The Financial Services Authority (OJK) stated that there are at least 41 registration poposal documents from a peer to peer lending company based on financial technology (fintech) which was returned to the companies. The documents have not been fully completed the requirement as required by OJK as the regulator.
After some people learned of the existence and benefits of fintech, particularly those ones based on P2P lending services, they more understood that there was an easier way to get loan, other than through the banks or other financial services. The benefits were basically felt by the middle low community. As for those who want to lend money (investors), they have a great opportunity to invest their money without felt uncomfortable about the amount of the money, because some fintech may accept investments starting from Rp 100.000,-.
Fintech Licensing and Controlling Director of OJK, Hendrikus Passagi, said that the proposals of 41 fintech companies generally did not have clear background and did not require as the provisions of OJK Regulation (POJK) number 77 2016.
According to Hendrikus, it is important for OJK as the regulator to understand clearly who is the controller of fintech lending company, from the shareholder structure, the composition of the commissioner, to the directors.
Furthermore, some of the 41 proposals that returned, they have not met the 12 standard operating procedures (SOPs) that arranged the implementation of the financial services business regulated by OJK.
Hendrikus said about the lack of appraisal for some fintech companies’ proposals that was about the unclear of the physical office. OJK anticipated this unclear information that if there was a complaint from the consumers about the company’s performance or the fund they are investing, it would be difficult to coordinate with person or company who in charge.
So even though the community as a potential customer of fintech lending got the benefit by the presence of technology-based finance companies, they must remain cautious and critical, especially for potential investors. Do not let the promises of big profit that they will receive will make them losses.
"The business can be virtual but the office and the person must be real. We must be careful to anticipate them to be a false bussines," said Hendrikus.
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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