Indonesia cracks down on illegal fintech firms

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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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