Ministry blocks 4,020 illegal fintech in 2018-2019

“The ministry has called on the people to use only those fintech platforms that are approved and registered with the Financial Services Authority”

GETNEWS.ID, Jakarta – The Ministry of Communication and Information blocked at least 4,020 illicit financial tech (fintech) applications and websites from August 2018 to December 2019 following varied efforts launched by Indonesia’s government to protect the nation’s consumers.

The ministry’s directorate general of application and information noted in a statement received here on Friday that it had mapped out illegal platforms on Google Play, a digital distribution service operated and developed by Google, as well as YouTube, California-based American video-sharing platform.

The ministry’s probe brought to light no less than 1,356 illicit fintech platforms.

During the period from August 2018 to December 2018, the ministry had taken down 738 unregistered and illicit financial technology platforms comprising 211 websites and 527 applications, the ministry noted in a statement received here, today.

In 2019, the figure rose sharply to reach 3,282, the ministry noted in a statement received here, today.

“The ministry has called on the people to use only those fintech platforms that are approved and registered with the Financial Services Authority,” it remarked.

In 2016, Indonesia’s Financial Services Authority had launched the Investment Alert Task Force to safeguard consumers from illicit activities of financial technology websites and applications.

A year later, the Communication and Information Ministry had also launched a “cekrekening.id” website to help people receive information on blacklisted bank accounts involved in fraud, investment scam, money laundering, narcotics, and terrorism.

source : Antara

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