P2P Lending Compliance Tightened: OJK Set to Introduce Real-Time Reporting of Funding Transaction Data and Enhanced Transparency for Fund Recipients

Earlier in 2024, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) established a framework that addressed the organization of Information Technology-Based Joint Funding Services (Layanan Pendanaan Bersama Berbasis Teknologi Informasi – “P2P Lending”) through the issuance of Regulation No. 40 of 2024  (“Regulation 40/2024”). Among the various provisions set out therein, Regulation 40/2024 required all P2P Lending organizers (“Organizers”) to submit reports on funding transaction data (“Data”) , with further details that were to be specified by the OJK.[1]