OJK: Illegal Fintech, Investment Rampant amid Pandemic



Laila Afifa

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  • TEMPO.CO, Jakarta - The Financial Services Authority (OJK) commissioner member of education and consumers protection, Tirta Segara, on Tuesday’s press conference said the existence of illegal fintechs and illegal investments have gone rampant amid the Covid-19 pandemic.

    “Illegal investment cases which include fintechs and illegal pawns had grown amidst the pandemic and spread widely across Indonesian regions,” said Tirta in the virtual press conference on April 13. 

    He revealed that the investment task force throughout 2020 and February 2021 had Shut down 390 illegal investment activities that pose potential harm to members of the public. The task force also closed 1,200 illegal fintechs within the past year alone. 

    “This means that there are roughly three to four [illegal fintech businesses] closed daily but they continue to emerge,” said the OJK official. 

    The OJK recorded that the public losses caused by illegal investments reached Rp114.9 trillion from 2011 to 2020. 

    Read: Sandiaga Uno: Jokowi Wants Updated Fintech, Venture Capital Rules