OJK Mulls Requiring License for Influencers Marketing Financial Products

TEMPO.CO, Jakarta - The Financial Services Authority (OJK) planned to issue regulations mandating celebrities or influencers to obtain a license to market financial products.

Friderica Widyasari Dewi, OJK’s Chief Executive of Supervision of Financial Services Business Behavior, Education, and Consumer Protection, said that social media content creators must own a license if they want to disseminate or market financial products.

“For example, an insurance license,” Friderica said in a discussion on digital financial crimes at the Media Center of the Communication and Information (Kominfo) Ministry on Monday, August 21, 2023.

Friderica said her agency would look into the possibility of implementing the regulation in the country. “So, it (the requirement) is not just the blue ticks. Right now, a lot of people have already had blue ticks.”

She claimed the agency had also discussed the matter with regulators around the world at a meeting in the United States some time ago. This rule, she added, has been implemented in several countries because the marketing or endorsement of financial products is considered quite disturbing.

Friderica mentioned that in France, there was a case of celebrities boasting about their lavish lifestyles and claiming it was because of their lucrative investments. The relevant authorities thus launched an investigation. It turned out that their luxury goods were just rentals or endorsements. “[Other countries] truly monitor [celebrities/influencers marketing financial products on social media],” she said.

RIRI RAHAYU

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