OJK Updates Main Regulatory Framework for P2P Lending Services

In response to the emergence of the fintech industry, specifically peer-to-peer (“P2P”) lending services, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) previously issued Regulation No. 77/POJK.01/2016 on Technology-Based Fund-Lending Services (“Regulation 77/2016”).[1] However, as this industry is now developing rapidly, the OJK has issued Regulation No. 10/POJK.05/2022 on Information Technology-Based Co-Funding Services (“Regulation 10/2022”), which sets out an updated regulatory framework that accommodates various developments regarding the organization of P2P lending services within Indonesia[2] and which has simultaneously resulted in the revocation of the following:[3]