OJK Warns Public of Online Pawn Shops

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  • Menteri Dahlan Relakan Pegadaian IPO

    Menteri Dahlan Relakan Pegadaian IPO

    TEMPO.CO, Jakarta - The Financial Services Authority (OJK) warned the public to be cautious in pawning their belongings, especially at private online pawn shops due to a lack of legal framework. "There is a huge risk [in online pawn shops]," said Anto Prabowo, OJK’s Director for Educational Policy Development and Consumer Protection on Thursday September 3, 2015.

    Anto said that Government Regulation No. 103/2000 only acknowledges PT Pegadaian, a state-owned pawn company, as the only legal pawn shop.

    The notion to regulate private-owned pawn shops has been discussed for some time, it has even included in the National Legislation Program (Prolegnas) in 2010.

    Private pawn shop is considered to be a rapidly growing business, especially with the exposure of online media. Pinjam.co.id is the first few online pawn shops that provided online pawn services in Indonesia.