Draft Regulation on the Organization of IT-Based P2P Lending Services

Amidst the currently rapid growth in financial technologies, particularly peer-to-peer (“P2P”) lending services, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) is currently preparing the Draft Regulation on the Organization of Information Technology-Based (“IT-Based”) Co-Funding Services (“Draft Regulation”). This Draft Regulation has been prepared in order to fulfill the mandates originally set out under Regulation of the OJK No. 10/POJK.05/2022 on IT-Based Co-Funding Services (“Regulation 10/2022”)[1] and will become its implementing regulation once promulgated.