TEMPO.CO, Jakarta - The Financial Services Authority (OJK) has terminated the businesses of 543 financial-technology companies offering peer-to-peer (P2P) loans. These companies are proven to have operates without registrations and licenses.
Since last year, the OJK's Investment Alert Task Force has shut down 947 entities in total.
The regulator also terminated 73 businesses suspecting of operating without a license; comprising of 64 forex trading businesses, five investment companies, two multi-level marketing firms, a plantation investment company, and a cryptocurrency business.
As of April 2019, the OJK has shut down 120 illegal business activities.
The Investment Task Force chief Tongam L. Tobing, said there are likely to be plenty more of illegal investment businesses operating. He reminded the public to be careful when investing and file a report as soon as they suspected anything.
"Don’t be blinded by promises of high returns without looking at the risks," Tongam said on Sunday, April 28.
As of today, there are only 106 investment companies that are officially registered with the OJK.