Regulatory Governance and Platform Consent Mechanisms in Digital Lending
The persistent divergence between rapid digital credit expansion and substantive consumer protection exposes systemic vulnerabilities within Indonesia's peer-to-peer lending architecture. While electronic standard-form agreements technically secure user consent during mobile onboarding, this mechanism frequently operates under severe informational asymmetry, enabling platforms to extract expansive device permissions beyond core creditworthiness evaluations (Pandecta, 2022). Consequently, the standard-form consent model functions less as an expression of informed individual autonomy and more as a contractual barrier that shifts data exploitation risks entirely onto borrowers. When fintech operators misuse or unlawfully transmit personal data to third-party collection entities, the resulting privacy infringements directly undermine statutory guarantees of personal security and fair financial practices (Arena Hukum, 2024). Furthermore, institutional fragmentation complicates legal redress; regulatory oversight by the Financial Services Authority primarily emphasizes administrative compliance and market liquidity rather than the rigorous fundamental rights framework embedded within personal data protection principles (JCRD, 2026). Addressing these deficiencies requires moving beyond nominal consent compliance toward a substantive legal regime where platform data processing boundaries are strictly codified, third-party data dissemination carries joint civil liability, and statutory enforcement mechanisms actively penalize predatory collection practices. Without integrating justice and legal certainty into electronic contractual governance, digital credit frameworks will continue to reproduce structural inequities under the guise of financial inclusion.