OJK Suspends New P2P Registrations

The Indonesian Financial Services Authority (OJK) announced in a press release on February 24, 2020, that it was temporarily halting any new registrations for financial technology (fintech) lending.

This moratorium is to allow the OJK to improve its supervision system and to better anticipate potential issues, with the goal of improving the overall quality of the P2P lending sector.

The OJK noted that it receives more than 20 complaints daily related to P2P lending, underlining the need to improve consumer protection in the fintech industry.

For more information about this issue, please contact Winnie Y. Rolindrawan at winnierolindrawan@ssek.com.