- Since November 2018, approximately 3,000 complaints have been filed by the public relating to the business operations of Financial Technology (“Fintech”) companies. These complaints were received by the Jakarta Legal Aid Institute (“LBHJ”) but have not yet been settled, although several meetings have already been held between the LBHJ, the Financial Services Authority (“OJK”) and the Indonesia Joint-Funding Fintech Association (“AFPI”).
- The LBHJ has persistently refused to make this data on Fintech violations available and has given the following reasons for this: 1) The OJK has not yet answered a number of questions which address the underlying purpose of the data request, the relevant settlement mechanisms and the types of requested data; 2) According to the LBHJ, the OJK is refusing to take any responsibility for the victims of illegal Fintech companies; and 3) Sanctions in the form of app-blocking which are being imposed by the OJK upon illegal Fintech companies are perceived to be inadequate.
- In a related issue, the AFPI is demanding that the LBHJ hands over the relevant data so that they can process violations which are being conducted by their members.
- For more on this story, see: “Duh, Penyelesaian Hukum Ribuan Pengaduan Fintech Masih Tak Jelas”.
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