34 Fintech Peer to Peer Lending Service Providers Face OJK Administrative Sanctions in August 2023

JAKARTA, KOMPAS.com – The Financial Services Authority (OJK) has imposed administrative sanctions on 34 fintech peer to peer (P2P) lending service providers during August 2023.

In this regard, Agusman, Chief Executive for Supervision of Financing Institutions, Venture Capital Companies, Microfinance Institutions and Other Financial Services Institutions at OJK, explained that this administrative penalty was given due to violations of applicable OJK regulations or as a result of a direct inspection.

“The imposition of administrative sanctions consists of 46 written warnings, 1 written warning and 10 fines,” he said at a press conference at the OJK Board of Commissioners Meeting, Tuesday (5/9).

Also read: Open Opportunities for Fintech Lending to Take the Floor on the Indonesian Stock Exchange

Agusman also added that OJK continues to support the safe growth and development of the P2P lending fintech industry, with the hope of contributing to the Indonesian economy.

Meanwhile, OJK has sent warning letters to 26 peer-to-peer lending fintech companies that have not complied with minimum capital requirements. For your information, the minimum capital requirement for fintech P2P lending is IDR 2.5 billion as of July 4 2023.

Agusman explained that the OJK had asked for an action plan to fulfill the minimum capital for fintech P2P lending companies that had not complied with these provisions. (Reporter: Ferry Saputra | Editor: Wahyu T. Rahmawati)

This article was published on Kontan.co.id with the title 34 Fintechs Subject to Administrative Sanctions from OJK During August 2023

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2023-09-10 06:14:00
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