Ministry Blocks 4,873 Illegal Fintech Platforms

Jakarta: The Indonesian Government through Ministry of Communications and Informatics continue to enhance collaboration with the Financial Services Authority (OJK), Bank Indonesia (BI), and other related partners. 

It is part of its bid to eradicate financial technology (fintech) platforms that are operating without licenses.

 

"From 2018 until 10 October 2021 [the Government] has blocked 4,873 illegal fintech from a number of platforms," Minister of Communications and Informatics Johnny G. Plate said on Wednesday, as quoted by the Ministry's website.

According to him, as many as 4,873 illegal fintech spread over a number of platforms including websites, marketplaces, applications, social media, and so on. 

Johnny asserted that the Government and its partners will not give an opportunity or space for every illegal fintech platform that is not in accordance with the laws and regulations so that Indonesia’s digital financial ecosystem can provide benefits for all people and it can be optimally utilized to boost the economy. 

The law enforcement in the country's digital space, he said, is expected to encourage the mushrooming of fintech platforms.
  

(WAH)