- As a result of increasing legal violations which are being committed by peer-to-peer lending financial technology (“P2P Fintech”) companies, the Indonesia Fintech Association (“AFTECH”) has expressed its support for regulators who take firm action against violators, since any further increase in the number of violations being committed by P2P Fintech companies could result in a drop in public trust in the P2P Fintech industry.
- A total of 207 AFTECH members signed the organization’s code of conduct in August 2018, which will serve as a reference for the business community and a strong disincentive to members breaking the law. Furthermore, any violations of the AFTECH code of conduct or of the organization’s regulations will result in the relevant non-compliant financial technology companies having their AFTECH memberships revoked.
- Previously, the Financial Services Authority, acting through the Investment Alert Taskforce, shut down 404 illegal P2P Fintech operations and also implemented other appropriate measures, including: 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.
- For more on this story, see Hukumonline: “Code of Conduct Wajib Jadi Acuan Perusahaan Fintech 4dalam Menjalankan Bisnis”.
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