Draft PP to Finalize Rules for Implementing Pindar

The government is preparing regulations on the Implementation of Online Loans      (Pinjaman Dalam Jaringan–      “ Pindar ”). The preparation of Draft Regulation of the Government (Rancangan Peraturan Pemerintah–      “ RPP ”) aims to provide legal certainty for technology-based public funding services, as per the Supreme Court      (MA) Decision No. 1206.KP/Pdt/2024 (“ Decision 1206/2024 ”) which regulates Peer-to-Peer (P2P) Lending.

“It is still under discussion, because it is still a RPP, so the material will be studied by the Members of the Board of Commissioners of the Financial Services Authority      (Otoritas Jasa Keuangan–      “ OJK ”),” said Deputy Director of the OJK Public Communication Group, Dody Ardiansyah to Hukumonline.

In this regulation, it is stipulated that the legal entity form of the Pindar business organizer consists of a limited liability company and a cooperative. The business organizer can only be owned by an entity that is legal under Indonesian law, be it the state, regional governments, or Indonesian and foreign legal entities, with the provision that the source of the organizer's funds must not come from illegal activities, such as money laundering, terrorism financing, or other financial crimes.