"A large number of illicit fintech peer-to-peer lending platforms have made their presence felt through websites, applications, and text messages. Hence, we call on people to remain vigilant before requesting loans from online lenders. One simple step is by checking whether they are registered by the Financial Services Authority," the taskforce chief expounded.
Tobing stated that the taskforce will maintain coordination with 13 ministries and agencies to map out and crack down on illicit fintechs as a precautionary measure against malpractices in the country's financial industry.
Some of the agencies comprise the OJK, Ministry of Trade, Indonesia’s Investment Coordinating Board (BKPM), Ministry of Cooperatives and Small, Micro, and Medium Enterprises, Ministry of Communication and Information, Attorney General's Office, and National Police of Indonesia.
Since its establishment in 2016, the taskforce has launched a hotline service for complaints and reports as well as highlighted the risks of seeking loans from unregistered online lenders.
"We invite all stakeholders and members of the taskforce to become more proactive in cracking down on illicit fintech companies as well as illegal investment practices in the country," Tobing stated.
In Oct this year, the taskforce had also cracked down upon 133 online lenders and consequently shut down at least 1,898 illegal financial entities from November last year to last month. Related news: Over 1,000 illegal Fintech P2P Lending services closed: OJK
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