P2P Lending Compliance Tightened: OJK Set to Introduce Real-Time Reporting of Funding Transaction Data and Enhanced Transparency for Fund Recipients

Earlier in 2024, the Financial Services Authority (Otoritas Jasa Keuangan– “ OJK ”) established a framework that addressed the organization of Information Technology-Based Joint Funding Services (Layanan Pendanaan Bersama Berbasis Teknologi Informasi– “ P2P Lending ”) through the issuance of Regulation No. 40 of 2024 (“ Regulation 40/2024 ”). Among the various provisions set out therein, Regulation 40/2024 required all P2P Lending organizers (“ Organizers ”) to submit reports on funding transaction data (“ Data ”) , with further details that were to be specified by the OJK. [1]