Peer-To-Peer Lending In Indonesia: A Regulatory Update

In February of this year, the Indonesian Financial Services Authority (Otoritas Jasa Keuangan  or "OJK") issued an updated checklist for peer-to-peer lending ("P2P lending") platform providers ("Checklist") registering with the OJK or applying to the body for a business license or change of ownership. The new Checklist introduces several changes to the previous checklist issued in October 2018. We highlight the key material changes and new requirements introduced by the Checklist.

Choice of Name for P2P Companies

The Checklist imposes a new restriction on the choice of name for P2P companies. P2P companies are no longer allowed to use the words money (uang), rupiah, cash, installment (cicilan), express (kilat), fast (cepat), bank, investment (investasi), cooperative (koperasi), finance, fund (dana), credit (kredit), money (duit), pledge (gadai), cash (kas) or savings (tabungan) in their name.