Gov’t Blocks 4,873 Illegal Fintech Platforms

Minister of Communications and Informatics Johnny G. Plate (Photo by: PR of Cabinet Secretariat)

In a bid to eradicate financial technology (fintech) platforms that are operating without licenses, the Government through Ministry of Communications and Informatics continue to enhance collaboration with the Financial Services Authority (OJK), Bank Indonesia (BI), and other related partners.

“From 2018 until 10 October 2021 [the Government] has blocked 4,873 illegal fintech from a number of platforms,” Minister of Communications and Informatics Johnny G. Plate said on Wednesday (13/10/2021).

As many as 4,873 illegal fintech spread over a number of platforms including websites, marketplaces, applications, social media, and so on.

Johnny asserted that the Government and its partners will not give an opportunity or space for every illegal fintech platform that is not in accordance with the laws and regulations so that Indonesia’s digital financial ecosystem can provide benefits for all people and it can be optimally utilized to boost the economy.

“It is also our hope that the law enforcement in our digital space will encourage the mushrooming of fintech platforms that can be utilized properly, can be beneficial for the community, and can develop our national economy and finance,” he remarked. (PR of Ministry of Communications and Informatics/UN) (AP/MMB)