Indonesia Has Shut Down 826 Fintech Startups This Year Alone

Thursday, August 8, 2019

By Arys Aditya

Indonesian regulators struggling to keep pace with the mushrooming fintech startups operating without a license have turned to the police and public for help in tracking them.

The Financial Services Authority, known as OJK, has shutdown 826 illegal startups this year alone, Tongam L. Tobing, chief of investment watchdog at the regulator, told reporters in Jakarta on Friday. These firms operated across platforms such as websites, mobile apps and social media, making it difficult for authorities to detect them, he said.

Photo courtesy of Seika.

Source: Bloomberg (link opens in a new window)

fintech, regulations, startups