The Indonesian Fintech Association (Aftech) has officially approved the 2025 Integrated Code of Ethics, a comprehensive effort to strengthen industry integrity following multiple ethical violations and fraud cases that affected public and investor trust (05/12).

The approval took place during an Extraordinary General Meeting (RUA) on Friday, December 5, 2025. Aftech emphasized that this code is not merely an administrative update but a reorganization of the fundamental ethical standards in the fintech sector after nearly a decade of industry development.

Challenges Highlight the Need for Stronger Governance

Aftech Chairman Pandu Sjahrir stated that the almost ten-year journey of the fintech industry has faced challenges, testing the ecosystem’s integrity and resilience. He noted that advances in technology and the complexity of digital business models require stronger standards for ethics, governance, and security.

Past incidents of fraud and ethical breaches within Indonesia and abroad serve as reminders that innovation must be accompanied by responsibility. “Kode Etik Terintegrasi ini komitmen kolektif anggota Aftech dalam memastikan industri fintech dan ekosistem layanan keuangan digital tumbuh dengan integritas, kepatuhan, dan perlindungan konsumen sebagai fondasinya,” said Pandu.

The new code also aims to update and harmonize ethical guidelines to match the increasingly interconnected digital finance ecosystem and evolving regulations.

Ten Principles Form the Foundation of the Integrated Code

Aftech has consolidated eight existing codes into the 2025 Integrated Code of Ethics, which contains ten fundamental principles, including integrity, accountability, risk management, personal data protection, and cybersecurity. These principles provide uniform standards of conduct for all members.

The harmonization ensures that ethical guidance remains consistent across all fintech subsectors while addressing growing business complexity and technological advances, from artificial intelligence to digital financial services.

Enhanced Oversight and Self-Regulation Mechanisms

The code strengthens self-regulation through Aftech’s Ethics Council, introducing proportional sanctions, mandatory periodic reporting, ethical hearings, and integration of compliance through the Regulatory Compliance System (RCS).

With these stricter standards and oversight mechanisms, Aftech aims to create a more transparent and responsible fintech ecosystem that protects consumers and supports national economic growth.

Aftech’s Strategic Role in Promoting Ethical Standards

Harun Reksodiputro, Chairman of Aftech’s Ethics Council, emphasized that the code is a crucial foundation for the industry’s future. “Without public and investor trust, technology innovation and the fintech industry cannot grow sustainably,” he said.

Harun added that the harmonized code guides Aftech members to implement better governance as a value-added component of financial innovation services. “As an association appointed by the OJK, Aftech continues to support regulators in strengthening a culture of ethics and integrity across the fintech ecosystem,” he said, highlighting the code’s alignment with the integrated supervision principles in the UU P2SK law.

He also noted that the governance update aims not only to prevent violations but to improve the overall quality and competitiveness of the industry. “With a more comprehensive and modern code, Indonesia’s fintech industry can move toward higher global standards and grow responsibly,” Harun added.

PHOTO: AFTECH INDONESIA

This article was created with AI assistance.