scholarly journals The Fintech Phenomenon: Protection of Consumer Privacy Data in Online Lending

2021 ◽  
Vol 21 (2) ◽  
pp. 185-194
Author(s):  
Ika Dewi Sartika Saimima ◽  
Valentino Gola Patria
Keyword(s):  
Financial Services ◽  
Legal Theory ◽  
Personal Data ◽  
Peer To Peer ◽  
Legal Norms ◽  
Consumer Privacy ◽  
P2p Lending ◽  
Peer Lending ◽  
The One ◽  
Online Lending

Abstract   Financial technology innovation that occurs nowadays leads to accelerated changes in the financial sector. However, these developments are like double-edged swords, on the one hand they provide convenience for consumers, on the other hand pose risks for consumers related to the confidentiality of their personal data. Money lending business through Peer to Peer lending (P2P lending) system often results in consumers receiving threats when they are late making payments. This paper presents several cases that result in consumers experiencing personal data theft, receiving threats directed at relatives or acquaintances. Even committing fraud by taking money from borrowers or customers without following the regulations made by the Financial Services Authority (OJK). The research data is carried out in a qualitative normative way where the data is translated based on legal norms and uses legal theory that can explain and answer existing legal problems.   Keywords: Consumer Protection, Peer to Peer lending (P2P lending), Private Data Protection   Abstrak   Inovasi teknologi keuangan yang terjadi saat ini mengarah pada akselerasi perubahan di sektor keuangan. Namun perkembangan tersebut ibarat pedang bermata dua, di satu sisi memberikan kemudahan bagi konsumen, di sisi lain menimbulkan risiko bagi konsumen terkait kerahasiaan data pribadinya. Bisnis money lending melalui sistem Peer to Peer lending (P2P lending) seringkali mengakibatkan konsumen mendapat ancaman ketika mereka terlambat melakukan pembayaran. Makalah ini menyajikan beberapa kasus yang mengakibatkan konsumen mengalami pencurian data pribadi, menerima ancaman yang ditujukan kepada kerabat atau kenalan. Bahkan melakukan penipuan dengan mengambil uang dari debitur atau nasabah tanpa mengikuti ketentuan Otoritas Jasa Keuangan (OJK). Data penelitian dilakukan secara normatif kualitatif dimana datanya diterjemahkan berdasarkan norma hukum dan menggunakan teori hukum yang dapat menjelaskan dan menjawab permasalahan hukum yang ada. Kata kunci: Peer to Peer lending (P2P lending), Perlindungan Konsumen, Perlindungan Data Pribadi   Kata Kunci: Perlindungan Konsumen, Peer to Peer lending (P2P lending), Perlindungan Data Pribadi

scholarly journals Perlindungan Konsumen dari Penyebarluasan Data Pribadi oleh Pihak Ketiga: Kasus Fintech Peer”To Peer Lending”

2020 ◽  
Vol 9 (1) ◽  
pp. 92
Author(s):  
Veronica Novinna
Keyword(s):  
Financial Services ◽  
Personal Information ◽  
Personal Data ◽  
Legal Protection ◽  
Peer To Peer ◽  
Third Party ◽  
Loan Default ◽  
P2p Lending ◽  
Peer Lending ◽  
Legal Consequences

