Jakarta Police spokesman Sr. Comr.  Argo Yuwono said the force was currently investigating a number of cases related to fintech based on reports from the public. “We are now studying the crimes and who is responsible for the operation,” he said in Jakarta on Sunday, kontan.co.id reported.

The Financial Services Authority (OJK) has reportedly blocked the operation of 635 unlicensed fintech providers, but analysts said peer-to-peer (P2P) lending platforms could easily change names and start operating again.

Argo said police were now trying to categorize the crimes they had committed.

“If there is an indication of crime, we will seriously study the case and clarify it [with the fintech provider], but the most important thing is that people be careful in using P2P services; in particular by confirming the legality of the operation,” he added.

He said the police were carefully studying the cases, because not all unlicensed fintech operations had caused losses to people.  

“There are many fintech operators whose operations have benefited people. The people could get quick financing that is relatively secure,” he said, adding that users were advised to peruse the terms of fintech agreements to avoid any problems, including checking the status of the platform with the OJK.

Previously, OJK investment taskforce head Tongam Lumban Tobing said the blocked platforms were not registered with the agency. He said the OJK had announced the names of both unlicensed and licensed fintech providers. (bbn)

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