Ministry Actively Cracking Down Illegal Fintech Firms

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  • Communication and Informatics Minister Rudiantara. TEMPO/Eko Siswono Toyudho

    Communication and Informatics Minister Rudiantara. TEMPO/Eko Siswono Toyudho

    TEMPO.CO, Jakarta - The Communication and Informatics Minister Rudiantara announced that his ministry will actively hunt down illegal finance technology (fintech) firms through a partnership with Financial Service Authority`s (OJK) special task force. 

    The Ministry has started to sift through lists of legal fintech companies obtained by the OJK and also reports from the public in order to crack down the illegal firms. 

    Read: OJK Supports Certification for Debt Collector of Fintech Lending 

    “Basically, I am targeting the fintech firms that are not included in the list provided by the OJK,” said Rudiantara in the Indonesia Stock Exchange (IDX) today, Dec. 13.

    OJK’s special task force recorded 404 illegal online fintech firms, wither peer-to-peer lending or online loans up to October this year. 

    “We will firmly punish illegal fintech firms,” said OJK’s investment watch task force Head Tongam Lumban Tobing at his office yesterday. 

    Other than working together with OJK, the Ministry has also contacted Google for further actions to prevent the establishments of illegal fintech companies. 

    CAESAR AKBAR