Tagged: financial services authority

FinAccel’s P2P Lending Subsidiary KrediFazz Issued Operational License by Indonesia’s OJK

KrediFazz, a subsidiary of FinAccel that operates as a P2P lending Fintech, has been issued a business license from the Financial Services Authority (OJK) via the Decree of the OJK Board of Commissioners Number: KEP-81 /D.05/2021, dated August 24, 2021. KrediFazz, a Fintech firm with… Read More

Indonesia based Validus Subsidiary Batumbu Obtains Regulatory Clearance to Provide Digital Financing

Indonesia-based Validus’ subsidiary Batumbu has obtained regulatory clearance to serve as a licensed and authorized online financing platform. The approval has been given by the Indonesian Financial Services Authority (OJK). Since it first began offering services in 2019, Batumbu has reportedly issued more than S$207… Read More

Indonesian President Joko Widodo Says Local Fintechs Must Adopt Good Governance Practices to Support Rapid Tech Developments

Indoensian President Joko “Jokowi” Widodo recently requested Fintech firms in the country to adopt good governance practices and become more accountable so that they can reduce the risks associated with rapid tech developments in the financial services sector. President Widodo noted during the recently-held Indonesia… Read More

Fintech Lending in Indonesia Might Not be Able to Fully Support Participation from Retail Investors

LendingClub (NYSE:LC) recently filed an 8-K with the US Securities and Exchange Commission (SEC) indicating its intent to stop offering retail notes by the end of the year. The leading marketplace lender in the US started as a peer to peer lender but over the… Read More

Financial Inclusion Rate in Indonesia Reaches Record Highs, but Over 2,500 Illegal Fintech Businesses have been Shut Down

The role of Fintech platforms and services in supporting public services in Indonesia has become more prominent and relevant due to the global COVID-19 outbreak. Fintech service providers are now offering more digital payments options which allow Indonesians to pay for everyday expenses, instead of… Read More

Indonesian Regulators and Fintech Firms are Focused on Balancing Regulations with Responsible Innovation

Indonesia’s regulatory authorities and local Fintech firms have been focused on creating a balance that will support innovative projects in the country, while maintaining regulatory guidelines that ensure consumer protection. Triyono, the head of Indonesia’s Financial Services Authority (OJK), stated on September 25, 2020, that… Read More

Low Financial Literacy Is a Major Challenge Keeping Rural Area Residents in Indonesia from Accessing Modern Fintech Services

Industry professionals in Indonesia are calling on Fintech firms to expand their operations outside of Java and partner up with the nation’s government in order to cater to the requirements of the unbanked population. Only 23% of Fintech firms in the country have a reach… Read More

Indonesia’s Financial Services Authority to Temporarily Suspend New Registrations from Fintech Firms to Review Existing Ones

Indonesia’s Financial Services Authority (OJK) has reportedly suspended new applications being submitted by local Fintech companies in order to focus on guiding and regulating firms that have already been issued an operational license. The OJK confirmed that it has temporarily halted registrations of all new… Read More

Report: Japan Will Further Constrict Leveraged Trading of Cryptocurrencies, Down to 2X of Balances

Japan’s Financial Services Agency (FSA) plans to further reduce allowable limits on leveraged cryptocurrency bets, down from 4X of customer deposits to 2X. Japan’s Cabinet voted to greatly reduce leveraged crypto trades on local platforms last April. At that time, permitted leveraged trades were reduced… Read More

Indonesia’s Private Lending Institution PT Bank Yudha Bhakti Partners Fintech Firm Akulaku to Support Bank’s Digital Transformation Strategy

Private lending institution PT Bank Yudha Bhakti Tbk (BYB) has revealed that its partnership with Fintech solution provider Akulaku has enhanced the bank’s digital transformation strategy by delivering several key outcomes or results. The two organizations have developed BYB’s Hands-on Application by Yudha Bhakti (HAY)… Read More

Japan: Financial Services Authority Approves Crypto Garage for Fintech Sandbox, the First Blockchain and Finance Project Authorized

Crypto Garage has accepted into the Japanese Financial Services Authority (FSA) Fintech Sandbox program. This is the first blockchain and finance project authorized by the Sandbox. The FSA announced the news in a release which was followed by a post by the parent company of… Read More

Japan’s Financial Services Authority May Limit Crypto Margin Trading

Japan’s Financial Services Authority (FSA), the independent regulator of the financial services sector there, is considering imposing a limit as low as 2-1 on margin trades of cryptocurrency conducted on local exchanges, Nikkei Asian Review (NAR) reports. The move is being contemplated as a measure to… Read More

Japan Regulators Urging Crypto Exchanges to Exclude Anonymous Altcoins

Forbes has reported that sources close to Japan’s Financial Services Agency (JFSA) have confirmed that the agency is encouraging the country’s crypto exchanges to exclude anonymous cryptocurrencies Monero (XMR), Zcash (ZEC), and Dash (DASH) from trading on their exchanges. The suggestion comes as a number… Read More

Cryptocurrency Exchange Binance Receives Warning from Japanese Financial Services Agency

The Financial Services Agency (FSA) in Japan has slapped Binance with a warning regarding cryptocurrency exchanges that operate without being registered with the FSA. Binance is one of the largest cryptocurrency exchanges in the world. Recently, the crypto-exchange thwarted a hack attack. Binance then placed… Read More

Japan Blockchain Alliance Provides Guidance on ICOs

The Japan Blockchain Alliance (JBA) has published guidance for Initial Coin Offerings (ICOs) for sales to residents of Japan. The JBA said there was a misconception regarding ICOs sold to Japanese citizens as there are no existing regulations or, alternatively no Japanese laws apply if… Read More

Indonesia: New Fintech, P2P Regulations Released

Indonesia has released a new set of regulations for the fintech sector, in particular, for peer to peer lending platforms. According to a report in Deal Street Asia, the Indonesian Financial Services Authority (OJK) laid out the following rules: Registration – P2P lending (pinjam meminjam) startups must… Read More

Pittance: Japan Invested All of $44 Million in Fintech During 2015

While the rest of the developed world, and some of the developing world, is rushing to embrace the Fintech revolution Japan is mired in the financial past.  Japan possesses the worlds 3rd largest economy as measured by nominal GDP yet they have done little when… Read More

Launched: Modalku, Indonesia’s New Marketplace For P2P Lending, To Help SMEs With Crowdfunded Loans

Based in Jakarta, Indonesia, a new marketplace for peer-to-peer (P2P) lending officially launched today to give Indonesia’s small and medium enterprises (SMEs) greater access to funding by means of loans pooled from crowdfunding, according to a story in the JakartaGlobe. Modalku offers companies quick access to non-collateral loans with interest rates between… Read More

UC Berkeley’s Fung Institute for Engineering Leadership estimates size of crowdfunding market to be at least $3.98B

Fung Institute Estimate includes both Debt and Equity Crowdfunding for the US Market Crowdfund investing will go live later in 2013. With the release of the proposed crowdfunding rules, a wave of small business and startup financing is expected to sweep the nation. In a… Read More

Crowdfunding websites clamor for clearer regulation

(Reuters) – A new breed of internet-based financiers are calling for action to end regulatory uncertainty they say is preventing them from getting money to the small and medium-sized businesses that need it. The so-called crowdfunding sector raises cash from members of the public to… Read More

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