The Financial Services Authority (OJK) has issued three Regulatory Circulars (SEOJK) regulating the reporting requirements for Financial Services Providers, including Technology-based Joint Financing Service Providers (fintech lending), the Housing Savings Management Agency (BP Tapera), and the Secondary Housing Financing Companies (PPSP).
The three SEOJKs include SEOJK No. 1/SEOJK.06/2024 on the Procedures and Mechanisms for Reporting Financing Transaction Data and Reporting by Technology-based Joint Financing Service Providers (SEOJK 1/2024); SEOJK No. 2/SEOJK.06/2024 on Monthly Reports of the Housing Savings Management Agency (SEOJK 2/2024); and SEOJK No. 3/SEOJK.06/2024 on Monthly Reports of the Secondary Housing Financing Companies (SEOJK 3/2024).
Aman Santosa, Head of the Department of Literacy, Financial Inclusion, and Safe Communication, stated that the reporting provisions for these three financial service providers are intended to ensure that the management of fintech lending, Tapera fund programs by BP Tapera, and management of programs related to secondary housing financing by PPSP can develop, sustainably, transparently, and protect the interests of the public and users of the services provided by these financial service providers.
SEOJK 1/2024 for fintech lending will come into full effect on July 1, 2024. Among other things, SEOJK 1/2024 stipulates the obligation for Technology-based Joint Financing Service Providers to accurately and completely submit financing transaction data to the OJK fintech lending data center, which must include at least user information, financing transaction information, and financing quality information.
"The submission of financing transaction data is done in real-time. In case the fintech lending data center is unable to receive financing transaction data in real-time, the Provider shall submit financing transaction data to the Financial Services Authority on a daily basis," explained Aman.
The submission of financing transaction data in fintech lending will also be integrated with the electronic system owned by fintech lending providers in the fintech lending data center. Additionally, fintech lending providers are required to submit periodic reports to the OJK, consisting of monthly reports and annual financial reports audited by public accountants registered with the OJK.
"Fintech lending providers are also required to submit incidental reports to the OJK," he added.
Meanwhile, SEOJK 2/2024 regulates the provisions regarding the form, composition, and procedures for submitting monthly reports by BP Tapera, which will come into full effect on May 1, 2024. BP Tapera is an institution tasked with managing Tapera funds in accordance with the mandate of Law Number 4 of 2016 concerning Housing Savings (UU 4/2016).
"The main regulations stipulated in SEOJK 2/2024 include the obligation for BP Tapera to submit monthly reports to the OJK no later than 15 months thereafter," he clarified.
On the other hand, SEOJK 3/2024 regulates the provisions regarding the form, composition, and procedures for submitting monthly reports by PPSP, which in this case is PT Sarana Multigriya Finansial (Persero). SEOJK 3/2024 will come into full effect on April 1, 2024.
As information, PPSP is a limited liability financial institution established to carry out business activities in the field of secondary housing financing.
"PPSP is expected to build and develop the secondary housing financing market in order to increase the capacity and sustainability of housing ownership financing, occupancy, and the availability of affordable housing and settlements for the public," Aman concluded.
These regulatory circulars aim to streamline reporting processes, enhance transparency, and ensure the sustainable and responsible management of financial services in Indonesia.