Indonesia cracks down on illegal fintech firms


Indonesia’s Financial Services Authority (OJK) has said it has closed hundreds of fintech firms this year, after companies were found charging inflated fees and recovering money by threatening customers.

In a statement on August 2, OJK official Tongam Tobing said that 826 fintech firms had been closed as part of a crackdown on unregistered companies or those that had the potential to “harm the community”. This is a sharp increase from the 404 fintech firms that had been shut down in 2018.


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