The FinCoNet Annual General Meeting was hosted by the Indonesia Financial Services Authority (OJK) in Jakarta, Indonesia, on 15–16 November 2016, and was directly followed by the FinCoNet/OJK International Seminar on Financial Consumer Protection, which was held on 17 November 2016 (half day).
FinCoNet AGM
The first (morning) session on day one of the Annual General Meeting (15 November 2016) was a closed session for FinCoNet members only.
In the following open sessions on day one, the Chairman of the Indonesia Financial Services Authority delivered a keynote address entitled Building National Strategic on Consumer Financial Protection in Indonesia. Participants then had the opportunity to engage in a roundtable blue sky session focused on forward-looking supervisory risks, trends, and priorities.
Day two, 16 November 2016, began with an update from the FinCoNet Member from Japan on Cross-Border Transactions. The rest of the day was dedicated to the work of the FinCoNet Standing Committees and two workshops. Workshop I focused on the important topic of Digitalisation of High-Cost Lending, while Workshop II discussed practices and tools required to support risk-based supervision in a digital age.
FinCoNet/OJK International Seminar on Financial Consumer Protection
The Seminar, held on day three, 17 November 2016, and co-hosted by FinCoNet and the Indonesia Financial Services Authority, addressed the topic Fast Innovation and Development of Fintech: Striking a Balance Between Financial Inclusion and Consumer Protection.
The first session of the Seminar included interventions on the supervisory overview of fintech, potential opportunities and risks, challenges in supervision, and current and future policies, supervision, and regulation. ADR mechanisms were also explored, and a case study on customer protection or complaints in fintech, customer needs, and behavior changes was presented.
The second session of the Seminar provided an industry overview, touching on issues such as statistics and the development of fintech in Indonesia and other countries, opportunities and challenges, as well as recommendations.
The evolution of digital transactions in banking and capital markets and the anticipated growth of fintech were also addressed, with recommendations made.
