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Jokowi calls on OJK to issue moratorium on commercial online lending licenses

TEMPO.CO, JakartaPresident Joko “Jokowi” Widodo has called on the Financial Services Authority (OJK) to issue a moratorium on issuing new business licenses for online lending following the rampant emergence of illegal financial technologies or companies. financial technology that offers loans at irrational and high interest rates.

“In view of the numerous criminal acts in the field of online lending, the president orders the OJK to declare a moratorium on the licensing of fintech on new legal online lending,” said the Minister of Communication and Information (Kominfo) Johnny Gerald Plate at the State Palace. , Jakarta, Friday October 15.

According to Johnny, the head of state emphasizes that online loan management must be monitored and implemented properly because there are more than 68 million people who are part of the fintech ecosystem.

In addition, the fintech business generated a significant cash turnover reaching 260 trillion rupees. To date, OJK has granted online lending activity permits to 107 entities.

The government would also cleanse the digital space of illegal online lending practices. Police, Johnny continued, would take firm action to prosecute illegal businesses that trick people with huge interest rates.

In line with these efforts, the Kominfo ministry will continue to shut down illegal online lending sites and mobile applications. Since 2019, Johnny said, the ministry has blocked access to 4,874 online loan accounts spread across Google, PlayStore, YouTube, Instagram, and file sharing. Of this number, 1,856 accounts will be fully closed this year.

“The Kominfo Ministry has also set up a Digital Economy Forum which holds monthly meetings to discuss developments, enhancements and updates to the digital space and digital economy transactions, including loans online, ”Johnny said.

Read: Bank Indonesia bans non-bank companies from helping illegal online lending services


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