The Financial Services Authority (OJK) has taken firm action by imposing administrative sanctions on 30 peer-to-peer (P2P) lending fintechs found violating regulations. This intensified supervision aims to improve corporate governance and curb the increasing fraud in the online lending industry….
Rising Loan Defaults in Online Lending: OJK Warns of Major Risks to Data Security & Financial Reputation
The phenomenon of widespread loan defaults (galbay) in online lending is increasingly prevalent across regions in Indonesia. The Financial Services Authority (OJK) cautions that these actions not only result in legal issues but also severely impact credit scores, financial reputations,…
OJK Agrees to Merge 16 State-Owned Insurance Companies into 3 Entities
The Financial Services Authority (OJK) recently acknowledged the plan by the State Investment Management Agency (BPI) Daya Anagata Nusantara, or Danantara, to consolidate 16 state-owned insurance companies into 3 large entities. This nationwide merger is not only a business consolidation…
How Financial Services Use eKYC to Enhance Regulatory Compliance
Introduction: eKYC Navigating Compliance in a Digital Financial Era In today’s rapidly evolving financial landscape, institutions are under constant pressure to deliver faster, seamless customer experiences while maintaining strict compliance with complex regulations. The rise of electronic Know Your Customer…