Regulatory Sandbox Implementation by the Financial Services Authority (OJK) in Fintech Supervision: A Normative Analysis of POJK 3/2024 within the Innovative Credit Scoring and Aggregator Clusters
DOI:
https://doi.org/10.23917/laj.v11i1.16362Keywords:
Regulatory sandbox, pengawasan fintech, regulasi berbasis risiko, penilaian kredit inovatif, agregator, fintech supervision, risk-based regulation, innovative credit scoring, aggregatorAbstract
Penelitian ini bertujuan untuk menganalisis konstruksi normatif dan orientasi pengawasan Regulatory Sandbox Indonesia berdasarkan POJK 3/2024, khususnya dalam kluster Penilaian Kredit Inovatif dan Aggregator. Penelitian ini menggunakan metode penelitian hukum doktrinal dengan pendekatan yurisprudensi dan analitis, yang dilengkapi dengan analisis konten kualitatif melalui NVivo untuk memetakan pola regulasi tematik berdasarkan hasil penetapan resmi sandbox (Agustus 2023–April 2024). Temuan menunjukkan bahwa kerangka kerja sandbox mencerminkan paradigma regulasi yang didorong oleh regulator dan berbasis risiko, yang berlandaskan pada prinsip regulasi responsif, proporsionalitas, dan tata kelola adaptif. Namun, meskipun stabilitas keuangan sistemik tetap menjadi tujuan regulasi yang dominan, perlindungan konsumen dan akuntabilitas algoritmik memerlukan penguatan normatif yang lebih kuat. Penelitian ini memberikan kontribusi secara teoretis dengan memperkaya kajian regulasi fintech melalui integrasi analisis doktrinal dan metodologi pengkodean tematik, serta secara praktis dengan menawarkan rekomendasi kebijakan untuk meningkatkan transparansi algoritma, tata kelola data, dan pengawasan yang proporsional. Keunikan studi ini terletak pada penggabungan pemetaan kualitatif yang dibantu perangkat lunak dengan evaluasi hukum normatif untuk menilai secara kritis transformasi pengawasan fintech di Indonesia berdasarkan POJK 3/2024, khususnya pada klaster inovasi berisiko tinggi.
This study aims to analyze the normative construction and supervisory orientation of Indonesia’s Regulatory Sandbox under POJK 3/2024, particularly within the Innovative Credit Scoring and Aggregator clusters. The research employs doctrinal legal research using statute and analytical approaches, complemented by qualitative content analysis through NVivo to map thematic regulatory patterns based on official sandbox determination results (August 2023–April 2024). The findings reveal that the sandbox framework reflects a regulator-driven and risk-based regulatory paradigm grounded in responsive regulation, proportionality, and adaptive governance principles. However, while systemic financial stability remains the dominant regulatory objective, consumer protection and algorithmic accountability require stronger normative reinforcement. This research contributes theoretically by enriching fintech regulatory scholarship through the integration of doctrinal analysis and thematic coding methodology, and practically by offering policy recommendations to enhance algorithm transparency, data governance, and proportional supervision. The novelty of this study lies in combining software-assisted qualitative mapping with normative legal evaluation to critically assess Indonesia’s fintech supervisory transformation under POJK 3/2024, particularly in high-risk innovation clusters.
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