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Selasa, April 18, 2023

OJK Set to Further Clarify Business Activities of P2P Lending Service Organizers

Non-Banking Financial Services

The Financial Services Authority (Otoritas Jasa Keuangan – "OJK") is currently preparing a Draft Circular ("Draft Circular") that will further clarify various matters relating to peer-to-peer ("P2P") lending service organizers ("Organizers"), as mandated under Regulation of the OJK No. 10/POJK.05/2022 ("Regulation 10/2022").
Among the provisions that are contained therein, the Draft Circular specifically addresses the following matters: 1) Business activities of Organizers; 2) Fund disbursement and repayment mechanism; 3) Outsourcing cooperation; 4) Maximum threshold for economic benefit; and 5) Risk mitigation facilities for users.
Currently, Regulation 10/2022 states that Organizers may engage in three available forms of business activities that relate to P2P. Said business activities have now been specified under the Draft Circular, as follows: 1) Provision of P2P (i.e. provision of electronic infrastructure that allows fund providers and recipients to engage in transactions directly); 2) Management of P2p (ranging from verifications of user identities to the collection of loans from fund recipients); and 3) Operation of P2P.
In terms of fund disbursements, the Draft Circular currently addresses eight phases in total that relate to this matter, which can be summarized as follows: 1) Organizers must first present necessary disclaimers through their electronic service systems; 2) Prospective users should register themselves and subsequently submit applications for disbursements of funds; 3) Upon completion of the Organizer’s feasibility assessment, approved users should then enter into a P2P agreement with the fund providers; and 4) Repayments of funds should be carried out through a virtual account or payment gateway that will be placed under an Organizer’s escrow account in order for funds to be subsequently forwarded to the relevant fund providers.
The Draft Circular also allows Organizers to place a portion of their business activities into an outsourcing contract with third parties that meets certain requirements. However, said Organizers are prohibited from outsourcing any works that encompass any of the following functions: 1) Assessments of funding feasibility; and/or 2) Information technology.
The OJK is currently soliciting input on the subject of the Draft Circular until a deadline of 18 April 2023. Said inputs may be submitted via the following email address: [email protected].

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The Financial Services Authority (Otoritas Jasa Keuangan – "OJK") is currently preparing a Draft Circular ("Draft Circular") that will further clarify various matters relating to peer-to-peer ("P2P") lending service organizers ("Organizers"), as mandated under Regulation of the OJK No. 10/POJK.05/2022 ("Regulation 10/2022").
Among the provisions that are contained therein, the Draft Circular specifically addresses the following matters: 1) Business activities of Organizers; 2) Fund disbursement and repayment mechanism; 3) Outsourcing cooperation; 4) Maximum threshold for economic benefit; and 5) Risk mitigation facilities for users.
Currently, Regulation 10/2022 states that Organizers may engage in three available forms of business activities that relate to P2P. Said business activities have now been specified under the Draft Circular, as follows: 1) Provision of P2P (i.e. provision of electronic infrastructure that allows fund providers and recipients to engage in transactions directly); 2) Management of P2p (ranging from verifications of user identities to the collection of loans from fund recipients); and 3) Operation of P2P.
In terms of fund disbursements, the Draft Circular currently addresses eight phases in total that relate to this matter, which can be summarized as follows: 1) Organizers must first present necessary disclaimers through their electronic service systems; 2) Prospective users should register themselves and subsequently submit applications for disbursements of funds; 3) Upon completion of the Organizer’s feasibility assessment, approved users should then enter into a P2P agreement with the fund providers; and 4) Repayments of funds should be carried out through a virtual account or payment gateway that will be placed under an Organizer’s escrow account in order for funds to be subsequently forwarded to the relevant fund providers.
The Draft Circular also allows Organizers to place a portion of their business activities into an outsourcing contract with third parties that meets certain requirements. However, said Organizers are prohibited from outsourcing any works that encompass any of the following functions: 1) Assessments of funding feasibility; and/or 2) Information technology.
The OJK is currently soliciting input on the subject of the Draft Circular until a deadline of 18 April 2023. Said inputs may be submitted via the following email address: [email protected].

......

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Semua Fitur Paket Standard
Terjemahan Peraturan
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Indonesian Law Digest (ILD)

STANDARD

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