Medan: The Financial Service Authority (OJK) Deputy Commissioner for Institutes and Digital Finance Sukarela Batumanggar said that his agency has closed more than 1,000 illegal Fintech Peer to Peer (P2P) lending services across Indonesia.
"The public are advised to use P2P lending services registered at OJK," the OJK official said in Medan, capital of North Sumatra Province, on Tuesday, October 29, 2019.
According to him, 283 online-based P2P lending firms are operating in the country . However, only 127 of them are registered at OJK.
He ensured that consumers who are harmed by fintech firms can report to the Fintech Lending Players Association (AFPI). He stressed that OJK has reminded the association of its duty to give its members coaching about how to develop their business.
"If they have received the coaching but are still delinquent their permit can be revoked," the official said.
In addition, if the public are harmed by illegal fintech services, they can report to the OJK Vigilance Task Force, he said.
Based on the data from the agency, loans distributed through P2P lending platforms reached Rp 20 trillion last year or 681.25 percent higher than the figure in 2017, which was recorded at Rp 2.56 trillion. (Antara)