Indonesia Moves Forward with Mandatory Third Party liability Insurance for Motor Vehicles The Indonesian government, through the Financial Services Authority (OJK), is advancing plans to implement Mandatory Third Party Liability (TPL) insurance for all motorized vehicles. This initiative,mandated by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (P2SK Law),aims … Read more
Indonesia’s Fintech Industry Rebrands: From Pinjol to Pindar In a critically important shift for Indonesia’s financial technology sector, teh term pinjol (online loan) has officially been replaced by pindar (online loans) as the official designation for fintech peer-to-peer (P2P) lending companies. This rebranding, introduced by the Financial Services Authority (OJK) in December 2024, aims … Read more
KoinP2P Scandal: IDR 360 Billion Fraud Shakes Indonesia’s Peer-to-Peer Lending Sector Jakarta – The Indonesian financial sector is reeling from a massive fraud case involving PT Lunaria Annua Teknologi (KoinP2P), a subsidiary of KoinWorks. The company has failed to repay user fees amounting to IDR 360 billion, funds allegedly embezzled by a borrower. This scandal … Read more
CNN Indonesia Tuesday, 05 Mar 2024 14:51 IWST APPI revealed that 80 percent of electric car purchase transactions are carried out in cash, so credit distribution is still minimal. (Photo: CNN Indonesia/ Adi Ibrahim) Jakarta, CNN Indonesia — Chairman of the Association of Indonesian Financing Companies (HELP) Suwandi Wiratno revealed that around 80 percent of … Read more
Jakarta – The Financial Services Authority (OJK) is monitoring the operations of PT Investree Radhika Jaya (Investree) as the organizer of Technology-Based Joint Funding Services (LPBBTI) or fintech peer to peer lending. Head of the Department of Literacy, Financial Inclusion and Communication, Aman Santosa, responding to the news and public attention, OJK is currently carrying … Read more
Jakarta – The Financial Services Authority (OJK) officially revoked the business license of PT Bank Perkreditan Rakyat (BPR) Usaha Madani Karya Mulia in Solo. The business license has been officially revoked since February 5 2024. This decree was officially released based on the Decree of the Members of the Board of Commissioners of the Financial … Read more
Jakarta – The Indonesian Fintech Association (AFTECH) has opened its voice regarding the case that befell PT Investree Radhika Jaya (Investree). Marshall Pribadi, Deputy General Chair IV, AFTECH said that his party had coordinated with Investree’s management leadership and found several findings. One of them is related to several untrue claims that have dragged Investree’s … Read more
Jakarta – The Financial Services Authority (OJK) emphasized that tightening regulations for collecting online loans and credit cards is not only to protect customers. This rule also ensures that naughty customers will be dealt with firmly. Deputy Commissioner for Supervising the Behavior of Financial Services Business Actors and Consumer Protection, Sarjito, emphasized that the regulations … Read more
Jakarta – Financial Services Authority (FSA) once revealed that some Indonesian people deliberately do not pay online loan debts (pinjol), especially illegal ones, because it is said that the debt can be forfeited by itself. Is it really like that? In notes detikcom, when illegal loan cases were in full swing, Coordinating Minister for Political, … Read more
Jakarta – President Director of Bank Victoria Syariah (BVS) Dery Januar opened his voice regarding allegations of missing customer funds. This was in response to PT Pool Advista Finance Tbk (POLA)’s confession that deposit funds amounting to IDR 13.5 billion at BVS had not been paid. He said that Pool Advista funds were not actually … Read more