A woman who makes change for large bank notes sits beside stacks of Indonesian Rupiah notes in a street in Jakarta, Indonesia. Indonesia, home to more than 260 million, has emerged as a prized market for fintech startups as about 90% of its population don’t carry credit cards and majority has no access to formal banking services. — Reuters
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 Aug 2. These firms operated across platforms such as websites, mobile apps and social media, making it difficult for authorities to detect them, he said.
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