Online loans are an instant method to get loans with technology basis and under control of the Financial Services Authority. Startups organizer have failed to protect consumers personal information thus creates problem in collecting debts."This study aims to explain and analyze" the”Legal Position of the Debt Collector in the administration of fintech and the legal consequences of the act of suppressing payments to consumers who fail to pay unlawfully.”This type of research used is normative juridical conducted with the approach of existing laws and regulations in Indonesia. Based on the research results obtained, there is a relationship or position of a third party with an online loan provider as a debt collector in a loan default, and this is explicitly explained in the P2P Lending fintech service delivery guidelines. "The legal consequences of the act of suppressing payments in the form of distribution" consumer personal data from the debt collector of the party organizing P2P Lending where "the consumer has the right to get legal protection through the filing of a claim of loss" arising as well as the organizer may be subject to administrative sanctions for his negligence. Pinjaman online ialah pinjaman cepat berbasis teknologi yang diawasi oleh OJK, beberapa penyelenggara telah lalai dalam menjaga data pribadi konsumen sehingga menimbulkan permasalahan dalam penagihan hutang kepada konsumen. Penelitian ini bertujuan untuk menjelaskan dan menganalisis Kedudukan Hukum Debt collector dalam penyelenggaraan fintech dan akibat hukum terhadap tindakan menekan pembayaran kepada konsumen gagal bayar dengan cara melawan hukum”. Jenis Penelitian yang dipergunakan ialah yuridis normatif yang dilakukan dengan pendekatan peraturan perundang-undangan yang ada di Indonesia. Berdasarkan hasil penelitian yang didapat yakni adapun hubungan atau kedudukan pihak ketiga dengan penyelenggara pinjaman online adalah sebagai penagih hutang dalam pinjaman gagal bayar dan hal tersebut dijelaskan secara eksplisit dalam pedoman perilaku pemberian layanan fintech Peer to Peer Lending (P2P Lending).”Adapun akibat hukum terhadap tindakan menekan pembayaran berupa penyebaran data pribadi konsumen dari debt collector pihak penyelenggara P2P Lending dimana konsumen berhak mendapat perlindungan hukum melalui pengajuan tuntutan kerugian yang timbul serta pihak penyelenggara dapat dikenakan sanksi administratif atas tindakan kelalaiannya.

Peer-to-peer lending platforms: securities law considerations

2015 ◽  
Vol 16 (3) ◽  
pp. 15-18 ◽  
Author(s):  
Robert H. Rosenblum ◽  
Susan A. Gault-Brown ◽  
Amy B. Caiazza
Keyword(s):  
Financial Services ◽  
Business Models ◽  
Regulatory Compliance ◽  
Peer To Peer ◽  
Content Type ◽  
Public Offerings ◽  
Consumer Privacy ◽  
Peer Lending ◽  
Investment Advisers ◽  
Securities Laws

Purpose – To provide an overview of the basic model used by many peer-to-peer lending platforms and some of the key peer lending regulatory and structuring considerations under the federal securities laws. Design/methodology/approach – Explains how the basic peer lending model works, how “borrower dependent notes” or “BDNs” may be offered in private placements or less commonly through public offerings, how companies engaged in peer lending are compensated, how sponsors of peer lending programs generally avoid registration as broker-dealers under the Securities Exchange Act of 1934, as investment advisers under the Investment Advisers Act of 1940 and as investment companies under the Investment Company Act of 1940, and how peer lending platforms are structured to take into account the laws that govern online transactions, consumer privacy, and other related issues. Findings – The authors expect that peer-to-peer lending platforms will continue to mature and evolve, and they expect that the issues discussed in this article will continue to drive their structuring decisions, business models, and regulatory compliance under the federal securities laws. Originality/value – Practical guidance from experienced financial services lawyers.

scholarly journals Legal Protection for Problem Debtor Related to the Use of the Artificial Intelligence System in Peer to Peer Lending

Yuridika ◽  
2020 ◽  
Vol 35 (3) ◽  
pp. 657
Author(s):  
Yusuf Arif Utomo
Keyword(s):  
Artificial Intelligence ◽  
Financial Services ◽  
Service Providers ◽  
Personal Data ◽  
Legal Protection ◽  
Electronic System ◽  
Peer To Peer ◽  
Conceptual Approach ◽  
Legal Provisions ◽  
P2p Lending

In the era of digital economic development, the community continues to innovate in terms of providing lending and borrowing services. One form of development of Financial Technology (fintech) is the distribution of funds through the Peer to Peer (P2P) Lending system. Where this system has more or less the same role as banks, namely as an organizer; from parties who have funds (investors) to those who need funds (debtors) whose methods are carried out online. The distribution of funds through the P2P Lending system has developed rapidly in Indonesia. In carrying out its business, the loan and loan service provider uses an electronic system that is a series of electronic devices and procedures that function to disseminate information in the field of financial services. The electronic system can also be referred to as Artificial Intelligence (AI). By using AI, loan and loan service providers can find out all the debtor's personal data, where in the end the debtor becomes disadvantaged because his personal rights are violated. On the other hand there are no legal provisions in Indonesia that can protect debtors in this regard. So that in this study later will discuss about the extent of legal arrangements related to the protection of debtors in the P2P Lending system using AI. This research uses the statute approach method; namely the approach through legislation and conceptual approach, namely the legal approach through the concepts and opinions of legal experts.

