Some Troubled Fintech Applications Have Revoked

Less than ten financial technology (fintech) companies feel self conscious to no longer operate in the internet technology. Financial Services Authority (OJK) explained that some illegal fintech in the peer to peer lending services have revoked their own applications. The good side from this issue is there is it does not need the pressure from related parties to close their applications.

The head of Task Force (Satgas) of OJK’s cautious Investments, Tongam L Tobing, said OJK has found 37 illegal P2P landing fintech, while less than 10 of them are revoking their own fintech P2P lending applications. "So we already call 37 of illegal fintech, then there are resigned or revoking their own applications, and then, the rest will immediately register their company," he explained.

In detail, Tobing does not mention the number of P2P lending fintech that have been registered to OJK, or any fintech that revoke their applications. But overall there are 46 P2P lending fintech companies that have registered in OJK. While 52 fintech companies are on the registration process, and 32 companies are in the process of hearing with OJK.

The head of task force explained that they (fintech startup companies) will allow the OJK regulation. It has actually been regulated through POJK Number 77 / POJK.01 / 2016 on P2P lending services, which stated that all fintech P2P lending must register to OJK.

OJK called some illegal fintech in response to previous rumor, which 37 of  illegal P2P lending fintech companies are known to release 58 illegal applications that have not been registered with the Ministry of Communications and Informatics.

Currently OJK also still arrange the fintech regulations in general as the main foundation of fintech operations in Indonesia. One of the issues that OJK will use as regulation is all fintech companies must be registered even though their business are outside the P2P lending sector. In the future, OJK will classify the types of fintech that will be under its control, and which other fintech will be under Bank Indonesia.

Source: Antara

Disclaimer: This article is a summary of news articles obtained from a number of mass media. We are not responsible for the accuracy of data or sources of information presented by the mass media that became the reference.

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