Indonesia's Financial Services Authority (OJK) has sought to regulate finance influencers and expects to complete its regulation and supervision scheme in the second half of 2025.
"We are drafting the scheme and, hopefully, it can be completed in the second half of this year," OJK Chief Executive for Behavioral Supervisory of Financial Business, Education, and Consumer Protection Friderica Widyasari Dewi stated at a press briefing on Tuesday.
Dewi stated that the agency sought references from other countries regarding the regulation of finance influencers, adding that one aspect considered by the agency is the potential requirement for certifications for finance influencers before allowing them to operate.
She affirmed that the OJK regulation on finance influencers will cover all those active in promoting all forms of financial products.
"We cannot let them speak carelessly and inform the people that this particular (finance) product is good and profitable while they are profiting from their activities," she explained.
"In other countries, regulators can verify the authenticity of the finance influencers' claims," she noted. They are authorized to verify the influencers' profit claims and assets obtained from the profit, including whether the assets actually belong to them.
Dewi underscored the need for such regulation to ensure that finance influencers provide more responsible financial advice and suggestions publicly and protect consumers from its risks, including fraud.
Influencer case
Meanwhile, responding to queries regarding the case of illegal financial management service offered by financial influencer Ahmad Rafif last year, Dewi assured that her side would continue coordinating with relevant parties.
In July 2024, the OJK found that PT Waktunya Beli Saham, a company run by Rafif, had illegally collected up to Rp96 billion (US$5.83 million) in funds from the public, purportedly for investment purposes, despite having no permit as an investment manager.
The funds were not invested but instead channeled to fund the company's daily expenses. As the case came to light, OJK instructed Rafif and the company to cease their activities immediately and compensate investors.
However, Dewi stated that since the case falls under the purview of OJK's Capital Markets, Financial Derivatives, and Carbon Exchange Department, she is not in a position to provide additional details.
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Translator: Rizka Khaerunnisa, Nabil Ihsan
Editor: Azis Kurmala
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