- The Investment Alert Task Force (“Task Force”) recently uncovered 144 illegal peer-to-peer lending (“P2P Lending”) operations which were not officially licensed by the Financial Services Authority (“OJK”). As a result, the total number of illegal P2P Lending companies which have been handled by the Task Force to date amounts to some 947 entities. In comparison, only 106 P2P Lending companies have officially registered with the OJK.
- In addition to investigating illegal P2P Lending entities, on 24 April 2019, the Task Force terminated the operations of 73 businesses which were involved in allegedly illegal investments and which did not possess any valid business licenses. As a result, the current tally of terminated illegal investment operations has already reached 120 entities for the year 2019 to date.
- As a preventive measure, the Task Force is advising the general public to look into the following areas prior to engaging in any investments: 1) Parties offering investments should possess business licenses issued by the relevant authorities or at the least be listed as valid agents; and 2) The inclusion of the logos of any government institutions in any promotional materials must be in accordance with the relevant laws and regulations.
- For more on this story, see: “Satgas Waspada Investasi Blokir 144 Fintech dan 73 Investasi Ilegal”
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