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Jakarta Post

1,369 illegal P2P lending platforms blocked, some based in China, US

  • Eisya A. Eloksari

    The Jakarta Post

PREMIUM
Jakarta   /   Mon, November 4, 2019   /  01:15 pm
The Jakarta Post Image
Online borrowing is gaining popularity in Indonesia, as it is now easy for people to use the internet to access funds. (Shutterstock/File)

The Financial Services Authority (OJK) has discovered 1,369 illegal peer-to-peer lending platforms since October, last year, some of which used servers based in China and the United States.   The OJK’s investment alert task force chairman, Tongam L. Tobing,  said the Communications and Information Ministry had blocked the illegal lending platforms but  preventing the emergence of new platforms would still be a challenge. “Many of these platforms use foreign servers such as from China and the United States, so it is difficult to track certain perpetrators,” he said. The number of illegal online P2P lending platforms this year has more than tripled from only 404 entities reported last year. As many as 127 P2P lending platforms have so far obtained licenses from the OJK, with total loan disbursements of Rp 54.7 trillion as of Aug. 21....