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Economy in brief: Half of unlicensed P2P lending from China
The Financial Services Authority (OJK) has discovered that more than 100 unlicensed peer-to-peer (P2P) lending providers in the country had been developed by Chinese firms
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he Financial Services Authority (OJK) has discovered that more than 100 unlicensed peer-to-peer (P2P) lending providers in the country had been developed by Chinese firms.
The OJK reported its findings on Friday, pointing out that out of 227 unlicensed P2P lenders it had listed, at least half originated from China.
The chairman of the OJK’s investment alert task force, Tongam L. Tobing, said the firms had likely fled the Chinese government’s tightening measures on curbing illegal financial technology (fintech) firms and later found a consumer base in Indonesia.
“We have attempted to summon all 227 [unlicensed P2P lenders] to our office so that we could push them into registering themselves with the OJK, but many of them turned out to have no [mailing] address,” he told reporters at a press briefing on Friday.
The OJK attempted to summon the unlicensed P2P lenders between Feb. 19 and July 25.