scholarly journals Legal Protection of Parties in Online Credit Agreement (Peer to Peer Lending) A Case Study of PT Vcard Technology Indonesia

2019 ◽  
Vol 06 (03) ◽  
pp. 511-532
Author(s):  
I Made Darma ◽  
Putu Jadnya
Keyword(s):  
Information Technology ◽  
Financial Services ◽  
Government Regulation ◽  
Personal Data ◽  
Legal Protection ◽  
Peer To Peer ◽  
Legal Certainty ◽  
Peer Lending ◽  
The Government ◽  
Credit Agreement

The development of digital economy has led people to adapt to the use of services in information-technology-based loan or peer-to-peer lending. In early 2019, the V-loan case attracted attention of many people. The case has made debtors depressed, removed from their own houses, etc. Some debtors even were fired from works. In a case, the loan provider misused debtors’ personal data in debtors’ cell phones. The loan provider created WhatsApp groups containing all debtors’ contacts, including the debtors. Then, they uploaded pornographic content. Their objective was to defame debtors. Parties involved in loan agreement should adhere rules and arrange for reasonable loan. To discuss this matter, it is necessary to review agreement based on the Law on Electronic Information and Transaction and the Regulation of Financial Services Authority number 77 of 2016. The study focused on legal protection of parties involving in P2P lending activities. The credit agreement of peer-to-peer lending is considered valid if it is based on Article 47 of the Government Regulation number 82 of 2016. Standard contract must be based on Article 20 of the Regulation of Financial Services Authority number 77 of 2016. Electronic signature is also required based on Article 41 of the Regulation. In addition, the application of information technology and electronic transactions must be carried out based on the principles of legal certainty, benefits, good faith, and the freedom of choice of technology based on Article 3 of Law Number 19 of 2016. Principles and objectives are fundamental elements of legal certainty. Therefore, organizer and the government must protect user of peer-to-peer lending.

scholarly journals Characteristics of Financial Technology as Financing Alternative Capitalization of Medium Small-Medium Enterprises (MSME)

FIAT JUSTISIA ◽  
2021 ◽  
Vol 15 (2) ◽  
pp. 133-158
Author(s):  
Dwi Tatak Subagiyo
Keyword(s):  
Information Technology ◽  
Financial Services ◽  
Financial Institution ◽  
Small And Medium Enterprises ◽  
Peer To Peer ◽  
P2p Lending ◽  
Peer Lending ◽  
Small Medium Enterprises ◽  
Medium Enterprises ◽  
Financial Technology

Characteristics of Financial Technology as a Financial Institution that uses information technology to provide financial solutions by prioritizing compliance with the principles of prudence and risk management. The characteristics of Financial Technology institutions are getting a loan quickly; Makes Payment Easier; Make Loan Payments without Additional Fees. Peer to Peer Lending (P2P lending) system in providing financial services is done through information technology based. The financial services institution Peer to Peer Lending (P2P Lending) is a financial technology financial institution (Fintech). Financial Technology (Fintech) as a Literacy Source for Financing Micro, Small and Medium Enterprises; Financial Technology (Fintech) As a Facilitator in MSME Development; Financial Tecnology (Fintech) as a driver for Micro, Small and Medium Enterprises to Increase National Financial Inclusion. The Role of the Financial Services Authority (OJK) and the Indonesian Joint Funding Fintech Association (AFPI) As Regulations and Oversight of Financial Technology Institutions (Fintech) in Indonesia.

scholarly journals Perlindungan Hukum bagi Konsumen atas Pencantuman Klausula Eksoner dalam Bisnis Pinjam-Meminjam Uang Berbasis Teknologi Informasi di Indonesia

2020 ◽  
Vol 5 (2) ◽  
pp. 202
Author(s):  
Intan Ayu Yulia Rahmawati ◽  
Yuliati Yuliati ◽  
Budi Santoso
Keyword(s):  
Consumer Protection ◽  
Financial Services ◽  
Peer To Peer ◽  
District Court ◽  
Legal Norms ◽  
Consumer Protection Act ◽  
Electronic Transactions ◽  
Analysis Technique ◽  
Peer Lending ◽  
Financial Technology

