Draft Regulation on the Organization of IT-Based P2P Lending Services

Amidst the currently rapid growth in financial technologies, particularly peer-to-peer (“ P2P ”) lending services, the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) is currently preparing the Draft Regulation on the Organization of Information Technology-Based (“ IT-Based ”) Co-Funding Services (“ Draft Regulation ”). This Draft Regulation has been prepared in order to fulfill the mandates originally set out under Regulation of the OJK No. 10/POJK.05/2022 on IT-Based Co-Funding Services (“ Regulation 10/2022 ”) [1] and will become its implementing regulation once promulgated.