Financial Services Authority (OJK) even notes that illegal finteches operating in Indonesia reached more than 1,200 entities, (Credit : ist.)

Overcome illegal fintech, Financial Services Authority: we can take it out

Siti Fatimah Adri
Politics & Economic
News Flash Indonesia
Aug 03, 2019
1268
Indonesian society is currently being confused by the proliferation of illegal fintech companies. The Financial Services Authority (OJK) even notes that illegal finteches operating in Indonesia reached more than 1,200 entities, far higher than the official ones.

This was revealed by the Investment Alert Task Force (SWI), which is a combination of OJK and the Indonesian Police Criminal Investigation Agency (Criminal Investigation Police). Where they have found 1,230 fintech companies that have the potential to harm society.

Based on today's press release from SWI, Fintech Peer-To-Peer Lending is not registered or has a business license from OJK in accordance with POJK Number 77 / POJK.01 / 2016 which has the potential to harm the public in 2018 by 404 entities while in 2019 by 826 entities.

To overcome trying to breakthrough to combat illegal fintech that is increasingly mushrooming, the OJK made a breakthrough strategy by taking out of the server after previously coordinating the Ministry of Communication and Information (Kemenkominfo). This was revealed by the Head of OJK Digital Financial Innovation Group, Triyono at Binus University, Jakarta today (3/8).

In this way, every illegal fintech will be easily blocked, aka closed operational space in Indonesia. This is necessary, because many illegal finteches are closed but then open the same service again in a short time.
Triyono said that before the issuance of POJK Number 77 / POJK.01 / 2016, fintech companies had never been required to report to OJK.

Source: https://www.cnbcindonesia.com/tech/20190803124243-37-89625/berantas-fintech-nakal-ojk-usul-strategi-terobosan