OJK, BI, Polri, Kemenkominfo And Kemenkop UKM Agree To Eradicate Illegal Online Loans (Pinjol)

JAKARTA - The existence of illegal online loans in the country is very disturbing to the public. Moreover, there are not a few reports from the public that have been submitted to the financial services authority (OJK) regarding this loan. Therefore, five ministries and state institutions agreed to eradicate online loans in Indonesia, marked by the signing of a joint statement.

The five ministries/institutions are the Financial Services Authority (OJK), Bank Indonesia (BI), the Indonesian National Police, the Ministry of Communication and Information of the Republic of Indonesia (Kominfo), and the Ministry of Cooperatives and Small and Medium Enterprises of the Republic of Indonesia (Kemenkop UKM).

Chairman of the OJK Board of Commissioners, Wimboh Santoso, said that the existence of legal P2P lending fintech is needed by the community, especially those that have not been served by formal financial institutions, especially during the COVID-19 pandemic.

However, said Wimboh, this condition was actually exploited by illegal loan lenders who offered it to the public, especially those with low literacy through several existing platforms.

Furthermore, Wimboh said that OJK has so far carried out various policies to eradicate illegal online loans through the Investment Alert Task Force (SWI), including running various educational programs for the public to use fintech lending registered or licensed at OJK and preventing people from taking advantage of illegal online loans.

"The Investment Alert Task Force (SWI) with its hard work has followed up on 7128 complaints related to illegal lending with light, medium, and heavy categories. Until July 2021, there have also been 3,365 illegal lending entities whose operations have been stopped", he said in a virtual press conference, Friday, August 20.

The important points in the joint statement are to increase public financial literacy, especially in terms of distinguishing between legal and illegal loans. Then, strengthen cooperation between authorities by developing technology applications that can be used together.

"Prohibiting banks, non-bank Payment Service Providers (PJP), aggregators, and cooperatives from collaborating or facilitating illegal online loans, and must comply with the principle of recognizing service users (Know Your Customer) by applicable laws and regulations", he said.

Then, said Wimboh, open access to public complaints. Then, follow up on public complaints by the authority of each ministry/institution and/or report to the Indonesian National Police for legal proceedings.

"Performing legal proceedings against perpetrators of illegal online loans according to the authority of each ministry/institution. As well as carrying out international cooperation in the context of eradicating illegal cross-border online lending operations", he said.

Wimboh said the follow-up to this Joint Statement would be realized in a Cooperation Agreement (PKS) on the Eradication of Illegal Online Loans which would contain steps from each ministry/institution that were coordinated in the Investment Alert Task Force.

"This effort certainly requires the participation of the community in helping to break the chain of illegal online loan traps and only use fintech lending registered with the OJK", he said.