- The Financial Services Authority (“OJK”) has prohibited registered peer-to-peer lending financial technology (“P2P Fintech”) companies from gaining access to contacts, galleries and personal information stored on their customers’ smartphones and is demanding that they comply with the prevailing laws and regulations on customer protection. Violators will have sanctions imposed upon them in accordance with Article 47 of Regulation of OJK No. 77/POJK.01/2016 on Technology-Based Fund-Lending Services (“Regulation 77/2016”) and said sanctions will also be publicized in the media.
- In terms of illegal P2P Fintech companies, the OJK, acting through the Investment Alert Taskforce, has to date shut down 404 illegal P2P Fintech operations and taken appropriate measures such as: 1) Publishing the names of illegal P2P Fintech Companies; 2) Shutting down financial access to banking and Fintech payment systems; 3) Proposing the blocking of related websites and applications to the relevant authorities; and 4) Submitting reports to the police.
- OJK analysis has revealed that reports filed by the general public relate primarily to calculations of interest rates, debt collection and private data collection. In order to prevent such reports being sent, the OJK is trying to raise awareness among the general public regarding P2P lending and the public’s obligations to repay any principal debt and interest in a timely manner in accordance with agreements which are made by both parties.
- For more on Regulation 77/2016, see ILB No. 3039.
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