Combating High Fintech Costs for Better Financial Inclusion
Source: The Star
FINANCIAL technology (fintech) peer-to-peer (P2P) lending services are able to penetrate the administrative difficulties experienced by banks in providing micro and ultra-micro credit to the public and micro, small and medium enterprises (MSMEs). Affordability of access is often not accompanied by customer education, resulting in many implementation problems. In addition, the interest rate and fines are still very high, making financial inclusion an illusion.
For this reason, a breakthrough in risk management is needed through adequate information support by the Financial Services Authority (OJK).