The purpose of this study is to analyze the legal basis for consumer protection and forms of consumer protection for the inclusion of exoneration clauses in financial technology peer to peer lending. This paper uses normative juridical methods for reviewing and analyzing the application of rules, regulations, and positive legal norms contained in the legislation. The analysis technique uses analytical prescriptive. The results of the study show that there are currently three regulations relating to consumer protection of Financial Technology Peer to Peer Lending in Indonesia, i.e. the Consumer Protection Act, Financial Services Authority Regulation Number 77/ POJK.01/2016 concerning Financial Technology Peer to Peer Lending, and the Law Number 11 of 2008 concerning Information and Electronic Transactions. The form of consumer protection for consumers over financial technology peer to peer lending with addition of clause exoneration is to impose sanctions on the organizer in the form of warning letters, fines, restrictions on business activities, and revocation of licenses granted by the Financial Services Authority. If through giving sanctions the consumer still feels disadvantaged, the consumer can resolve the problem through the District Court or outside the court by the Consumer Dispute Resolution Board.

scholarly journals Penerapan Konsep Utilitarianisme Untuk Mewujudkan Perlindungan Konsumen Yang Berkeadilan Kajian Peraturan Otoritas Jasa Keuangan Nomor: 1/POJK.07/2013 Tentang Perlindungan Konsumen Sektor Jasa Keuangan

2019 ◽  
Vol 19 (1) ◽  
pp. 15
Author(s):  
Dwi Edi Wibowo
Keyword(s):  
Consumer Protection ◽  
Financial Services ◽  
Peer To Peer ◽  
Financial Industry ◽  
Fast Process ◽  
Bank Institution ◽  
P2p Lending ◽  
Peer Lending ◽  
Financial Technology

Abstrak Peranan internet dalam teknologi informasi telah digunakan untuk mengembangkan industri keuangan  (financial industry)  melalui modifikasi dan efisiensi layanan jasa keuangan yaitu dikenal dengan istilah Financial Technology atau Fintech. Fintech jenis pinjam-miminjam uang berbasis teknologi atau peer to peer lending (P2P-lending) merupakan jenis Fintech yang tumbuh pesat di Indonesia, kelebihan pinjam meminjam uang melalui layanan P2P-lending lainnya adalah syarat yang sangat mudah dan proses yang cepat dibandingkan meminjam uang melalui Lembaga Bank. Namun kemudahan transaksi yang ditawarkan oleh layanan P2P- lending justru memperlemah posisi dari konsumen. Permasalahan Bagaimanakah Penerapan Konsep Utilitarianisme Untuk Mewujudkan Perlindungan Konsumen Fintech. (Financial Technology) Yang Berkeadilan, Tujuan  untuk mengetahui bagaimanakah penerapan konsep utilitarianisme untuk mewujudkan perlindungan kosnumen fintech ( finansial technology yang berkeadilan . Kata kunci : utilitarianisme, perlindungan konsumen, berkeadilan Abstrak The role of the internet in information technology has been used to develop the financial industry through the modification and efficiency of financial services, known as Financial Technology or Fintech. Fintech borrows money based on technology or peer to peer lending (P2P-lending) is a fast-growing type of Fintech in Indonesia, the advantages of lending and borrowing via other P2P-lending services are very easy conditions and a fast process compared to borrowing money through Bank Institution. But the ease of transactions offered by P2P-lending services actually weakens the position of consumers. Problems How to Implement the Utilitarianism Concept to Realize Fintech Consumer Protection. (Financial Technology) that is just, the aim is to find out how the application of the concept of utilitarianism is to realize the protection of fintech consumers (equitable technology finance. Keywords: utilitarianism, consumer protection, justice 

scholarly journals Legal Protection of Fintech-Peer to Peer Lending-Based Money Loan Recipients

2021 ◽  
Vol 04 (06) ◽  
Author(s):  
Johan Kuswara ◽  
Keyword(s):  
Financial Services ◽  
Research Method ◽  
Legal Protection ◽  
Peer To Peer ◽  
Business Climate ◽  
Technology Changes ◽  
Peer Lending ◽  
The Government ◽  
Online Lending ◽  
Financial Technology

