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OJK official warned the public that online lenders or fintech that offer their services either through illegal ways, mainly via SMS or WhatsApp.
People who eventually get trapped in illegal fintech lending and online investments are not exclusively from the less educated demography, says OJK.
OJK says the existence of illegal fintechs and illegal investments have gone rampant amid the Covid-19 pandemic.
The Financial Services Authority (OJK) targeted issuing regulations on digital banks before the end of the first semester of this year.
President Jokowi calls for improvements of several out-dated regulations, especially those related to fintech and venture capital.
IFSoc highlighted the issue of data protection by focusing on Indonesia's own personal data protection law, or the lack of it.
President Joko "Jokowi" Widodo asserted that technological advances in the financial sector pose several potential risks.
President Joko "Jokowi" Widodo highlighted Indonesia's financial inclusion index which is still lagging behind several ASEAN countries.
OJK has officially blocked 2,591 illegal fintech lending platforms, mostly believed to be backed by international organized crime groups or mafias.
The Investment Alert Task Force (SWI) has uncovered 388 illegal peer-to-peer lending fintech (financial technology) entities in February and March
The Indonesian Credit Card Association (AKKI) noted that credit card growth has slowed in recent years.
Lippo Group Director Adrian Suherman issued a statement about the group's decision to sell a portion of its shares in PT Visionet International or OVO
Investment Alert Task Force says only 127 fintech peer-to-peer lending services nationwide are registered under the Financial Service Authority (OJK).
The Financial Services Authority (OJK) reported 1,773 illegal fintech companies offering peer-to-peer lending services to the Police.
A bank observer Doddy Ariefianto reiterated reasons why fintech firms cannot replace the role of banks as a major financial institution.
Fintech players are determined to meet the deadline of QRIS nation-wide implementation on the first January 2020 set by Bank Indonesia.
The Financial Services Authority's (OJK) until early October discovered 133 fintech companies conducting illegal lending services.
On Monday, Oct. 14, the govt. has officially operated Palapa Ring following the completion of the project construction in the country's eastern part.
OJK official Hendrikus Passagi said that as a supervisor and regulator of registered fintech, his agency has no right to draft a regulation.
Minister Rudiantara earlier announces that OVO has held the unicorn status as the firm's valuation has exceeded more than US$1 billion.