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Loan Sharks Hunt Prey in Digital Waters

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· 4 minutes read
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KOMPAS/BENEDIKTUS KRISNA YOGATAMA

Employees are seen at work at the developer of the banned financial technology application, Angel Cash at Grha Arda building, Kuningan, Jakarta, Thursday (28/3/2019). The Financial Services Authority (OJK) and the Information and Informatics Ministry blocked the application in September 2018.

Illegal financial technology (fintech) companies still roam freely, even though the government has blocked 947 unlicensed applications and websites offering loan facilities. As soon as one is banned, another emerges.

JAKARTA, KOMPAS — Closing down illegal fintech applications and websites will not have the intended deterrent effect without firm law enforcement measures. Kompas has found that many banned online loan services are continuing to operate under new names and logos.

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