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Fintech firm Akulaku vows compliance after OJK lifts lending ban
The Financial Services Authority (OJK) had forbidden Akulaku from disbursing loans for existing and new customers through the buy now, pay later (BNPL) scheme since Oct. 5 last year.
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A mascot of buy now, pay later platform Akulaku is pictured at the firm's office in Jakarta in an undated photo. (Akulaku/-)
B
uy now, pay later (BNPL) platform Akulaku Finance Indonesia has pledged to meet all legal requirements after the Financial Services Authority (OJK) lifted a temporary ban on its lending activities.
As the OJK announced on Monday, the restriction of business activities (PKU) sanction was ended on Feb. 29 as the firm had followed up on findings that emerged from a recent investigation.
“[Starting in March], Akulaku can run its business as usual. We hope Akulaku can improve its good governance and risk management in the future, according to the applicable regulations,” the OJK’s supervisor for multifinance, venture capital and other financial services, Agusman, said in a press briefing on Monday.
The OJK had barred Akulaku from disbursing loans for existing and new customers through the BNPL scheme on Oct. 5 last year. The firm was also forbidden from conducting similar kinds of financing, including loan issuance and joint financing.
The sanction had been imposed because the firm had failed to conduct “supervisory action” as requested, the watchdog stated at the time, without providing further details.
Read also: Pay later or pay never? Bad debt may damage loan growth, analyst warns
Akulaku Group CEO and founder William Li confirmed that he had received a letter from the OJK about the termination of the suspension on March 1.
