On September 10th, 2019, Leap Rate <a href="https://www.leaprate.com/financial-services/fintech/indonesia-with-a-brand-new-way-to-monitor-fintech-companies/">issued</a> a report that the Indonesian Financial Service Authority (FSA, OJK) created Geist, a digital financial information system for online registration platform that will help to oversee the growth of Fintech companies in the region efficiently.
Indonesia FSA launched this electronic gateway in partnership with other financial regulators like Japan FSA, <a href="https://www.cryptoknowmics.com/crypto/monetary-authority-of-singapore-issues-warning-on-bitcoin-investment-fraudulent-website/">Singapore’s Monetary Authority</a>, and Malaysia’s security Exchange Commission. The partnership’s goal is to promote a safe, inclusive, and responsible environment for financial technology firms.
<h2>Indonesia FSA’s Geist</h2>
Indonesia joins other financial regulatory bodies like UK FSA efforts to take serious steps in managing the ever-growing Cryptocurrency and blockchain technology industry. During the launch, the Deputy Chairman of Indonesia FSA/ OJK, Nurhaida stated:
<blockquote>“This platform is in the early stages. Further developments are on their way.”</blockquote>
Indonesia FSA insists that they are not looking to fight Fintech startups. Instead, their goal with Geist is to provide a suitable environment with international standards in which Fintech companies can grow and thrive. 

Geist, therefore, introduced OJK infinity, a unique online education center that will help businesses to grow. Geist's Infinity team will allow Fintech companies to book consultation meetings for educational purposes.

Geist will also accommodate crucial stakeholders in the financial technology sector to participate in the program. OJK Infinity has since registered on its platform, 120 Fintech companies of which 48 have been verified and are ready to start running.
<h2>OJK infinity</h2>
OJK Infinity is an innovation center for digital financial technology. The three <a href="https://theinsiderstories.com/indonesias-fsa-launch-ojk-infinity-to-creates-fintech-ecosystem/">functions</a> of OJK Infinity are to facilitate regulatory sandbox, to act as a Fintech startups’ incubator and to ensure a balance between innovation and consumer protection.

The goal is to raise Fintech companies responsibly into the national financial system, to encourage economic growth and benefit the community. During the launch on august 2019, Chair of the FSA's Board of Commissioners Wimboh Santoso stated:
<blockquote>“Through OJK Infinity, the Fintech Industry is expected to be able to deliver innovative, effective, efficient financial services and to continue to prioritize consumer protection.”</blockquote>
 As a forum for discussions, OKJ infinity will bring together collaborators in the business industry, financial regulators, and Academia. Finally, OKJ Infinity will be an innovation hub for Digital Financial Innovation development.
<h2>OJK Infinity’ role in the Digital Financial Innovation (DFI) </h2>
OJK Infinity will act as an educational center for businesses, consumers, and Academia personnel in the digital financial sector. FSA issued out <a href="https://www.cekindo.com/blog/digital-financial-innovation-indonesia">regulations</a> to govern the DFI, to ensure protection for digital innovations in the region.

A tremendous rise in digital innovations has necessitated FSA’s need to create a legal framework for existing and future digital innovations. FSA hopes that this move will protect the community’s interest to provide broader benefits.

Indonesia FSA is seeking to promote massive Fintech startups growth in the region and has promised to design more Gesit tools to achieve this goal.

Indonesian FSA Unveils Gesit, the New Way for Monitoring Fintech Companies

Am Wayne, a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on digital currencies.

Indonesian FSA Unveils Gesit, the New Way for Monitoring Fintech Companies

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