OJK Updates Main Regulatory Framework for P2P Lending Services

In response to the emergence of the fintech industry, specifically peer-to-peer (“ P2P ”) lending services, the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) previously issued Regulation No. 77/POJK.01/2016 on Technology-Based Fund-Lending Services (“ Regulation 77/2016 ”). [1] However, as this industry is now developing rapidly, the OJK has issued Regulation No. 10/POJK.05/2022 on Information Technology-Based Co-Funding Services (“ Regulation 10/2022 ”), which sets out an updated regulatory framework that accommodates various developments regarding the organization of P2P lending services within Indonesia [2] and which has simultaneously resulted in the revocation of the following: [3]