Ministry blocks hundreds of illegal fintech platforms

Ministry blocks hundreds of illegal fintech platforms

Minister of Communication and Informatics Rudiantara . (ANTARA News/Natisha Andarningtyas)

Jakarta (ANTARA News) - The Ministry of Communication and Informatics has blocked hundreds of software applications and websites of financial technology (fintech) companies that did not possess government licenses.

"Sites and software, apart from the licensed ones, were deemed illegal, and we have blocked them to ensure the safety and comfort of people," Minister of Communication and Informatics Rudiantara stated in Jakarta, Tuesday.

The ministry has, in the past week, been tracking fintech sites and applications with their crawling machine, during which they detected 127 apps and six sites.

They then passed on the list to the Financial Services Authority (FSA) to check their legalities.

As a result, of the total of 133 deemed illegal, only 27 applications and three sites were officially registered with the Financial Services Authority (FSA), and the ministry immediately shut down the rest found to not be legal.

"We blocked them and asked them to close the accounts," he noted.

He remarked that the ministry is committed to being proactive in addressing issues regarding illegal fintech companies that have been inflicting losses on customers. Apart from receiving reports from the people, they also have crawling machines.

The list of fintech companies that have earned licenses can be cross-checked through the official page of the FSA at, and as per December, 78 fintech companies have been registered and possess licenses.

Director of Fintech License Management and Supervision of the FSA Hendrikus Passagi stated on Friday that his office will revoke the registered marks of companies that failed to abide by the regulations.

"Those proven guilty will be addressed accordingly. If there were any lending fintech companies that violate the regulation, we will, without a doubt, revoke their registered marks," he stated.

Moreover, the Legal Assistance Agency has received 1,330 reports from victims of online lending schemes.

On Dec 14, the agency noted that all reports contained legal violations of information and personal data dissemination, while 1,145 others reported issues related to interests.

Reporting by Natisha Andarningtyas, Aria Cindyara