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CONCORD ASSESSMENT

President Joko Widodo has ordered a moratorium on license issuance for fintech lending as the country seeks to eradicate the rampant illegal businesses that have trapped many people and small firms with high-interest loans. The government will also work with the police to take action against current illegal online lending practices, Communication and Information Minister Johnny G. Plate said in a statement after a meeting with the president late on October 15. Widodo asked regulators to improve the governance of the fintech lending business, which has extended Rp260 trillion ($18.5 billion) of loans to more than 68 million people. Tightened regulations are also needed to limit risks for the fast-growing sector. There are 107 fintech lending companies registered with the Financial Services Authority (OKJ) to date. So far this year, authorities have shut down more than 1,800 unlicensed fintech lenders. While it is argued that the operations of fintech lenders are important because they service the large part of the population that has not been touched by the conventional banks, this has not proved to be entirely accurate. Already a number of such operators have upset the OJK and the community at large by their aggressive debt collection methods. Many

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