Jakarta: The Investment Alert Task Force has suspended the operation of 168 entities allegedly running peer-to-peer lending services without a legal business license from the Financial Service Authority (OJK).
The task force has also suspended the operation of 47 illegal investment entities which has the potential to harm the public.
"Based on the monitoring on website and application in Google Playstore, the Investment Alert Task Force has stopped the operation of 168 entities that have violated OJK regulation no. 77/POJK.01/2016 on fintech peer-to-peer lending services, which has the potential to harm the public," head of the task force Tongam L Tobing said in a statement here on Wednesday.
Tobing stated that the 168 entities have allegedly committed online financial crime.
Currently, there are some 803 online financial entities, of which 404 are operated in 2018 and 399 in January to March 2019.
According to Tobing, such illegal investment entities have benefited from people's lack of understanding on investment by offering high profit.
The task force has called on the public not to be tempted by huge profit without considering the risk. It has continuously educated people to avoid such illegal financial entities.
Information on unauthorized financial firms could be seen in Investment Alert Portal www.sikapiuangmu.ojk.go.id.
Any question or report on alleged illegal online financial entities could be submitted to email at firstname.lastname@example.org or email@example.com, or contacted at 157.
Quoting a report from the central statistics agency (BPS), Indonesian economy grew by 5.17 percent in 2018. It was Indonesia's highest annual growth in five years.
Indonesian economy is measured by Gross Domestic Product (GDP) on the basis of the current price reaching Rp14,837.4 trillion and GDP per capita reaching Rp56 Million or US$3,927.
In terms of production, the highest growth was achieved by Other Service Business Fields at 8.99 percent. From expenditure side, the highest growth was achieved by the Non-Profit Institution Consumption Component Serving Households (PK-LNPRT) at 9.08 percent. (Antara)