September 3, 2021Indonesia
Indonesia: Ministry lauds stakeholders’ efforts to eradicate online loan fraud
Last week, The Indonesian Ministry lauded the initiative to eradicate illegal online lending to strengthen financial consumer protection. This, since from 2018 to August 17, 2021, the ministry has cut off access to 3856 Fintech-related content that violated laws and regulations, including unlicensed or illegal online lending platforms
Also, as of last June, around 25.3 million people were covered by peer-to-peer lending Fintech services, higher than 24.7 million people reached in January 2021.
The ministry has, so far, taken several precautionary measures against these online threats by equipping the public through the National Digital Literacy Movement and cutting access to illegal online loans directly or through the App Store or Play Store
