You can see the rules and regulations in other jurisdictions.
According to Law No. 8 of 1995 regarding capital markets, dated 10 November 1995 (the Capital Market Law), any party wishing to establish an asset management company in Indonesia must review the activities of an investment manager (IM) company operating on the Indonesian Stock Exchange. Apart from the stipulation in Law No. 40 of 2007 regarding limited liability companies, dated 16 August 2007, last amended by Law No. 11 of 2020 (the Omnibus Law) that the company must take form of an Indonesian PT, registration as an IM company with a licence from the OJK pursuant to Article 30, Paragraph (1) of the Capital Market Law is also necessary. Other technology-based asset management activities which have not been specifically regulated by OJK should seek approval through its regulatory sandbox programme as per OJK Reg 13.1
Collective investment schemes are not regulated under Indonesian law. Instead, specific finance products, such as equity crowdfunding platforms, are regulated.1
Pursuant to OJK Regulation No. 57/POJK.04/2020, amended by OJK Regulation No. 16/POJK.04/2021 (OJK Reg 57), companies are allowed to offer securities crowdfunding as long as they obtain the necessary licence from the OJK. As defined under OJK Reg 57, security crowdfunding is an electronic system network through which issuers provide securities such as promissory notes, commercial papers, shares, bonds, evidence of debt, collective investment contract participation units, futures contracts over securities and derivatives of securities directly to investors. Indonesia has yet to implement specific regulations on crowd-lending.1
P2P lending is under the supervision of the OJK, regulated in particular by OJK Regulation No. 77/POJK.01/2016 concerning information technology-based money lending services, which was issued on 29 December 2016 and subsequently revised through OJK Regulation No. 4/POJK.05/2021 regarding risk management implementation in the utilisation of information technology by non-bank financial institutions, enacted on 9 March 2021 (OJK Reg 77). According to this regulation, P2P lending involves providing financial services used to unite lenders and borrowers for the purpose of establishing lending arrangements in rupiah via an online system using the internet. Firms providing P2P lending platforms have to register their operations with the OJK and obtain a licence for compliance with certain conditions.1
Platform providers of peer-to-peer lending are prohibited from:
