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FINTECH - JAKARTA. The Financial Services Authority (OJK) of Indonesia has revoked the business license of the peer-to-peer (P2P) lending fintech company, PT Tani Fund Madani Indonesia (TaniFund). This decision was formalized through the Decree of the OJK Commissioner Board Number KEP-19/D.06/2024 on May 3, 2024.
Aman Santosa, Head of the Department of Literacy, Financial Inclusion, and Communication at OJK, stated that the revocation was carried out because TaniFund had been subjected to compliance enforcement following applicable regulations. Specifically, the company failed to meet the minimum equity requirements and did not implement OJK's supervisory recommendations.
"OJK has taken supervisory actions and imposed administrative sanctions progressively up to Business Activity Restrictions (PKU)," he said in an official statement on Wednesday (8/5).
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Aman explained that the OJK had also communicated intensively with the Management and Shareholders to ensure their commitment to resolving TaniFund's issues. However, he said that until the specified deadline, the Management and Shareholders were unable to resolve the problems. Consequently, TaniFund was subjected to the sanction of business license revocation.
"OJK's supervisory actions and the imposition of administrative sanctions on TaniFund up to the revocation of the business license are under OJK Regulation Number 63/POJK.05/2016 concerning Amendments to OJK Regulation Number 11/POJK.05/2014 about Direct Examination of Nonbank Financial Services Institutions and OJK Regulation Number 10/POJK.05/2022 about Information Technology-Based Joint Funding Services (LPBBTI)," Aman revealed.
Aman conveyed that the revocation of TaniFund's business license was carried out in the context of implementing regulatory provisions consistently and firmly to create a healthy and trustworthy LPBBTI industry.
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He stated that the OJK had also handed over the criminal case related to TaniFund to law enforcement officers for further processing following applicable legal provisions.
With the revocation of the said business license, Aman stated that TaniFund must cease business activities in the LPBBTI industry.
Furthermore, he mentioned that the Shareholders, Management, and/or employees of TaniFund are prohibited from transferring, guaranteeing, pawning, using wealth, and/or taking other actions that can reduce assets or decrease the value of TaniFund's assets.
"To provide legal certainty to protect Users and other related parties, TaniFund is obliged to liquidate and provide a Public/User Complaint Service and Information Center," said Aman.
