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FINANCE

Illegal Fintech Firms Invading Indonesia

The OJK, through the Investment Alert Task Force, has cracked down on 407 illegal fintech firms from Asia to America eyeing Indonesia’s large financing market.

Fintech

| 123RF

The rapid development of technology-based financial (fintech) companies in Indonesia is being overshadowed by the invasion of illegal foreign fintech firms, particularly in the peer-to-peer (P2P) lending sector. The firms are targeting Indonesia’s huge P2P lending market potential, also triggered by the tightening of regulations in their own countries.

Financial Services Authority (OJK) Head of Investment Alert Task Force Tongam Lumban Tobing said the task force found 182 illegal fintech firms operating in Indonesia. Most of them from China, but there were also those from Malaysia, Thailand, and the US.

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