OJK seems to be a habit of posting messages through offline parties and Instagram.
Editor’s note: This article is from the WeChat public account Momentum Ventures (ID: MomentumWorks), author Momentum Works.
On Monday, many Indonesian fintech companies waiting for P2P license applications suddenly snapped. Because such a message appeared on the official Instagram of the Indonesian Monetary Authority OJK:
“OJK stopped issuing new fintech lending licenses. The purpose is for OJK to improve its management system and ensure the improvement of market quality.”
Who said this at the press conference? OJK is responsible for Riswinandi, the boss of the non-bank financial system. He is the direct supervisor of Fintech and the familiar Hendrikus:
Excerpt from Moteng’s Indonesian Fintech Report 2019
By the end of 2019, OJK has issued a total of 25 formal licenses. There were also 119 registration letters. More than 60 of the registered companies have applied for formal licenses.
After the news of the “Stop License” was issued, many stakeholders sought OJK for clarification through the association. OJK revised the photo on Instagram the next day. The suspension of the issuance of licenses was changed to the suspension of the issuance of new registration letters.
Pendaftaran baru means new registration
Of course, this suspension does not have an expiration date. It may be two months, or it may be the next election. Therefore, companies that have not started any application procedures should actively look for acquisition targets.
As far as we know, many local groups are also actively looking for targets in the market.The grid will rise.
Also, it seems to be a habit for OJK to post messages through offline parties and Instagram. Many messages and communications from their fintech sandbox are also sent through OJK Infinity’s Instagram account:
However, OJK’s biggest headache these days is not lending. It was the scandal of state-owned insurance company Jiwasraya. The chain effect of Jiwasraya’s inability to pay up to $ 1.17 billion in claims in January has caused many players in the capital market to be investigated-and this has almost directly affected the fundraising and investment of some local VC PEs in Indonesia.
The insurance industry falls under the supervision of OJK, and is also the home of Riswinandi.
Moton Ventures is headquartered in Singapore, with permanent teams in Indonesia, China, and the United Arab Emirates, and has strong local resources in emerging markets such as Southeast Asia, India, the Middle East, and Latin America. Moteng has been paying attention to overseas high-speed development markets for a long time, using local resources, implementation experience and teams to incubate its own, joint venture or cooperative projects, and at the same time formulating plans to assist overseas market explorers and investors in decision-making and landing.