OJK Revokes Permits For 66 Fintech Organizers Until July 12, 2024
JAKARTA - The Financial Services Authority (OJK) revoked 66 peer to peer lending (P2P lending) fintech management business licenses from 2020 to July 12, 2024, in order to strengthen the development of a healthy and integrity P2P lending fintech industry. "In an effort to enforce provisions and protect consumers and the public, OJK has implemented off-site and on-site supervision of fintech P2P lending providers," said Head of the Literacy Department, Financial Inclusion and Communication of OJK Aman Santosa in Jakarta, quoted from Antara, Thursday, July 25. In the period January 2024 to June 2024, the OJK has imposed administrative sanctions on the organizers of Information Technology-Based Joint Funding Services (LPBBTI) or known as fintech P2P lending.
The sanctions consist of 196 written warning sanctions, 166 fines, seven restrictions on business activities, and one main party who has been subject to reassessment sanctions for the main party as well as against two P2P lending fintech organizers. OJK has coordinated with law enforcement officials to be followed up further. OJK has also carried out a new licensing moratorium for fintech P2P lending organizers since 2020.