding of Financial Services", Journal of Financial Regulation and Compliance, Vol. 11 Issue: 2, pp.151-163, Donnelly, Mary, (2012). The Financial Services Ombudsman: Asking the 'Existential Question' (September 13). Dublin University Law Journal, Vol 35, pp 229-260, 2012. Available at SSRN: Kaiser, Tim; Menkhoff, Lukas (2017). “Does Financial Education Impact Financial Literacy and Financial Behavior, and if so, When?”, DIW Discussion Papers, No. 1562, Deutsches Institut für Wirtschaftsforschung (DIW), Berlin Lemos, Gerard, (2011). ‘Towards a National Strategy on Financial Education”, Presentation Paper on Bank of Indonesia-OECD Regional Asian Seminar on Financial Literacy, Jakarta 27 June. Li, Steven, (2003). "Future Trends and Challenges of Financial Risk Management in the Digital Economy", Managerial Finance, Vol. 29 Issue: 5/6, pp.111-125, Lyttle, Michell, (2009). “Consumer Access to Justice”, paper on the Conference on Litigation Costs and Funding, University of Oxford Faculty of Law, 6-7 July. Flore-Anne Messy, (2011). “Role of Coordinated Financial Education Strategies to Improve Financial Inclusion: an International Perspective”, Presentation Paper on Bank Indonesia - OECD Regional Asian Seminar on Financial Literacy, 27 June. Ramsay, Iain, (2006). “Consumer Law, Regulatory Capitalism and the ‘New Learning’ in Regulation”, 28 Sydney L. Rev. 9. Viitanen, Klaus, (2008). “Consumer Law: Especially from the Viewpoint of Consumer´s Access to Justice”, Lecture Material, University of Helsinki, October. Williams, Toni, (2007). “Empowerment of Whom and for What? Financial Literacy Education and the New Regulation of Consumer Financial Services”, Law & Policy, 29 (2) April, pp.226 – 256. Kompas Daily Newspaper edition 19 June 2018, 5 July 2018, 7 July 2018 Bisnis Indonesia Daily Newspaper edition 28 June 2018.


Article Metrics

Abstract views : 3893 | views : 3859


  • There are currently no refbacks.

Copyright (c) 2019 Sari Murti Widiyastuti, Johanes Widijantoro

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Mimbar Hukum Indexed by:

DOAJ (Directory of Open Access Journal) Bielefeld Academic Search Engine (BASE) COREWorldCatLIVIVOCopac JISTHarvard LibraryElectronic Journals LibraryColumbia University LibrariesLeiden University LibrariesUniversity of Saskatchewan-CanadaGent University LibraryWestern Theological SeminaryUniversity of OxfordThe University of SheffieldThe University of Manchester Toronto Public LibraryEbsco  

Member of :


MIMBAR HUKUM ISSN: 0852-100X(print), ISSN: 2443-0994(online)