Research This study aims to review and analyze the legal protection of loan recipients in the implementation of financial technology. Changes in the financial sector today are fintech (financial technology), one of which is peer to peer lending. The proliferation of peer-to-peer lending-based fintech in Indonesia is often a problem, although on the other hand it is also an answer for people who need funding quickly and easily. Whereas against the rise of online lending (peer to peer lending), the government in this case is the OJK (Financial Services Authority) has taken various ways to protect the community and foster a good business climate, but the problems faced by the community still occur. The problem in this research is what form of legal protection is obtained by recipients of fintech peer to peer lending-based money based on the provisions of applicable laws and regulations? and how to increase the government's role in the implementation and development of fintech-based peer to peer lending services. The research method used in this research is normative juridical. The implementation of financial technology based on peer-to-peer lending has not gone well.

PERLINDUNGAN DATA PRIBADI PENERIMA PINJAMAN DALAM TRANSAKSI PINJAM MEMINJAM UANG BERBASIS TEKNOLOGI INFORMASI (PEER TO PEER LENDING)

2021 ◽  
Vol 50 (4) ◽  
pp. 789
Author(s):  
Hendrawan Agusta
Keyword(s):  
Peer To Peer ◽  
P2p Lending ◽  
Peer Lending ◽  
Financial Technology

Perkembangan teknologi informasi sangat pesat, adanya kolaborasi antara teknologi informasi dengan berbagai bidang kehidupan melahirkan berbagai macam inovasi yang membuat kehidupan masyarakat semakin mudah. Inovasi di bidang teknologi informasi melahirkan model bisnis baru yang pada gilirannya mampu menghasilkan efisiensi bagi masyarakat. Revolusi teknologi informasi tersebut terus berkembang dan sekarang memasuki bidang keuangan yang regulasinya ketat. Kolaborasi antara teknologi informasi dengan bidang keuangan melahirkan Teknologi Finansial atau Financial Technology (Fintech), salah satunya pinjam-meminjam uang berbasis teknologi informasi (Peer to Peer Lending/P2P Lending). Masyarakat menjadi lebih mudah mengakses kebutuhan keuangannya melalui P2P Lending. Di sisi lain, muncul tantangan dalam P2P Lending mengenai perlindungan data (data pribadi, data transaksi dan data keuangan). Dalam penelitian ini yang akan dibahas hanya data pribadi Penerima Pinjaman, dimana data pribadi tersebut perlu dilindungi agar tidak terjadi penyalahgunaan yang menimbulkan permasalahan hukum

scholarly journals Internet finance: Digital currencies and alternative finance liberating the capital markets

2015 ◽  
Vol 4 (4) ◽  
pp. 190-201 ◽  
Author(s):  
Kim Wales
Keyword(s):  
Capital Markets ◽  
Financial Services ◽  
Global Economy ◽  
Industrial Revolution ◽  
Peer To Peer ◽  
Agricultural Revolution ◽  
Internet Finance ◽  
P2p Lending ◽  
Conducting Wire ◽  
Alternative Finance

This article discusses how the sudden shift in policy reform and innovation has the potential to liberate the financial markets. The economic potential of internet finance is beginning to take hold across the capital markets as industries like Peer – to – Peer Lending, Equity and Debt based Crowdfunding and virtual currencies and cryptocurrencies which are types of digital currency are quickly transforming the way businesses are being financed. From borrowing and lending, buying and selling securities, to conducting wire transfers internationally, these innovations are creating a new class and generation of investors will source investments opportunities. Helping institutions and governments assess risks and manage performance in order to determine where to deploy capital; and showing signs of lessening the inequality gap. Following the neolithic agricultural revolution and the industrial revolution, this new revolution will enable more people to access financial services in less traditional ways, especially the unbanked world with its huge potential. These new financial opportunities, such as peer – to - peer (P2P) lending, will be discussed and examined, and we will stress how they can allow people to bypass current barriers in the global economy. We conclude by arguing that all these developments, energized by the efforts of innovators and entrepreneurs, have the potential to radically transform the world in which we live, while promoting the core values of industrialized societies including democracy, capital formation, sustainability, and equality without solely relying on tax increases.

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