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David Rohans R Hutagaol
David Rohans R Hutagaol Mohon Tunggu... Akuntan - I write what i think

My name is David Rohans Rivaldo Hutagaol | An idealistic scatterbrain who loves reading, writing, listening, analyzing and travelling | A banker (someday) | A man with too many questions inside his head, who's interested in politic, music, social and economy |




What Went Wrong When The Majority Said There's Nothing Wrong

14 Agustus 2017   06:11 Diperbarui: 25 Agustus 2017   20:10 1142 0 0 Mohon Tunggu...
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What Went Wrong When The Majority Said There's Nothing Wrong
Ekonomi. Sumber ilustrasi: PEXELS/Caruizp

Well, as usual i'll discuss about social and economy like my previous articles. This year Indonesia face the real challenge in economy sector, considering the still-tough global economic domestic (especially in relation to the direction of Donald Trump's protectionist policy, which can affect Indonesia's global trade either indirectly and directly) and of course from the domestic (the productivity and credit disbursement). As the macro economic theory, we have to raise the percentage of our economic growth every year till our economic growth is higher than inflation. In other words, our improvement in wealth (our salary, etc) is much faster than the increase in price of goods. This is the real economic growth!

Now, there are three institutions that now can play an important role maintaining stability of the financial system, namely Financial Service Authority (OJK), Bank Indonesia (BI) and the Indonesia Deposit Insurance Corporation (LPS). As my previous article (Yang Terjadi dengan Bank Jika Ajakan Rush Money Diikuti) , i had explained alot what happened or the risks to some Banks, then in my another article (Pengaruh Ekonomi AS dan China Terhadap Fluktuasi Nilai Rupiah), i had explained the difference "jobdesk" between BI and OJK. Ok, in here i'll tell in the very short way. 

Economic growth is in OJK's area, and the stability of our currencies is in BI's area, and LPS? Ok, LPS play an important role in insuring deposit's funds. Some of you may ask, how they collaborate one to another? Microprudential policies under/handled by the OJK and macroprudential policies under/handled by Central Bank (Bank Indonesia). Where's the position of LPS? When Banks have a systematically liquidity problem, then this is LPS's area, related to the all sovability problem taken by Indonesia Deposit Insurance Corporation (LPS) including the purchase of assets and acquisition.

 Then, LPS will ask OJK to revoke the operating license of the Bank in order to the Bank liquidation process. But in this article, i just want to discuss about the OJK's regulation to Financial Technology (FinTech), because along with the development technology, i'm so interested to see how technology (FinTech) can make or possibly make the financial inclusion.

Well anyway, i'll make this one a short article because i'm not in the good mood to do anything. I will discuss about the financial technology which can play the important role to make financial inclusion. And from social, i will discuss about age limitation and sucide (following the death of Chester Bennington, the vocalist of Linkin Park). What went wrong with these 3 topics that i'll discuss? Is there something wrong? Or maybe, there's nothing wrong with these 3 topics.

And here we go.....

Financial Technology

Ok, at first i'll tell that the OJK had released a regulation on FinTech lending. The Fintech can play an important role in supporting the financial inclusion and of course will be the one to be the solution or alternative to the micro (in order to start or develop their business) and unbankable individuals. And these start-up companies take the part of credit disbursement in Indonesia. Along with the development technology, i do believe that Fintech have the huge potential in market, looking to the Indonesia's rapid mobile penetration as well as a growing middle income class. In the other side, Fintech creates job oppurtuinities and with this technology i do believe there will be fewer people going to office and will be work-from-home.

I will tell you one. I have a friend. He works in start-up company, financial technology, p2p Lending. I don't know the detail but from the explanation of my friend, i get the conclusion that p2p lending, is the process of lending money to individuals through application (online services), using credit analyst tools and uniquely they don't meet each other physically.  I do believe that that the Small and Medium Enterprises (SME) who aren't served by the banks are the market that they target. Well, i'm so mezmerized how the technology works nowadays.

 You can get money, just from your 4, 5 or 6 inches of your smartphone, and in the same time you are lack of collateral, lack of credit histories to receive bank loans etc. Crazy huh? By the way, i work in Finance Company (the so-called Leasing). In here, we analyze all (by document/data, by credit scoring, by collateral and by customer history and purpose). Even with the clear data, there are still the npl (non performing loan) that are showed up. With p2p lending, i'm so curious how they handle the risk.  But anyway, i do believe that the difference between one company to another is a strong credit scoring algorithm (and how they develop it), then it's all about their ability to do credit assesment. The ones with high default will shut down very soon.

By the way, yesterday i went to BNI's ATMs to withdraw some money. Well, Financial Service Authority (OJK) has promoted branchless banking system in ATM, the system-called Laku Pandai. Laku pandai enable Banks to reach their new customers without having to open physical branches (its services have not included lending unfortunately). Like Fintech, OJK try to offer innovative methods.

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