In November 2023, Indonesia’s Financial Services Authority or OJK (Otoritas Jasa Keuangan) introduced a new implementing regulation on peer-to-peer or P2P lending (which itself is regulated by OJK Regulation No. 10/POJK.05/2022 on Information Technology-Based Collective Financing Services (“P2P Regulation”).
The new implementing regulation, Circular Letter No. 19/SEOJK.06/2023 on the Organisation of Information Technology-Based Collective Financing Services (“Circular Letter”) regulates the provisions in the P2P Regulation in more detail, most notably on maximum economic benefit, scoring criteria of borrowers, level of loan quality, and performance publication. Clients should note that the implementing circular letter for the previous regulation, namely OJK Circular Letter No. 18/SEOJK.02/2017, has not been revoked. As it is also in line with the new Circular Letter, it remains valid.
For more information, click here to read the full Legal Update.
Disclaimer
Rajah & Tann Asia is a network of member firms with local legal practices in Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Our Asian network also includes our regional office in China as well as regional desks focused on Brunei, Japan and South Asia. Member firms are independently constituted and regulated in accordance with relevant local requirements.
The contents of this publication are owned by Rajah & Tann Asia together with each of its member firms and are subject to all relevant protection (including but not limited to copyright protection) under the laws of each of the countries where the member firm operates and, through international treaties, other countries. No part of this publication may be reproduced, licensed, sold, published, transmitted, modified, adapted, publicly displayed, broadcast (including storage in any medium by electronic means whether or not transiently for any purpose save as permitted herein) without the prior written permission of Rajah & Tann Asia or its respective member firms.
Please note also that whilst the information in this publication is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as legal advice or a substitute for specific professional advice for any particular course of action as such information may not suit your specific business and operational requirements. You should seek legal advice for your specific situation. In addition, the information in this publication does not create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on the information in this publication.
