Transformation of fintech law in Indonesia: Harmonization between digital innovation and legal certainty
Keywords:
Fintech, Legal transformation, Validity of agreements, Digital innovation, Fintech regulationAbstract
The transformation of Financial Technology (fintech) in Indonesia has spurred rapid development in the financial services ecosystem, introducing various digital innovations that offer convenience and inclusivity. However, this progress also brings legal challenges, particularly in ensuring legal certainty, consumer protection, and the validity of agreements made through fintech platforms. This research aims to analyze how current fintech regulations can accommodate the development of digital innovations while also providing legal certainty. A normative juridical approach is employed to examine existing regulations, including the policies of the Financial Services Authority (OJK), Bank Indonesia, and the principles in the Indonesian Civil Code (KUHPerdata) related to agreements. The research findings indicate that while the transformation of fintech law in Indonesia has evolved to support innovation, challenges remain in ensuring the validity of digital agreements. These challenges include issues of mutual consent, the legality of the object of the agreement, and compliance with formal requirements such as legally recognized electronic signatures. Additionally, agreements made on fintech platforms often involve consumers who do not fully understand the legal implications of their consent, potentially leading to disputes. To achieve harmonization, it is necessary to strengthen regulations that ensure digital agreements meet the validity requirements as stipulated in Article 1320 of the Civil Code and the concept of contracts in Islamic law, as well as to enhance legal education for fintech users.
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