The Existence of Financial Services Authority in Protecting Personal Data Users of Peer-to-Peer Lending Financial Technology

Abstract

Users of peer-to-peer lending services can easily apply for loans without a down payment and with full disclosure of their personal information. These types of conveniences in the technologically oriented financial services sector are growing and support Financial Services Authority regulation. The ease of borrowing and borrowing in the fintech peer-to-peer lending sector is a result of legal issues with personal data. Borrowers' late payments may force fintech peer-topeer lending companies to grant access to their data. The issue in this study is OJK's attempts to stop the release of personal information about users of fintech peer-to-peer lending services and the legal actions that these services may take in the event of a personal information breach. A normative juridical approach was used to qualitatively analyze the research. A statutory and conceptual approach to a literature review was used to gather the research data. The study's findings suggest that in order to secure the personal information of users of fintech peer-to-peer lending services and improve the OJK's regulatory authority, rules are required that can close legal gaps in the legislation.